Indian Markets Surge Amid GST Hopes and Stable Global Cues
Indian stock markets closed higher with Sensex and Nifty recovering early losses due to GST reform optimism and stable global cues. Despite rich valuations and external risks, strong domestic inflows drove the rally. Sectoral performance was mixed, with IT and FMCG gaining while pharma slipped.
- Country:
- India
In a remarkable recovery, Indian stock markets ended Wednesday on a high note. The BSE Sensex rose by 213.45 points (0.26%), closing at 81,857.84, while the NSE Nifty 50 increased by 69.90 points (0.28%) to settle at 25,050.55. This was driven by optimism surrounding proposed GST reforms and consistent stable global cues.
According to Ashika Institutional Equities, markets commenced cautiously but gained momentum following China's decision to maintain its key interest rate. This decision from India's largest trading partner indicates policy stability, positively impacting India's trade prospects. Technically, Nifty breaking past the crucial 25,000 resistance bolstered investor confidence further.
Vinod Nair from Geojit Investments highlighted robust domestic inflows underpinned the market's positive momentum, while also cautioning about potential external risks from U.S. policies. Meanwhile, IT and FMCG sectors led gains, although pharma shares declined. Broader indices like Nifty Midcap and Small Cap 100 outperformed, marking continued strength in market breadth.
(With inputs from agencies.)
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