Benchmark indices fell sharply from day's high on September 4 after they rose nearly 1% during early trading due to sweeping GST reforms. Amid broad-based buying, the 30-share BSE Sensex jumped 888.96 points to 81,456.67 in opening trade. The 50-share NSE Nifty surged 265.7 points to 24,980.75.However, during late afternoon trade, Sensex fell 800 points from day's high and Nifty went below 24,850.
Mahindra & Mahindra topped Nifty gainers, surging 5.7 per cent, followed by Bajaj Finance and Bajaj Finserv. Trent and Apollo Hospitals also advanced. On the downside, Tata Consumer Products fell over 2 per cent, with HDFC Life, IndusInd Bank, SBI Life, and Power Grid among the laggards. Market breadth was weak with more declines than advances on the BSE. Midcaps slipped, while financials held firm. The GST Council’s move to cut tax slabs to 5 and 18 per cent, with a special 40 per cent slab for select items, was hailed as a simplification that could aid affordability and demand.
Sector-wise, auto, financials, and FMCG led the advance, while IT, energy, and realty were the notable laggards. The broader indices, however, underperformed after the recent upmove, losing over half a percent. each. The Nifty opened on a strong note, led by sharp gains in auto and consumer staples, but profit-taking and weakness in select heavyweights dragged the index lower as the day progressed. Eventually, it closed with modest gains.