Mumbai, July 3: Benchmark indices extended their gains for a third straight session on Monday. Sensex gained by  300.01 points or 0.97 per cent and closed at 31,221.62, while the Nifty also witnessed a gain of 94.10 points or 0.99 per cent to close at 9.615.00.

The record gains come in the wake of positive investor sentiments after the launch of the Goods and Services Tax on July 1, 2017. The nationwide tax net led to the rise in shares of consumer goods manufacturers such as ITC, in turn leading to an almost one per cent hike in the benchmark indices.

The Goods and Services tax has also attracted praise from shores as the previous complex tax network that varied from state to state got simplified into one unified system for the entire country. Over 1600 goods and services have been placed under four tax slabs of 5, 12, 18 and 28 per cents.

Over 1,793 shares advanced and 870 shares fell in the Bombay Stock Exchange, while 171 shares remained unchanged. Meanwhile, the BSE’s S&E Midcap and Smallcap indices also gained by approximately 1 per cent each.

The top gainers in the 30-scrip BSE included  ITC, Hero Motor Company, Maruti and Coal India that gained by 5.7, 2.17, 1.96 and 1.95 per cents. The entities that lost the most according to the Bombay Stock Exchange’s benchmark index were NTPC, Kotak Bank, Cipla and Sun Pharma that lost by 1.17, 0.72, 0.60 and 0.54 percentage points each.

Meanwhile, similar trends were recorded by the National Stock Exchange wherein the maximum gainers were Infratel,  ITC, Hindalco and Eicher Motors that gained by 6.18, 5.99, 3.01 and 2.63 percentage points. On the other hand, the maximum losers were HCL Technologies, NTPC, Sun Pharma and Cipla that lost by 1.28, 1.23, 0.72 and 0.65 per cents respectively.