Mumbai– Indian equity benchmarks opened flat on Wednesday, tracking weak global cues, as investors awaited the outcome of the two-day Goods and Services Tax (GST) Council meeting on rate revisions.
At 9:29 a.m., the Sensex was up 32 points, or 0.04 percent, at 80,190, while the Nifty 50 inched higher by 2 points, or 0.01 percent, to 24,582.
The broader market outperformed, with the Nifty Midcap 100 gaining 0.28 percent and the Nifty Smallcap 100 advancing 0.36 percent.
Among sectoral indices, Nifty Metal led the gains, rising 1.64 percent, followed by Nifty Oil & Gas up 0.77 percent. Nifty PSU Bank added 0.69 percent, while Nifty Pharma edged up 0.12 percent.
In the Nifty pack, Tata Steel gained 2.22 percent and Hindalco rose 1.53 percent. ONGC, Axis Bank, and TCS also traded higher. On the downside, Hero Motocorp, Tata Consumer Products, Bajaj Finance, ICICI Bank, and SBI Life Insurance were among the top laggards.
Analysts noted that the index is consolidating after recent gains. “The index is consolidating within a broad range, indicating a healthy pause after recent gains. Immediate support is placed at 24,500, followed by 24,300. The resistance is seen near 24,800, followed by the crucial 25,000 psychological mark,” said Mandar Bhojane of Choice Broking.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said global uncertainty would keep volatility elevated. “Since India has refused Trump’s demands, the 25 percent penal tariff is unlikely to be lifted, impacting our exports and related jobs in the short run,” he said.
He added that Q1 GDP growth of 7.8 percent signals economic momentum, which could be boosted further by GST reforms. “The net result of all these can be an upward revision in the earnings growth for FY26 and FY27. With this, FIIs may turn to net buyers in India, triggering a rally in the market within a few weeks,” Vijayakumar said.
Asian markets traded mixed as investors assessed global bond yields and fresh trade tensions. China’s Shanghai Composite fell 1 percent, Shenzhen slipped 0.67 percent, Nikkei was down 0.29 percent, and Hong Kong’s Hang Seng dropped 0.40 percent. South Korea’s Kospi gained 0.38 percent.
Overnight, U.S. markets closed lower, with the Dow Jones Industrial Average down 0.55 percent, the Nasdaq slipping 0.82 percent, and the S&P 500 losing 0.69 percent.
On Tuesday, foreign institutional investors (FIIs/FPIs) were net buyers of Indian equities worth Rs 512 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 2,118 crore. (Source: IANS)
