Markets closed in the red on Tuesday, reversing early momentum as investors turned cautious ahead of the two-day GST Council meeting beginning Wednesday. The session also coincided with the Nifty F&O expiry, amplifying intraday volatility and triggering profit-booking in key sectors.
BIZ DESK
Indian domestic equity benchmarks ended Tuesday’s trade on a weak note after a choppy session. Early optimism fueled by strong GST collections and positive cues from the SCO summit lifted indices in morning trade, but profit-booking and caution ahead of the GST Council meeting and F&O expiry dragged markets lower.
The Sensex closed at 80,157.88, down 206.61 points (0.26%), after touching an intra-day high of 80,761.14. The Nifty 50 ended at 24,569.60, slipping 45.45 points (0.18%).
Sector-wise Performance
- Banking & Financials: The biggest drag on indices, with Nifty Bank down 341 points (0.63%) and Nifty Financial Services losing 170 points (0.66%). Profit-booking in heavyweights like HDFC Bank and ICICI Bank capped upside.
- Autos: Nifty Auto slipped 75 points (0.29%), though select stocks like Mahindra & Mahindra and Tata Motors bucked the trend.
- IT: Ended flat, as global cues kept investors on the sidelines.
- FMCG: Outperformed, with Nifty FMCG rising 631 points (1.12%) on strong domestic consumption outlook; ITC and Hindustan Unilever were among top gainers.
- Energy & Infra: Mixed performance; PowerGrid, NTPC, and L&T closed higher.
- Metals: Weakness persisted, with Tata Steel and peers under pressure.
Broader Market
The Nifty Midcap index added 151.90 points (0.27%) and Nifty Smallcap rose 93 points (0.53%), showing resilience amid large-cap volatility.
Stock Highlights
Top gainers included Mahindra & Mahindra, ICICI Bank, Asian Paints, Kotak Bank, Tata Motors, Ultratech Cement, L&T, HDFC Bank, Bharti Airtel, Axis Bank, PowerGrid, NTPC, Hindustan Unilever, BEL, Bajaj Finserv, and ITC.
Currency & Global Cues
The rupee edged higher to 88.16 on expectations of GST rate rationalization, though analysts warned that a firm dollar at 98.30 and crude oil near $65.95 could limit gains.
LKP Securities’ Jateen Trivedi noted that FIIs remain cautious, and volatility is likely to persist, with the rupee expected to trade in the 87.85–88.40 range in the near term.
.Market Summary
- BSE Sensex: Fell 206.61 points (0.26%) to close at 80,157.88, after hitting an intraday high of 80,761.14 and a low of 80,008.50
- NSE Nifty 50: Dropped 45.45 points (0.18%) to settle at 24,579.60, slipping from a high of 24,756.10 to a low of 24,522.35
Sectoral Snapshot
Broader Market Performance
- Nifty Midcap 100: +0.27%
- Nifty Smallcap 100: +0.53%
- Nifty Microcap 250: Also ended higher
Top Gainers & Losers
BSE Gainers:
- Power Grid
- NTPC
- Tata Steel
BSE Losers:
- M&M
- ICICI Bank
- Asian Paints
NSE Gainers:
- Tata Consumer
- Nestle India
- Power Grid
NSE Losers:
- Dr Reddy
- M&M
- ICICI Bank
Key Drivers of Sentiment
- GST Council Buzz: Anticipation of rate rationalization and slab restructuring weighed on consumption-linked stocks. FMCG and auto sectors may benefit if reforms are announced
- India–US Trade Talks: Union Minister Piyush Goyal confirmed ongoing negotiations to ease tariffs, adding a layer of geopolitical uncertainty
- Global Cues: US markets remained closed for a public holiday, leaving Indian indices to navigate domestic triggers independently
Technical Outlook
Analysts flagged 24,500 as a key support level for Nifty. A breach could invite further downside toward 24,200, while resistance remains near 24,740. Bank Nifty’s underperformance continues, though PSU banks held steady.
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