Mumbai, July 3 (IANS): Cheering the launch of the country's biggest indirect tax reform -- the Goods and Services Tax (GST) -- at the start of July 1, the Indian equity markets surged and provisionally closed with substantial gains on Monday.

Stocks of FMCG rose to hit record high, with ITC, which is the largest contributor to the index, witnessing the highest momentum. According to market observers, stocks of FMCG major ITC rose after additional excise duty on cigarettes was removed under the GST regime.

The wider Nifty of the National Stock Exchange (NSE) rose by 94.10 points or 0.99 per cent to provisionally close at 9,615 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,156.04 points, closed at 31,221.62 points -- up 300.01 points, or 0.97 per cent, from its previous close at 30,921.61 points.

The Sensex touched a high of 31,258.33 points and a low of 31,017.11 during intra-day trade.

The BSE market breadth was bullish -- 1,732 advances and 706 declines.