Indian Stock Markets Start With Small Gains Ahead of GST Council Meeting
Mumbai, September 2 – Indian stock markets opened slightly higher today as investors keep a close eye on the upcoming two-day GST Council meeting. Many expect some important changes to tax rates that could impact the economy and the market.
At 9:26 am, the Sensex, India’s key stock index, increased by 90 points to reach 80,454. The Nifty 50, another major index, went up by 15 points to 24,640. Both indices showed a positive start, signaling cautious optimism among investors.
Broader markets also saw some gains. The Nifty Midcap 100 rose by 0.31%, and the Nifty Smallcap 100 climbed by 0.10%. This suggests that mid-sized and smaller companies are also reflecting some investor confidence today.
Looking at different sectors, the Nifty media index was the biggest winner, jumping 0.82%. Oil and Gas stocks followed, gaining 0.34%. The Fast-Moving Consumer Goods (FMCG) sector also went up slightly by 0.20%. However, some sectors, including Information Technology (IT), saw declines, with Nifty IT dropping by 0.42%.
Top gainers in the Nifty pack included Eternal and Bajaj Finance, which rose by about 1.1% and 0.7%. On the downside, stocks like Asian Paints, Dr. Reddy’s Labs, Hindalco, Maruti Suzuki, and Axis Bank lost ground.
Market analysts observed a positive technical sign today. They noted that the Nifty formed a “morning star” candlestick pattern, which often signals a potential reversal or rally in the market. Experts say Nifty is trading above its long-term support levels, with immediate support around 24,400 and resistance near 24,700. If the index breaks above 24,700, it could test the next resistance zone between 24,800 and 25,000.
Meanwhile, across Asia, markets traded mixed as investors watched the Shanghai Cooperation Organisation (SCO) summit in Tianjin, China. The summit influenced trading sentiment, especially amid discussions about tariffs and trade policies.
China’s Shanghai Composite Index fell by 0.59%, and Shenzhen index dropped by 1.6%. In contrast, Japan’s Nikkei moved up slightly by 0.25%. Hong Kong’s Hang Seng dipped slightly by 0.19%, while South Korea’s Kospi gained 0.72%.
In the United States, markets were closed yesterday, but on the previous Friday, major indexes ended on the losing side. The Dow Jones dropped 0.2%, Nasdaq declined by 1.15%, and S&P 500 fell 0.64%.
Foreign investors sold Indian stocks worth ₹1,430 crore on Monday, while domestic institutional investors bought shares worth ₹4,345 crore, showing continued domestic confidence in the market.
Stay tuned for more updates on how the GST Council meeting influences the market and economy.
