Indian equity indices ended higher on Wednesday as the two-day GST Council meeting began, lifting investor sentiment on expectations of tax rationalisation.
The Sensex closed at 80,567.71, up 409.83 points or 0.51 per cent, after opening at 80,295.99 against the previous close of 80,157.88. The 30-share index climbed steadily during the session to touch an intraday high of 80,671.28, supported by gains in metal, FMCG, auto, and banking stocks.
The Nifty settled at 24,715.05, up 135.45 points or 0.55 per cent. Analysts said equities gained momentum on optimism that rationalisation of GST slabs could spur consumption-driven growth.
Consumer-linked sectors such as discretionary, durable, and staples outperformed throughout the session. Market sentiment in the near term is expected to remain closely tied to the outcome of the GST Council meeting, with consumption-oriented stocks likely to remain in focus.
Among the top gainers were Tata Steel, Titan, Mahindra & Mahindra, SBI, ITC, Trent, HDFC Bank, Tata Motors, Sun Pharma, Kotak Bank, L&T, and Asian Paints. Infosys, Hindustan Unilever, NTPC, TCS, and Bharti Airtel ended lower.
Most sectoral indices advanced, led by Nifty Metal, which surged 3.11 per cent or 292 points on strong buying. Nifty Financial Services gained 159.60 points or 0.62 per cent, Nifty Bank climbed 406.55 points or 0.76 per cent, Nifty Auto rose 190 points or 0.74 per cent, and Nifty FMCG added 162 points or 0.29 per cent.
Broader markets mirrored the rally. Nifty Smallcap 100 rose 157.15 points or 0.89 per cent, Nifty Midcap 100 advanced 143 points or 0.57 per cent, and Nifty Next 50 gained 445.30 points or 0.66 per cent.
The rupee traded slightly higher, closing at 88.02 with gains of 0.13, as markets showed minor strength ahead of the GST meeting outcome, which analysts said could lend support to the currency.
“Persistent trade tariff concerns continue to weigh on sentiment, keeping pressure on the rupee. While GST reforms may cushion the downside, the broader trend remains weak. The rupee may test levels near 89.50 in the coming months, though the near-term range is expected between 87.90–88.45,” said Jateen Trivedi of LKP Securities.
-IANS