Ahead of the GST Council meeting, which is set to begin today (Wednesday), the stock market witnessed another rally in the early trends. The Bombay Stock Exchange's (BSE) Sensex rose by 155 points to 80,520, while the National Stock Exchange’s (NSE) Nifty50 gained 28 points to trade at 24,653. Reliance Industries was the biggest gainer in the Sensex market, with its share price climbing 1.4% to Rs 1,372.
The upcoming 56th GST Council meeting, expected to approve the government’s GST reform proposals, is likely to influence market sentiment. Additionally, Prime Ministers Narendra Modi, Chinese President XI Jinping, and Russian Vladimir Putin's meeting at the Shanghai Cooperation Organisation (SCO) summit in China also had an impact on trading. Investor sentiment was further shaped by the first weekly expiry of NSE contracts under the revised framework, with the expiry date of Sensex options now postponed to Thursday.
Top Gainers and Losers
The Nifty Midcap 100 and Nifty Smallcap 100 indices recorded marginal gains of 0.31% and 0.10%, respectively. Among sectoral indices, Nifty Media rose the most at 0.82%, followed by Nifty Oil & Gas at 0.34% and Nifty FMCG at 0.20%.
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All other indices traded in the red, with Nifty IT slipping 0.42%. The top gainers on Nifty were Eternal (+1.1%) and Bajaj Finance (+0.7%). The top losers were Asian Paints, Dr. Reddy’s Labs, Hindalco, Maruti Suzuki, and Axis Bank.
Global Market Trends
Global markets remained positive as investors focused on Eurozone CPI data, US ISM Manufacturing, and S&P Global Manufacturing PMI reports. In Asia, markets gained on expectations of positive SCO outcomes: Japan’s Nikkei 225 rose 0.31%, South Korea’s KOSPI climbed 0.45%, and China’s Shanghai Composite added 0.04%. However, Australia’s S&P/ASX 200 slipped 0.41%.