The Indian stock market witnessed healthy buying across segments, led by optimism over a potential GST slab rationalisation.
The Sensex closed the day with a gain of 410 points, or 0.51 per cent, at 80,567.71, while the Nifty 50 rose 135 points, or 0.55 per cent, to settle at 24,715.05. The BSE Midcap index rose 0.63 per cent, while the Smallcap index jumped 0.90 per cent.
The overall market capitalisation of BSE-listed firms rose to nearly ₹453 lakh crore from ₹450 lakh crore in the previous session, making investors richer by about ₹3 lakh crore in a single session.
Indian stock market: 10 key highlights from the day
1. Why did the Indian stock market rise today?
Investors bought stocks in all major sectors, except for IT, on expectations of GST rate reduction which can boost consumption and further accelerate domestic economic growth.
“Indian equities closed higher after a mixed start to the session, buoyed by expectations of a consumption-led stimulus from the potential GST slab rationalisation. All categories of consumer-based sectors, like discretionary, durable and staples, continued to outperform,” Vinod Nair, Head of Research, Geojit Investments Limited, observed.
However, the risks of Trump’s tariffs persist, and there are no signs that the 50 per cent US tariffs on Indian goods will soon come down.
According to a Bloomberg report, US President Donald Trump said on Tuesday that he is not looking at lowering tariffs on India.
Moreover, any disappointment from the GST Council can deteriorate market sentiment.
“In the near term, market sentiment hinges on the outcome of the GST Council meeting, with traction on consumption-oriented stocks and sectors. Well, the expectations are very high, increasing the risk of disappointments, which can kickstart consolidation again,” said Nair.
2. Top gainers in the Nifty 50 index today
Shares of Tata Steel (up 5.96 per cent), Hindalco Industries (up 3.02 per cent), and JSW Steel (up 2.94 per cent) were the top gainers in the Nifty 50 index today. As many as 34 stocks ended higher in the Nifty 50 pack.
3. Top losers in the Nifty 50 index
Shares of Infosys (down 1.25 per cent), Nestle India (down 0.72 per cent), and HDFC Life Insurance Company (down 0.70 per cent) ended as the top losers in the index.
4. Sectoral indices today
All sectoral indices ended higher, except for Nifty IT (down 0.74 per cent) and Media (down 0.04 per cent).
The metal index surged 3.11 per cent, while Pharma, Healthcare, and PSU Bank indices rose over a per cent each.
Nifty Bank jumped 0.76 per cent, while the Financial Services index rose 0.62 per cent.
5. Most active stocks in terms of volume
Ola Electric Mobility (104.45 crore shares), Vodafone Idea (45.55 crore shares), and YES BANK (22.1 crore shares) were the most active stocks in terms of volume on the NSE.
6. 18 stocks jump over 15% on BSE
Sharika Enterprises, La Tim Metal & Industries, D.P. Wires, JITF Infralogistics, and SPEL Semiconductor were among the 18 stocks that jumped more than 15 per cent on the BSE.
7. Advance-decline ratio
Out of 4,270 stocks traded on the BSE, 2,628 advanced, while 1,481 declined. Some 161 stocks remained unchanged.
8. 126 stocks hit 52-week highs
Maruti Suzuki India, Bosch, TVS Motor Company, and FSN E-Commerce Ventures (Nykaa) were among the 126 stocks that hit their 52-week highs in intraday trade on the BSE.
9. 64 stocks hit 52-week lows
Deepak Nitrite, Indus Towers, and Regaal Resources were among the 64 stocks that hit their 52-week lows on the BSE.
10. Nifty 50 technical outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, on the higher side, the Nifty encountered initial resistance at the 200-hourly moving average. The index remains bearish as it continues to trade below the 21 EMA on the daily timeframe.
A decisive move above 24,750 could trigger a stronger rally, potentially taking the Nifty towards 25,000. On the downside, support is placed at 24,650, and a break below this level may lead to a decline towards 24,500, said De.
Praveen Dwarakanath, Vice President of Hedged.in, highlighted that the Nifty formed an insider candle with positive bias, indicating uncertainty in the index.
The momentum indicators are rising from the oversold region, suggesting a possible upside move from the current levels.
“The index has resistance at the 24,900 level; the current momentum in the index can take it to this level. Any news in favour of reduced GST can be cheered by the market participants. However, no major news can trigger a fall in the index towards the support at the 24,300 or below level,” said Dwarakanath.