GIFT Nifty Suggests Cautious Start for Indian Markets Ahead of GST Meet

Mumbai, September, 3: The Indian market and the included indices are expected to open on a muted note today. This is due to weak global signals and the upcoming GST meeting today.

Gift Nifty Marginally Up By 0.07%

As of 8:55 AM, Gift Nifty was trading slightly higher by 0.07%, or 17.50 points and is trading at 24,643.50. The marginal uptick is one of the reasons for the cautious note for Indian indices today. The index has moved within a tight price band, hitting a low of 24,610.50 and a high of 24,651.50.

Rising Bond Yields Result in Global Pressure

Wall Street was under pressure overnight due to rising bond yields and other fiscal concerns. Asian equities also performed at par with wall street and traded in the red, adding to global negative sentiments.

GST Meet Today Can Cushion The Fall

Investors now turn all of their attention to the GST council meet scheduled for today. The meet is expected to hold discussions about a possible change in current GST slabs. Proposals include shifting products from higher tax brackets to lower ones and introducing a special slab for select sin and luxury goods. If the GST burden is lowered, a direct impact will be seen on consumption-driven sectors like FMCG, which have already been rallying in recent days.

FIIs Net Sellers While DIIs Net Buyers

Yesterday, FIIs were net sellers and sold Indian equities worth ₹1,171 crore, while DIIs were net buyers and bought Indian equities worth ₹2,434 crore.

Key Levels To Watch

For NIfty, support is between 24,430–24,550 with resistance at 24,600. If Nifty moves above 24,734, it could trigger a bullish trend. On the other hand, the support for Sensex is at 80,000, with deeper levels at 79,700–79,500.

Range-Bound Trend Expected

Markets are expected to remain range-bound today with situational volatility. Traders will closely monitor outcomes from the GST Council meeting, which could set the tone for sector-specific moves, particularly in consumption-led segments.

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