Did the Sensex and Nifty Open Higher Ahead of the GST Council Meeting?
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Synopsis
As the anticipation builds for the upcoming GST Council meeting, the Indian benchmark indices have opened slightly higher. Investors are closely watching the market as significant tax reforms are on the horizon. Get insights into the latest market movements and sector performances.
Key Takeaways
- Sensex increased by 90 points to 80,454.
- Nifty 50 rose by 15 points to 24,640.
- Sectoral performance varied, with Nifty Media gaining.
- Major laggards included Asian Paints and Dr Reddy's Labs.
- Analysts predict potential reversal patterns.
Mumbai, Sep 2 (NationPress) The Indian benchmark indices opened slightly higher on Tuesday as investors are eager for the two-day GST Council meeting scheduled for this week, where significant tax reforms are anticipated.
At 9:26 am, the Sensex rose by 90 points or 0.11 percent to 80,454, while the Nifty 50 increased by 15 points or 0.06 percent to 24,640.
The broadcap indices saw the Nifty Midcap 100 gain 0.31 percent, and the Nifty Smallcap 100 up by 0.10 percent.
In the sectoral indices, Nifty Media emerged as the top performer, climbing 0.82 percent, followed by Nifty Oil & Gas which rose 0.34 percent. Nifty FMCG also advanced by 0.20 percent. However, other indices faced setbacks, with Nifty IT declining by 0.42 percent.
Within the Nifty pack, leading gainers included Eternal and Bajaj Finance, which rose by 1.1 percent and 0.7 percent respectively. On the contrary, the major laggards comprised Asian Paints, Dr Reddy's Labs, Hindalco, Maruti Suzuki, and Axis Bank.
Analysts observed that on the daily chart, the Nifty has formed a morning star candlestick pattern, indicating a potential reversal.
"The index is currently trading above its long-term EMA while nearing its short-term and medium-term EMAs. Immediate support is at 24,400, followed by 24,000. Resistance is observed at 24,700, extending to the 24,800–25,000 range," commented Mandar Bhojane from Choice Broking.
Asia-Pacific markets displayed mixed reactions as investors evaluated the Shanghai Cooperation Organisation (SCO) summit of leaders in Tianjin, China, with tariff uncertainties affecting sentiment.
US President Donald Trump responded to the summit, labeling trade relations with India as a “totally one-sided disaster.”
China's Shanghai index declined by 0.59 percent, while Shenzhen fell by 1.6 percent. Japan's Nikkei gained 0.25 percent, whereas Hong Kong's Hang Seng Index decreased by 0.19 percent. South Korea's Kospi rose by 0.72 percent.
The US markets remained closed on Monday. On Friday, the markets ended lower, with the Dow Jones Industrial Average slipping by 0.2 percent, while the Nasdaq fell by 1.15 percent and the S&P 500 lost 0.64 percent.
On Monday, foreign investors net sold Rs 1,430 crore in Indian equities, while domestic institutional investors (DIIs) net bought shares worth Rs 4,345 crore, according to provisional exchange data.
Point of View
It is crucial for investors to stay informed about major developments such as the upcoming GST Council meeting, which could lead to substantial changes in tax rates. The ongoing global economic uncertainties further emphasize the need for careful analysis and strategic investment decisions.
NationPress
02/09/2025
Frequently Asked Questions
What is the significance of the GST Council meeting?
The GST Council meeting is crucial as it can lead to major tax reforms that impact various sectors of the economy.
How did the Sensex and Nifty perform today?
Today, the Sensex rose by 90 points to 80,454, and the Nifty increased by 15 points to 24,640.
What sectors are performing well?
The Nifty Media sector has gained 0.82 percent, while Nifty Oil & Gas rose by 0.34 percent.
Who are the top gainers and losers in the Nifty pack?
Top gainers include Eternal and Bajaj Finance, while major losers comprise Asian Paints and Dr Reddy's Labs.
What do analysts predict for the Nifty going forward?
Analysts note a potential reversal pattern and suggest support at 24,400 and resistance at 24,700.
