Sensex up 150 pts after giving up 738 pts from peak, Nifty at 24,734 on GST cuts

Domestic equity indices Sensex and Nifty advanced for a second consecutive session on Thursday, buoyed by the government’s move to cut taxes on several goods as part of a GST revamp aimed at boosting consumption ahead of the festive season. 

At close, the BSE Sensex climbed 150.30 points, or 0.19 per cent, to end at 80,718.01, giving up 738 points from its intraday peak of 81,456.67. The NSE Nifty50 advanced 19.25 points, or 0.08 per cent, to settle at 24,734.30.

Mahinra & Mahindra emerged as top gainer on Sensex, with its shares rising 5.96 per cent to Rs 3,480.25. Bajaj Finance climbed 4.28 per cent, followed by Bajaj Finserv (up 1.98 per cent), Trent (up 1.35 per cent), ITC (up 1.02 per cent) and HDFC Bank (up 0.78 per cent).

Six stocks namely Mahindra & Mahindra, HDFC Bank, Bajaj Finance, ICICI Bank, ITC and Bajaj Finserv, contributed heavily to the Sensex’s rise. 

Among the sectoral indices, the BSE Auto index advanced 0.69 per cent to settle at 58,129.51, while the BSE FMCG index gained 0.31 per cent to close at 20,996.04.

Overall, out of the 4,280 active stocks traded on the BSE, 1,810 ended with gains, while 2,318 settled lower and 152 remained unchanged. As many as 141 stocks scaled their 52-week highs during the session. A total of 50 others hit their 52-week lows. The session also saw 224 stocks locked at their respective upper circuits and 155 others at lower circuits.

Ajit Mishra – SVP, Research, Religare Broking Ltd, said markets witnessed a volatile session and ended marginally higher, supported by sweeping GST reforms that signaled a structural tax overhaul. 

Mishra said the 50-pack index 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. “Eventually, it closed with modest gains at 24,734.30. Sector-wise, auto, financials, and FMCG led the advance, while IT, energy, and realty were the notable laggards. The broader indices, however, underperformed after the recent upmove, losing over half a percent each,” he said.

“The GST 2.0 reforms strengthen the case for a consumption-led recovery, with auto and consumer staples expected to benefit the most. Select metals and infrastructure names linked to rural stimulus also remain in focus,” Mishra added.