Mumbai, Sep 3: Benchmark indices Sensex and Nifty ended higher on Wednesday in a volatile session, supported by strong buying in metal stocks and optimism around the GST Council meeting.
Investors remained hopeful about consumption-boosting measures, particularly tax slab rationalisation.
The 30-share BSE Sensex climbed 409.83 points or 0.51% to close at 80,567.71.
It swung 666.68 points during the session, hitting an intraday high of 80,671.28 and a low of 80,004.60.
The NSE Nifty rose 135.45 points or 0.55% to settle at 24,715.05.
The GST Council began a two-day meeting in New Delhi to discuss proposals, including pruning GST rates to 5% and 18%, which spurred buying in consumption-focused sectors.
Vinod Nair of Geojit Financial Services noted that near-term market sentiment hinges on the outcome of this meeting, with positive traction in consumer-facing stocks.
Tata Steel led the Sensex gainers, rising 5.90%, followed by Titan, Mahindra & Mahindra, ITC, State Bank of India, and Trent. On the other hand, Infosys, NTPC, Hindustan Unilever, TCS, Adani Ports, and Bharti Airtel were among the top losers.
BSE Metal index outperformed all sectors with a 3.08% jump, driven by global cues such as Chinese supply restrictions and a weaker dollar.
Other notable gainers included commodities (1.53%), healthcare (1.20%), and consumer discretionary (0.80%). IT and utilities underperformed.
Small and midcap stocks also saw buying interest.
The BSE SmallCap index rose 0.90%, while the MidCap index climbed 0.63%.
The market breadth was strong, with 2,624 advancing stocks, 1,484 declining, and 162 unchanged on the BSE.
According to Gaurav Garg of Lemonn Markets, a rebound in metal stocks, easing volatility (India VIX), and expectations of GST-driven tax cuts lifted sentiment.
Stocks like Tata Steel, SAIL, Jindal Steel, and Hindustan Copper were key performers.
Globally, South Korea’s Kospi ended higher, while Japan’s Nikkei, Shanghai’s SSE, and Hong Kong’s Hang Seng closed lower.
European markets traded positively, but US markets closed lower on Tuesday.
Foreign institutional investors sold shares worth Rs 1,159.48 crore.
Meanwhile, Brent crude declined 1.52% to USD 68.09 per barrel, further aiding investor sentiment. (PTI)
