The Indian markets looked set for a highly volatile session on Friday. The BSE Sensex tested 81,900 and tanked 100 points, while the NSE Nifty50 began the day in red, falling almost 30 points to stand at 25,058, around 9:15 AM.
On the 30-share Sensex, BEL, Tata Motors, M&M, Bharti Airtel, and HUL stood among the gainers. Meanwhile, the laggards included ICICI Bank, HCL Tech, Adani Ports, HDFC Bank, and Reliance.
In the broader markets, the Nifty Financial Services index declined 0.40 per cent. Sectorally, the Private Bank index dominated in red and fell 0.39 per cent, whereas, the Media index stood out with gains of 0.44 per cent.
The GIFT Nifty slipped close to 40 points and tested 25,050, around 8:55 AM. In the pre-open session, the Sensex fell more than 50 points and fell below 81,950, while the Nifty inched up 16 points to remain just under 25,100, as of 9:02 AM.
New GST Structure
Yesterday, the Group of Ministers on GST endorsed the plan to move to a simplified two-rate structure of 5 per cent and 18 per cent, replacing the current four-tier system. The GST Council is expected to take a final decision next month. This is expected to help lift the sentiment today.
Additionally, the GoM also accepted a proposal to waive off GST of 18 per cent on individual health and life insurance premiums. This move has been undertaken with an attempt to enhance insurance penetration across the country.
Further, investors also eagerly awaited the speech of US Fed Chair Jerome Powell to get an understanding of the American economy’s rate decisions and fiscal policy going forward.
How Did Markets Fare On August 21?
In the previous trading session on Thursday, both benchmarks maintained their upward trajectory and marked the sixth straight session of gains. The Sensex added 142.87 points, or 0.17 per cent, to close at 82,000.71, and the Nifty advanced 33.20 points, or 0.13 per cent, to settle at 25,083.75. 
“Markets traded lacklustre on the weekly expiry day and ended largely unchanged amid mixed cues. After a flat start, the Nifty moved in a narrow range throughout the session,” said Ajit Mishra, SVP – Research, Religare Broking.
Over the six-session winning streak through Thursday, the Sensex surged 1,765 points, or 2.14 per cent, while the Nifty advanced 596 points, or 2.4 per cent.
