As investors will center the fine print weights of GST-Bonanza during the holidays, which are selling pressures on FMCG and its stocks, a freshman rally surfaces in the domestic stock market. Both meters ended with flat tones, with the Sensex dropping 7.3 points to 80,710.8 and the Nifty50 climbing 6.7 points to 24,741.
Index Viewing | How does Sensex, Nifty50, Nifty Bank perform
Sensex starts the frontal notes of the day and rotates within a range of 700 points around the plane line during the meeting. 50-Script barometer moves to a large extent 24,600-24,850 bands fell by 9 points in intraday trading.
Technically, the Nifty50 is closed for the third time in a row, but there is almost no green. In the past two meetings, Nifty50 scored 154.7 points, or 0.6% on optimism at the 56th GST Commission meeting, after Prime Minister Narendra Modi promised a “substantial” indirect tax relief ahead of this year’s Diwali.
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Nifty Bank (12 of which voters include SBI AHD HDFC Bank) closed at 54,114.6 on the day at 39.1 points or 0.1%. During the intraday trade period, the bank index was seen in bands 54,308-53,720. In Nifty50, the maximum weight of financial stocks is nearly 38%.
Market and GST 2.0
Foreign broker JPMorgan expects the Nifty50 to move in the range of 26,500 to 30,000 over the next 6-9 months and is expected to hold a stronger rally in the second half of the current fiscal year. Its analysts expect changes in GST could ease tax burdens in many areas, increase consumer spending and help business profits increase.Read more about how JPMorgan thinks of GST tax cuts
Top 50 Profiters and Losers
Among the blue chip stocks, Aihil Automobile, Mahdra and Marendra, Shriram Finance, Suburb India, Dr. Reddy and Powergrid (up 1.3% to 2.4%), are the highest profit and loss in the Nifty50 universe. On the other hand, ITC, CIPLA, HCLTECH, TCS and TECH MAHINDRA (each fell by about 1.5-1.9%) were the top losers in the 50 blue chip basket.
ITC, Infosys and TCS are the biggest contributors to the two major component losses.
What a broad indicator
Midcap and small inventory stocks staged a cautious upper level, with the Nifty Midcap 100 and Nifty SmallCap 100 respectively up 0.2%.
The overall market width is slightly skewed towards the bulls, with pre-sorted ratios ranging from 11-10.
Global Market
European stocks began with positive notes on the day, with the last count of Pan-Condinental Stoxx 600 shares higher than 0.3%, reflecting Gaisn in other major Asian markets.
Dow Futures fell more than 20 points, indicating a slow start on Wall Street.
