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Share markets in India continued to remain upbeat and finished on a strong note. At the closing bell, the BSE Sensex closed higher by 214 points. While, the NSE Nifty finished higher by 71 points. Meanwhile, the S&P BSE Midcap Index finished up by 0.8% while the S&P BSE Small Cap Index ended up by 0.5%.

BSE sectoral indices ended the day on a positive note. Among them, consumer durables sector gained the most by 2.5%, followed by oil & gas sector 1.3%, while power sector & capital goods sector finished down by 0.5% & 0.2% respectively.

Overseas, Asian equity markets finished broadly higher on Monday with shares in Hong Kong leading the region. The Hang Seng is up 2.25% while Japan's Nikkei 225 is up 1.05% and China's Shanghai Composite is up 0.28%. European markets are higher today as French and British shares show gains. The CAC 40 is up 0.19% while the FTSE 100 is up 0.05%.

The rupee was trading at Rs 65.55 against the US$ in the afternoon session. Oil prices were trading at US$ 50.49 at the time of writing.

Tata Motors share price surged over 3.8% on the BSE on the back of a 25% increase in domestic sales at 53,965 units in September. The sales were boosted by a strong customer acceptance of SCR technology and the continued ramp up of our BS4 vehicles production. The company's overall commercial vehicle sales grew 29 % at 36,679 units in the reporting period.

Reliance Communications share price hit a record low of Rs 17.2, down 10.7% on BSE after the company said that it has called off its merger with Aircel, owned by Maxis of Malaysia.

Oil & gas stocks ended the day on a mixed note with GAIL and Gujarat Gas Ltd witnessing maximum buying interest. GAIL (India) share price climbed over 3.6% today as the Petroleum and Natural Gas Regulatory Board (PNGRB) proposed unified gas tariff for all pipelines.

The proposal if accepted not only can provide boost to gas demand but also help GAIL see improved tariffs and consequently higher return ratios.

PNGRB has proposed consultation on the implementation of integrated authorization of unified/pooled tariff for cross-country gas pipeline network or all connected pipelines of GAIL.

The unified or pooled tariff for the network will be calculated by pooling capital expenditure and operating expenditure across pipelines and in proportion to cumulative volumes.

Further, the proposal is also in order to make gas transmission cost viable to new pipeline users and thereby to help develop the gas market in new geographies as North east and other regions.

Overall, unified tariff will be a significant positive for GAIL as it will result in higher tariff realisations on existing pipelines, better returns on new investments and encourage overall consumption of gas, the reports noted.

Moving on to the news from the economy. Following the unexpectedly weak Gross Domestic Product (GDP) growth in the April-June quarter of fiscal year 2017-18, global ratings agency, Fitch Ratings in its latest report has trimmed its forecast for India's economic growth in 2017-18 by half a percentage point to 6.9% from its earlier projection of 7.4%.

However, it expects the economic activity to accelerate in the second half of the fiscal year with the waning impact of one-off events including the demonetisation shock in late 2016 and the Goods and Services Tax (GST) rollout in July, which had dampened growth in the short term.

The ratings agency in its latest Global Economic Outlook (GEO) has said that the large stock of non-performing loans on bank balance sheets could, however, dampen the outlook for credit growth and business investment.

Meanwhile, global growth has been upgraded to 3.1% in 2017 from 2.9% in June, and 2018 growth has been upgraded to 3.2% from 3.1%.

The report further stated that motorcycle sales, a good indicator of rural household consumption, have gained strong momentum, bouncing back in July and August after having fallen sharply in 1H17(first half of 2017).

Investment is also expected to tick up in the quarters ahead, in part bolstered by ramped-up public sector infrastructure spending.

Notably, Indian GDP growth hit a three-year low of 5.7% in the June quarter. As we have been saying, GST is a much-needed economic reform. It should eventually expand India's narrow tax base and increase government revenues.

GDP at 3-year Low Post Notebandi and GST

After this decline, the upcoming few quarters will be critical. As we have been saying, GST is a much-needed economic reform. It should eventually expand India's narrow tax base and increase government revenues. But only growth will determine how well the Indian economy has adapted to GST.

Our colleague Vivek Kaul, has studied the finer aspects of the GST and predicted what could go right and wrong.

Download his special report - The Good, the Sad and the Terrible (GST).

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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