Mumbai’s stock market wrapped up the day on a positive note, with Indian equity indices like Sensex and Nifty closing slightly higher, thanks to strong buying in auto and metal stocks. This comes after an exciting morning boost from GST reforms, improving India-US ties, and rate cuts by big Indian automakers.
The market kicked off with a bang, soaring in early trade. But things cooled off in the final hours due to selling pressure in IT giants and investors cashing in on profits. Overall, it shows how traders are playing it safe with a “buy low, sell high” approach right now.
The Sensex ended at 80,787.30, gaining just 76.54 points or 0.09%. It started strong with a gap-up opening at 80,904.40, up from the previous close of 80,710.76. Fueled by GST rationalisation and rallies in auto and metal stocks, the index climbed as high as 81,171.38 during the day – that’s a jump of around 400 points!
Meanwhile, the Nifty closed at 24,773.15, up 32.15 points or 0.13%. Experts like Vinod Nair, Head of Research at Geojit Investments Limited, point out that the market couldn’t hold onto those early wins. “The late sell-off highlights investor caution in this buy-on-dips, sell-on-rallies environment,” he said.
Auto and related stocks kept shining, riding high on hopes of better demand after GST rate cuts. But the IT sector struggled with ongoing global worries. On the world stage, softer US jobs data has sparked optimism for a possible Federal Reserve rate cut in September, which could lift global sentiment.
From the Sensex pack, top performers included Tata Motors, Mahindra & Mahindra, Adani Airports, Bajaj FinServ, Ultratech Cement, Tata Steel, HDFC Bank, and BEL. On the flip side, stocks like Trent, Asian Paints, HCL Tech, Tech Mahindra, PowerGrid, TCS, Sun Pharma, L&T, NTPC, and Bharti Airtel ended lower.
Most sector indices painted a green picture too. Nifty Auto led the charge, surging 868.60 points or 3.30%. Nifty Financial Services rose 53 points or 0.21%, and Nifty Bank climbed 72 points or 0.13%. However, Nifty IT dropped 325 points or 0.94% due to heavy selling.
Broader markets joined the party as well. Nifty Small Cap 100 gained 29 points or 0.16%, Nifty Midcap 100 jumped 285 points or 0.50%, and Nifty 100 rose 45 points or 0.18%. All eyes are now on how GST changes and global cues will shape the next session for Indian stock market trends.
