(Bloomberg) -- Indian stocks advanced after India slashed taxes on a slew of products and Prime Minister Narendra Modi defeated a no-confidence vote in the parliament.

The S&P BSE Sensex rose 0.3 percent to 36,620.80 as of 9:58 a.m. in Mumbai. State and federal lawmakers cut goods and services taxes on more than 50 products, while the defeat of the opposition-led motion allayed concerns that Modi’s party may fall short of a full majority in next year’s federal poll. The S&P BSE Fast Moving Consumer Goods Index rose as much as 2.2 percent, the most in more than three months. Shares in Wipro Ltd. and HDFC Bank Ltd. fell after their earnings reports.

“The government is making moves in the right direction with Modi winning the confidence vote and reducing the GST rates,” Deven Choksey, managing director at KR Choksey Shares & Securities Pvt., said by phone.

India’s April-June earnings season, through to the middle of August, has had a mixed start. Net income at six of 12 NSE Nifty 50 Index companies that have reported so far have missed estimates, according to data compiled by Bloomberg. The Sensex Index has advanced 8.3 percent this year, holding on to its title as the best performing stock market in the Asia Pacific region.

To contact the reporter on this story: Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.net

To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Margo Towie, Naoto Hosoda

©2018 Bloomberg L.P.