Mumbai Stock Market Updates: Flat Open Amid Global Cues and Key GST Meeting
Mumbai, October 2023 — The Indian stock markets started Wednesday on a cautious note, with the Sensex and Nifty opening nearly flat, influenced by weak signals from global markets. Investors are eagerly awaiting the two-day GST Council meeting to see if there will be any updates on tax rates.
At 9:29 am, the Sensex was up just 32 points, or 0.04%, at 80,190. The Nifty 50 edged higher by 2 points, or 0.01%, to 24,582. Broad market indices also showed small gains: Nifty Midcap 100 went up by 0.28%, while Nifty Smallcap 100 increased by 0.36%.
Sector-wise, the metal sector was the biggest gainer, jumping 1.64%, followed by Oil & Gas with a 0.77% rise. The Pharma sector increased by 0.12%, and PSUs (Public Sector Undertakings) also saw gains of 0.69%.
Among individual stocks, Tata Steel was the top performer, rising 2.22%, followed by Hindalco with a 1.53% increase. Other stocks climbing included ONGC, Axis Bank, and TCS. On the downside, Hero MotoCorp, Tata Consumer Products, Bajaj Finance, ICICI Bank, and SBI Life Insurance saw declines.
Market analysts say the Nifty is maintaining its upward momentum on the daily charts and staying above the key support level of 24,400. They believe the market is taking a healthy pause after recent gains, with immediate support around 24,500 and resistance near 24,800. The main challenge lies around the psychological 25,000 mark.
Experts also warn that global uncertainty could increase market volatility. Since India has refused to meet the US’s demands for tariffs, the 25% import tax is unlikely to be lifted soon, which could impact exports and jobs.
On the positive side, India’s economy showed strong growth in the first quarter, with a GDP increase of 7.8%. This momentum is expected to grow further with reforms like GST. Experts suggest this could lead to higher earnings estimates for fiscal years 2026 and 2027, possibly encouraging foreign investors (FIIs) to buy more Indian stocks. This could trigger a market rally in the coming weeks.
In Asia-Pacific, markets traded mixed today as investors weighed rising bond yields and ongoing trade tensions. China’s President Xi Jinping warned of a global choice between “peace or war” and “dialogues or confrontation,” amid U.S.-China tensions.
In the U.S., Wall Street closed lower last night, with the Dow dropping 0.55%, Nasdaq down 0.82%, and S&P 500 losing 0.69%. Asian markets followed suit, with China’s Shanghai index falling 1%, Shenzhen dropping 0.67%, and Japan’s Nikkei slipping 0.29%. Hong Kong’s Hang Seng declined 0.40%, while South Korea’s Kospi rose slightly by 0.38%.
Meanwhile, foreign investors showed confidence in Indian markets, with net inflows of Rs 512 crore on Tuesday. Domestic institutional investors also bought shares worth Rs 2,118 crore, supporting the market’s stability.
Stay tuned for updates on the GST Council meeting and any major global developments that could impact Indian stocks.
