MUMBAI– Indian equity benchmarks ended slightly higher on Thursday, giving up most of their early momentum as profit booking and selling in IT stocks erased sharp opening gains triggered by optimism around GST reforms.
The Sensex closed at 80,718.01, up 150.30 points or 0.19 per cent, after surging more than 900 points in opening trade to touch 81,456.67. The Nifty settled at 24,734.30, up 19.25 points or 0.08 per cent.
“Markets witnessed a volatile session and ended marginally higher, supported by sweeping GST reforms that signalled a structural tax overhaul. The Nifty opened on a strong note, led by sharp gains in auto and consumer staples, but profit-taking and weakness in select heavyweights dragged the index lower as the day progressed,” said Ajit Mishra, SVP, Research, Religare Broking.
Auto, financials, and FMCG shares led sectoral advances, while IT, energy, and realty stocks pulled back. Broader indices underperformed, with the Nifty Midcap 100 slipping 286.35 points and the Nifty Smallcap 100 losing 126 points.
Among Sensex gainers were Mahindra & Mahindra, Trent, ITC, HDFC Bank, ICICI Bank, and Asian Paints. In contrast, Maruti, BEL, HCL Tech, PowerGrid, Infosys, NTPC, Kotak Bank, Tech Mahindra, Tata Motors, Tata Steel, and UltraTech Cement closed in the red.
Sectoral indices reflected the mixed mood. Nifty Financial Services rose 120 points or 0.47 per cent, Nifty Auto advanced 219.40 points, and Nifty FMCG added 134.85 points or 0.24 per cent. Nifty Bank ended flat, while Nifty IT fell 331.85 points or 0.94 per cent.
Analysts noted that GST 2.0 reforms strengthen the case for a consumption-led recovery, with auto and consumer staples expected to benefit most. Metals and infrastructure stocks tied to rural demand are also likely to stay in focus.
Meanwhile, the rupee traded weaker at 88.11 against the dollar, down 0.07, as foreign institutional investors remained net sellers despite the supportive policy backdrop. (Source: IANS)
