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The present article aims to study the reaction of Indian Capital Market with respect to the announcement of GST rates and also tries to test semi-strong efficiency of the stock market. The performance of stock market and its behaviour serves as an indicator of the reactions of the economy of the nation. The Goods and Services Tax is a major tax reform in India which is most likely to boost the economic growth of the country. This expectation of the investors is assumed to be transformed to stock price returns that are either negative or positive. Therefore the present study observes the reaction of stock market to the announcement of much awaited GST rates on May 8th 2017. The study is conducted using the daily closing prices of various NSE sectorial and thematic indices. OLS, GARCH and TGARCH and event study is used for the study. The findings of the study are useful to the portfolio managers, investors, and regulatory bodies.

Effect of GST Rate Announcement on Sectorial Indices of National Stock Exchange