New Delhi: Indian stock markets opened almost flat on Wednesday as investors waited for the outcome of the Goods and Services Tax (GST) Council meeting, where crucial decisions on GST rates are expected.
At the opening bell, the Nifty 50 index stood at 24,616.50, gaining 36.90 points or 0.15 per cent, while the BSE Sensex opened at 80,295.99, up 138.11 points or 0.17 per cent.
At 10:13 am, Sensex was trading 77.82 points higher at 80,235.70, whereas Nifty was trading 27.75 points up at 24,607.35.
Market participants are hopeful that the council may announce measures to support economic growth and boost domestic consumption at a time when external challenges remain.
Experts believe the GST Council’s decision will play an important role in shaping the market’s movement in the coming days.
Ajay Bagga, Banking and Market Expert, told ANI, “Global cues are negative, with bond yields increasing to multi-year highs in UK, in France, in Japan and in the US. September started on a negative note for the US stock markets with Big Tech stocks under pressure. Asian markets this morning are under pressure as well.”
He further added, “Indian markets will look to the decisions of the GST council to reduce consumption taxes and give a boost to the economy. Markets are flat to negative, waiting for the decision as it will determine the direction of the festival season boost to personal consumption which can give a fillip to economic growth in India.”
In the broader market on NSE, the trend remained mixed with marginal gains. The Nifty 100 index was up by 0.05 per cent, the Nifty Midcap 100 index gained 0.15 per cent, while the Nifty Smallcap 100 index also opened in green.
Among sectoral indices, Nifty Auto gained 0.37 per cent, Nifty FMCG was slightly up by 0.05 per cent, and Nifty Metal advanced 0.8 per cent. The Nifty Pharma index also saw an early surge of 0.3 per cent. However, Nifty IT was under pressure in the morning session.
In other Asian markets, the opening trend remained mixed. Japan’s Nikkei 225 index fell 0.32 per cent, Singapore’s Straits Times was down 0.29 per cent, and Hong Kong’s Hang Seng index slipped 0.34 per cent. On the other hand, Taiwan’s Weighted index rose 0.27 per cent and South Korea’s KOSPI index gained 0.36 per cent.
As per experts, all eyes will remain on the GST Council meeting, as its decision will provide direction not only for the equity markets but also for the broader economic outlook in the coming months.
(With inputs from ANI)
