Synopsis : Indian equity benchmarks traded volatile in early deals as investors awaited key decisions from the GST Council meet. While IT stocks dragged, metals and midcaps kept the market in positive territory.
Indian stock markets opened on a choppy note on Wednesday as investors tracked weak global cues and awaited the outcome of the two-day GST Council meeting, which is expected to discuss the rationalisation of India’s multiple-rate tax structure.
At 10:00 AM, the BSE Sensex was down 36 points at 80,122, swinging between an intra-day high of 80,318 and a low of 80,005. Meanwhile, the NSE Nifty50 was trading flat at 24,591.
On the sectoral front, IT stocks were under pressure, with Infosys and Bajaj Finance among the top laggards. Bharti Airtel also weighed on the benchmark index. However, Tata Steel rose 2%, driving gains in the Nifty Metal index, which surged 1.6% led by Welspun Corp, Lloyds Metals and Energy, Hindustan Copper, National Aluminium, Jindal Steel, and JSW Steel.
The broader markets showed resilience as the BSE MidCap gained 0.33% and the SmallCap index rose 0.63%, reflecting selective buying across non-index heavyweights.
Sector-wise, PSU Banks, Pharma, Energy, Healthcare, Consumer Durables, and Oil & Gas posted gains of up to 1%, providing support to the market. The only exception was the Nifty IT index, which slipped nearly 1%.
With the GST Council meeting in focus and global market jitters persisting, traders are likely to remain cautious, keeping the indices range-bound through the session.
Disclaimer : This article is for informational purposes only and should not be considered financial or investment advice. Investors are advised to consult certified professionals before making trading or investment decisions.
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