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Indian shares advanced for a fourth session on Monday, with the Sensex climbing 0.5% and the Nifty closing above the 25,800 mark, as heavyweight Reliance Industries and HDFC Bank surged on post-results optimism. Gains were partly offset by profit-taking in ICICI Bank, which capped the broader rally.The S&P BSE Sensex surged 411.18 points, or 0.49%, to close at 84,363.37, while the NSE Nifty 50 rose 133.30 points, or 0.52%, to settle at 25,843.15.On the 30-stock Sensex, Reliance Industries, Bajaj Finserv, Axis Bank, SBI, and TCS led the gains, advancing between 1.8% and 3.5%.Reliance Industries jumped 3.5% to a three-month high after its September-quarter results, as analysts turned upbeat on the conglomerate’s core earnings, retail momentum, and improving outlook across businesses.HDFC Bank ended little changed after touching a record high earlier in the session, buoyed by steady quarterly earnings and an improvement in asset quality.ICICI Bank slipped 3.2%, even as it topped profit estimates, with investors flagging concerns over muted loan and deposit growth.Broader markets also firmed, with the mid-cap index up 0.8% and small-caps rising 0.5%. The Sensex and Nifty have now climbed 2.8% over four sessions, leaving them less than 2% below their record highs from September 2024.Indian markets will hold a special one-hour Muhurat trading session on Tuesday, from 2:30 p.m. to 3:30 p.m. IST, to mark Diwali.Expert viewsThe Indian market extended its positive momentum, driven by better-than-expected Q2 results from major companies and festival optimism and positive global cues further bolstered investor sentiment, with easing trade narratives between the US-China and rise in European market led by defense stocks, said Vinod Nair, Head of Research at Geojit Investments, adding that improved FII inflows in the cash market turned the domestic market into a net buyer in October, following three consecutive months of selling. "PSU banks and mid-sized financial services led the charge, benefiting from potential acquisitions and improvement in margins & asset quality as per Q2 results. The oil industry also experienced notable gains, thanks to declining crude prices and a strengthening Indian rupee," said Nair.

Even though alcoholic liquor for human consumption remains outside the ambit of the Goods and Services Tax (GST), the latest wave of tax reforms is quietly reshaping the industry, Campari Group (India) Managing Director Shivam Misra said. The second phase of GST reform -- dubbed GST 2.0 -- has brought much-needed clarity and predictability to the sector’s complex value chain, Misra told ToI's Saurabh Sinha. Misra said the new framework has simplified rate structures across upstream and allied services that support the alcohol industry. “For route-to-market, this translates into cleaner invoices, fewer classification disputes and less friction in transport and multimodal logistics,” he explained.In other words, while liquor itself remains taxed at the state level, the ecosystem that surrounds it -- covering logistics, warehousing and related services -- now benefits from a more streamlined national tax regime. A crucial precursor to these changes was introduced last year. From November 1, 2024, extra neutral alcohol (ENA) -- a key input in the production of potable spirits -- was excluded from GST. The move prevented federal levies from being added to state duties, which had previously resulted in a “tax-on-tax” burden. This structural correction, Misra said, has reduced working capital blockages and improved cost efficiency across the supply chain. Together, the ENA exemption and GST 2.0’s rationalised rate structure have created a more predictable compliance environment. “They free up working capital and create a more predictable compliance environment,” Misra noted, highlighting that reduced ambiguity on transport and job-work services -- now typically charged at 5% with conditions -- has helped streamline operations. The reforms are also aligning with India’s recent free trade agreements (FTAs), but Misra dismissed the notion that lower tariffs would trigger a sudden surge of foreign liquor into India. “Supply is structurally paced by Scotch’s minimum three-year maturation cycle and allocations across over 180 global markets,” he said.“What we are more likely to see is steady premiumisation and a clearer value ladder, not sudden distortion,” he observed. With alcohol continuing to be a state subject, local governments maintain authority over value-added tax (VAT) and excise duties. As a result, the impact of GST-related improvements varies across the country. “Recent developments have been mixed,” Misra said.“Maharashtra, for instance, raised VAT on liquor to 10% and increased certain fees for FY26, while other states are reviewing frameworks to curb cascading and cross-border arbitrage,” he pointed out. He noted that any reductions in state-level levies remain jurisdiction-specific and depend on individual government notifications. Where such calibrations occur, they tend to improve compliance and consumer protection, creating a more stable operating environment for companies and distributors alike. For the wider ecosystem, the GST and trade reforms have collectively introduced greater transparency and operational efficiency. Consumers, Misra said, now face a more rational and visible tax structure on upstream services, while producers benefit from tariff pathways that make international spirits more accessible without encouraging excessive consumption. “For the value chain, there is lower cascading and clarified logistics and job-work rates meaning cleaner billing, reduced frictional costs, and more efficient operations,” he explained.“And for ‘Make in India’, qualifying bulk under FTAs and permitted blending elevates domestic quality and strengthens premium IMFL offerings, bridging to bottled-in-origin,” Misra said.