Dalal Street broke away from its rally and looked set to break its 4-day green streak on Wednesday. Both benchmarks started trading today on a muted note. The BSE Sensex tanked almost 100 points and tested 81,550, and the NSE Nifty50 clocked a fall of over 30 points and started the session below 24,950, as of 9:15 AM.
The GIFT Nifty remained muted as it slipped close to 50 points and stood at 24,965, around 8:30 AM today. The Sensex took a hit of over 50 points and slipped under 81,600 as of 9:01 AM, while the Nifty fell close to 40 points and stood below 24,950 in the pre-open session.
How Did Markets Fare On Tuesday?
Extending their winning streak for the fourth straight session, Indian equity benchmarks ended Tuesday on a positive note, led by gains in Reliance Industries and Tata Motors. The BSE Sensex advanced 370.64 points, or 0.46 per cent, to close at 81,644.39, while the NSE Nifty rose 103.70 points, or 0.42 per cent, to settle at 24,980.65.
Market sentiment remained upbeat on expectations of major reforms in the Goods and Services Tax (GST) framework by Diwali, coupled with easing geopolitical concerns. Optimism was further supported by India’s recent sovereign rating upgrade, which has strengthened investor confidence.
“The national market continued the renewed momentum, buoyed by expectations of GST rationalisation and a recent upgrade in India’s credit rating. Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the near-term outlook from consolidation to a more constructive stance,” said Vinod Nair, Head of Research at Geojit Investments.
