Sensex climbs 410 pts, Nifty above 24,700; GST Council outcome awaited

Domestic equity benchmarks Sensex and Nifty ended Wednesday’s session in positive territory after a volatile start, as traders stayed on guard ahead of the upcoming Goods and Services Tax (GST) Council meeting, where rate cuts on several items are anticipated.

At close, the BSE Sensex was up 409.83 points, or 0.51 per cent, at 80,567.71. The NSE Nifty50 gained 135.45 points, or 0.55 per cent, to settle at 24,715.05. 

Tata Steel emerged as top gainer on Sensex, with its shares rising 5.90 per cent to Rs 167.80. Titan climbed 1.73 per cent, followed by Mahindra & Mahindra (up 1.62 per cent), Eternal (up 1.19 per cent), State Bank of India (up 1.07 per cent) and ITC (up 1.07 per cent).

Five stocks namely HDFC Bank, Tata Steel, Mahindra & Mahindra, ITC and SBI contributed heavily to the Sensex’s rise. 

Among the sectoral indices, the BSE Metal climbed 3.08 per cent to end at 32,138.17, while the BSE Healthcare index was up 1.20 per cent, closing at 44,249.52.

Vinod Nair, Head of Research at Geojit Investments Limited, said Indian equities closed higher after a mixed start to the session, buoyed by expectations of a consumption-led stimulus from the potential GST slab rationalization. 

“All categories of consumer-based sectors, like discretionary, durable and staples, continued to outperform. Meanwhile, gold extended its rally in the global market to fresh highs, reflecting investor caution amid persistent concerns over prolonged US tariffs and their potential impact on global growth and geopolitical changes,” Nair said.

“In the near term, market sentiment hinges on the outcome of the GST Council meeting with traction on consumption-orientated stocks and sectors. Well, the expectations are very high, increasing the risk of disappointments, which can kickstart consolidation again," Nair added.

Overall, out of the 4,270 active stocks traded on the BSE, 2,640 ended with gains, while 1,463 settled lower and 167 remained unchanged. As many as 126 stocks scaled their 52-week highs during the session. A total of 64 others hit their 52-week lows. The session also saw 267 stocks locked at their respective upper circuits and 154 others at lower circuits.