Indian Stock Market Rises Amid Optimism Over GST Rate Cut

The Indian stock market maintained its upward trajectory, closing higher for the sixth consecutive session on Thursday, driven by investor optimism regarding a potential Goods and Services Tax (GST) rate cut. The BSE Sensex climbed by 142.87 points, or 0.17%, to settle at 82,000.71, while the NSE Nifty 50 advanced 33.20 points, or 0.13%, finishing the day at 25,083.75.

Despite opening with a promising gap on weekly expiry, the Nifty index experienced diminished momentum, confined to a narrow 98.75-point band. This cautious trading reflects the market's anticipation of insights from Federal Reserve Chair Jerome Powell's upcoming speech at the Jackson Hole symposium, where future monetary policy trends might be unveiled, according to Sudeep Shah of SBI Securities.

Ajit Mishra of Religare Broking highlighted investors' focus on GST reforms and potential global impacts, such as remarks from the Jackson Hole symposium. Meanwhile, consensus approval from the Group of Ministers on GST rate changes signaled market positivity. As banks like Cipla surged, sectors like FMCG retreated with profit bookings, with broader market indices closing in the negative.

(With inputs from agencies.)