GIFT Nifty Signals Firm Opening For The Stock Market Today; Global Cues and GST Reforms Support Sentiment

Mumbai, September 5: The Indian stock market and included indices are expected to open steady today as indicated by Gift Nifty. As of 8:30 AM, Gift Nifty was trading almost flat at 24,886.00, down marginally by 0.10%, or 3.00 points. This indicates that Indian indices may see limited volatility and have the potential to rise today.

Market Extends Gain For The Second Day

At the end of yesterday’s market session, the Indian market extended their positive run on the second day. One of the key reasons for the good performance was the announcement of new GST reforms, where two slabs of 5% and 18% were introduced.

Sensex rose by 0.19%, or 150.30 points, and finished the day at 80,718.01. On the other hand, Nifty 50, finished at 24,734.30, up by 0.08%, or 19.25 points.

Auto Stocks Boom While Other Sectors Slip

Overall, sectors such as auto and FMCG stocks were the top gainers while sectors such as IT, oil & gas, metals, PSU banks, and power fell. Top Nifty gainers included M&M, Bajaj Finance, Bajaj Finserv, Apollo Hospitals, and Nestle, while HDFC Life, Tata Consumer, Wipro, Bharat Electronics, and IndusInd Bank ended lower.

FIIs Net Sellers While FIIs Net Buyers

Yesterday, FIIs ended their trading day by being the net sellers of Indian equities and sold ₹106.34 crore worth. DIIs provided support by being the net buyers and bought ₹2,233.09 crore worth of Indian equities.

S&P 500 At Record High With Asian Market Following

On Wall Street, the S&P 500 hit a record high, with the Dow Jones climbing 0.77%, and Nasdaq by 0.98%, as a result of weak labour data which strengthened the possibility of a rate cut by the Federal Reserve. Asian Markets followed, with Nikkei and Taiwan rising by nearly 1%.

Investor Sentiments Expected To Be High

The recently introduced GST reforms still contain momentum and are likely to positively affect the Indian market today. It remains to be seen how the indices perform throughout the day and whether the indices will end the day marking the third consecutive day in the green.

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