NEW DELHI: Domestic equity indices climbed up to 1 per cent on Monday on strong global cues and thanks to a sharp jump in shares of index heavyweight ITC Data showed every two out of three BSE stocks that traded for the day ended higher, as investors welcomed the GST on an optimistic note, even though some analysts said the tax overhaul is going to hurt India Inc’s earnings in the short term.The BSE Sensex rallied 300 points to end the session at 31,221. ITC (up 6.11 per cent), Hero MotoCorp (up 2.12 per cent) and Coal India (up 1.97 per cent) were the top gainers on the index while NTPC (down 1.17 per cent) was the top loser.“Investor sentiment was firmly launched in the positive zone for the day even as lackluster macro-economic data failed to dampen the mood,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities of BNP Paribas Mutual Fund “With the onset of monsoon , we will now have to see whether it brings about any growth in the manufacturing sector. All the sectoral indices on the National Stock Exchange (NSE) traded in the green,” Lakshmanan added.Earlier, the 30-share pack opened at 31,156 against the previous close of 30,921. The Nifty50 closed the session 94 points higher at 9,615 with Infratel (up 6.19 per cent) fuelling the gains.Fertiliser stocks rallied up to 18 per cent after the GST Council on Friday reduced the tax rate on fertiliser from 12 per cent to 5 per cent, reducing the burden on farmers. Auto stocks hogged limelight, after domestic auto firms reported mixed sales numbers for June and announced price cuts after GST rollout.In the broader market, Ashok Leyland (up 7.25 per cent), Page Industries (up 4.66 per cent), and Jindal Steel (up 4.59 per cent) caused the S&P BSE Midcap index to shed over 164 points and end the session at 14,809.The S&P BSE Smallcap index gained 162 points to end the day at 15,572, with RS Software , ESL and TinPlate Company gaining up to 20 per cent.Among the sectoral indices, BSE FMCG index gained 3.40 per cent, with shares of GAEL, ITC, Cupid, and Dalmia Sugar rose up to 6 per cent. BSE Telecom and BSE Metal indices gained 2 per cent eachAmong specific stocks, cigarette maker ITC was among the top gainers – rising 9 per cent to hit a record high of Rs 353 during the session.In other news, the National Stock Exchange (NSE) may have to refile papers for its Rs 10,000 crore IPO after addressing issues related to alleged preferential access given to some brokers, watchdog Sebi's Chairman Ajay Tyagi said on Monday, terming the co-location case as ‘a serious matter’.In Asian markets, the Hang Seng index rose 0.1 per cent to 25,784, while the China Enterprises Index gained 0.5 per cent, to 10,412 on reports of a new bond trading link between the two, Reuters reported.Japan’s Nikkei share average slipped 0.1 per cent to 20,055.80.Elsewhere in the global financial markets, the pan-European STOXX 600 and euro zone blue chips advanced 0.6 per cent each, while Britain's FTSE 100 gained 0.4 per cent.In the commodity space, spot gold fell 0.3 per cent to $1,238.01 per ounce while Brent crude futures climbed 0.3 per cent, to $48.90 per barrel.