MUMBAI— Indian equities ended higher on Thursday, with both Sensex and Nifty closing in positive territory for the fourth straight session, as investors balanced value buying with profit-taking amid anticipation of major tax reforms.
The benchmark Sensex finished at 82,000.71, up 142.97 points or 0.17 percent. The 30-share index opened higher at 82,220.46 against the previous close of 81,857.84 but remained largely range-bound through the day as selling pressure hit the Auto and FMCG sectors.
The broader Nifty 50 settled at 25,083.75, gaining 33.20 points or 0.13 percent.
“Indian equities ended mixed, as investors turned to profit booking after the recent rally and concerns over premium valuations following a subdued Q1 earnings season,” said Vinod Nair, Head of Research at Geojit Financial Services.
A key driver of sentiment was the Group of Ministers’ approval of a major Goods and Services Tax (GST) overhaul. The panel backed a shift from the current four-rate system to a simplified dual-rate structure of 5 percent and 18 percent. Analysts hailed the move as a landmark step in advancing the next-generation GST reforms flagged by Prime Minister Narendra Modi during his Independence Day address.
“This marks the first major step in implementing the next-generation GST reforms,” said Siddhartha Khemka, Head of Research for Wealth Management at Motilal Oswal Financial Services. He added that India’s record-high composite PMI in August, showing robust expansion in both manufacturing and services, is likely to provide market stability in the near term.
Top gainers in the Sensex basket included Bajaj FinServ, ICICI Bank, Bajaj Finance, L&T, BEL, Sun Pharma, and Titan. On the losing side were PowerGrid, Hindustan Unilever, NTPC, Mahindra & Mahindra, and Tata Motors.
Sectoral performance was mixed. Nifty Financial Services rose 0.32 percent, while Nifty Bank edged up 0.10 percent. Nifty Auto slipped 0.36 percent and Nifty FMCG declined 0.64 percent. Nifty IT closed nearly flat.
Broader indices faced selling pressure. Nifty Midcap 100 dropped 0.38 percent, while Nifty Small Cap 100 and Nifty 100 ended little changed.
The rupee weakened slightly, down 0.17 percent at 87.22 against the U.S. dollar, as markets digested the expected GST restructuring.
Looking ahead, analysts expect the rally to remain supported by optimism around tax reforms and the prospect of stronger corporate earnings. (Source: IANS)
