India’s benchmark equity indices inched higher on Tuesday, 2 September, as investors turned their focus to the two-day Goods and Services Tax (GST) Council meeting, which is expected to bring a significant rate overhaul.
As of 9:26 AM IST, the BSE Sensex rose by 90 points or 0.11% to reach 80,454, while the NSE Nifty 50 edged up 15 points or 0.06% to 24,640.
The movement comes amid largely mixed global cues and domestic policy anticipation.
Among the sectoral indices, Nifty Media led the gains, advancing by 0.82%, followed by Nifty Oil & Gas, which rose 0.34%.
The Nifty FMCG index also edged higher by 0.20%. However, most other sectors were in the red, with Nifty IT falling 0.42%, weighed down by weak global technology cues.
The broader markets were relatively more upbeat, with the Nifty Midcap 100 gaining 0.31% and the Nifty Smallcap 100 inching up by 0.10%, indicating selective buying in mid- and small-cap counters.
Top Movers
Within the Nifty 50 pack, Eternal and Bajaj Finance emerged as top gainers, rising by 1.1% and 0.7% respectively.
On the flip side, Asian Paints, Dr. Reddy’s Laboratories, Hindalco, Maruti Suzuki, and Axis Bank were among the top laggards during early trade.
Analysts observed that the Nifty formed a morning star candlestick pattern on the daily chart, signalling a potential bullish reversal.
“The index is trading above its long-term exponential moving average (EMA) and is approaching short- and medium-term EMAs.
Immediate support lies at 24,400, with the downside likely limited near 24,000. On the upside, traders eye resistance at 24,700, with further hurdles around the 24,800–25,000 zone,” said Mandar Bhojane of Choice Broking.
Asian markets traded mixed as investors closely monitored geopolitical developments, particularly the Shanghai Cooperation Organisation (SCO) summit in Tianjin, China.
Trade tariff concerns and uncertainty over regional cooperation dampened investor sentiment.
China’s Shanghai Composite dropped 0.59%, Shenzhen fell by 1.6%, while Japan’s Nikkei posted a modest gain of 0.25%.
South Korea’s Kospi rose 0.72%, but Hong Kong’s Hang Seng slipped by 0.19%.
The US markets remained closed on Monday for a public holiday.
On Friday, Wall Street had closed in the red, with the Dow Jones losing 0.2%, the Nasdaq dropping 1.15%, and the S&P 500 falling 0.64%.
Foreign institutional investors (FIIs) net sold ₹1,430 crore worth of Indian equities on Monday, while domestic institutional investors (DIIs) net bought ₹4,345 crore, as per provisional stock exchange data.
Market participants are expected to remain cautious until the outcome of the GST Council meeting becomes clear.
Any positive signals on tax rationalisation or rate reductions could act as a near-term trigger for the markets.
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