New Delhi [India], September 3 (ANI): Indian stock markets opened virtually flat on Wednesday as traders waited for the result of the Goods and Services Tax (GST) Council assembly, the place essential choices on GST charges are anticipated.
At the opening bell, the Nifty 50 index stood at 24,616.50, gaining 36.90 factors or 0.15 per cent, whereas the BSE Sensex opened at 80,295.99, up 138.11 factors or 0.17 per cent.
Market contributors are hopeful that the council might announce measures to assist financial progress and increase home consumption at a time when exterior challenges stay.
Experts consider the GST Council’s resolution will play an essential position in shaping the market’s motion within the coming days.
Ajay Bagga, Banking and Market Expert, instructed ANI, ‘Global cues are destructive, with bond yields growing to multi-year highs in UK, in France, in Japan and within the US. September began on a destructive observe for the US stock markets with Big Tech shares underneath strain. Asian markets this morning are underneath strain as nicely.’
He additional added, ‘Indian markets will look to the choices of the GST council to cut back consumption taxes and enhance the economic system. Markets are flat to destructive, ready for the choice as it’ll decide the course of the competition season increase to non-public consumption which may give a fillip to financial progress in India.’
In the broader market on NSE, the development remained blended with marginal positive aspects. The Nifty 100 index was up by 0.05 per cent, the Nifty Midcap 100 index gained 0.15 per cent, whereas the Nifty Smallcap 100 index additionally opened in inexperienced.
Among sectoral indices, Nifty Auto gained 0.37 per cent, Nifty FMCG was barely up by 0.05 per cent, and Nifty Metal superior 0.8 per cent. The Nifty Pharma index additionally noticed an early surge of 0.3 per cent. However, Nifty IT was underneath strain within the morning session.
In different Asian markets, the opening development remained blended. Japan’s Nikkei 225 index fell 0.32 per cent, Singapore’s Straits Times was down 0.29 per cent, and Hong Kong’s Hang Seng index slipped 0.34 per cent. On the opposite hand, Taiwan’s Weighted index rose 0.27 per cent and South Korea’s KOSPI index gained 0.36 per cent.
As per specialists, all eyes will stay on the GST Council assembly, as its resolution will present course not just for the fairness markets but additionally for the broader financial outlook within the coming months. (ANI)