Indian stock market ends higher on hopes of GST rate cut, rises for 6th straight session

Mumbai (Maharashtra) [India], August 21 (ANI): The Indian stock market on Thursday ended higher on the sixth consecutive session as investors' sentiments are optimistic due to the possible Goods and Services Tax (GST) rate cut.
At the end of the trading session today, BSE Sensex was up 142.87 points or 0.17 per cent at 82,000.71, and Nifty 50 at National Stock Exchange (NSE) was elevated by 33.20 points or 0.13 per cent at 25,083.75.
On the weekly expiry day, the benchmark Nifty index opened with a positive gap, reflecting early optimism. However, the momentum fizzled out as the index remained confined within a narrow trading band of just 98.75 points throughout the session.
"The subdued movement reflects a cautious undertone among market participants ahead of the Jackson Hole symposium. Investors are closely watching for cues from Federal Reserve Chair Jerome Powell's speech, which could offer insights into the future trajectory of interest rates and monetary policy," said Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities.
Ajit Mishra - SVP, Research, Religare Broking Ltd said, "Investors are closely tracking developments around recent discussions and approvals on GST reforms, which are prompting sector-specific reactions. In addition, global cues remain in focus, particularly the Jackson Hole symposium, where commentary from central bankers could influence sentiment."
"The Nifty index continued its strong momentum on the weekly expiry day and closed with gains of 0.13 per cent. The SEBI's plan to remove the weekly expiry dampened the sentiment of capital markets-related stocks," said Kunal Shah- Technical and Deravative Analyst at MiraeAsset ShareKhan.
Observing the market sentiment, Siddhartha Khemka - Head Of Research, Wealth Management, Motilal Oswal Financial Services Ltd said, "In a positive development, the Group of Ministers (GoM) on GST rate rationalisation approved the proposal to scrap the current four-rate structure and move towards dual rates of 5 per cent and 18 per cent."
Talking about the global cues, Dr. Praveen Dwarakanath, Vice President of Hedged said, "The meeting of Trump and Putin shows, on the outset, positive news for the markets; however, a change in stance on either side can push the markets down."
Among the Nifty constituents, Cipla and Dr. Reddy's Laboratories emerged as the top gainers, buoyed by strength in the pharma space.
On the flip side, Tata Consumer Products and Bajaj Auto were the major laggards, dragging on the index.
Sectorally, Nifty Pharma and Nifty Healthcare indices outperformed, reflecting defensive buying in healthcare-related counters. In contrast, Nifty FMCG and Nifty PSU Bank indices ended in the red, indicating profit booking in these segments.
The broader markets underperformed the benchmarks, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices closing in negative territory.
Market breadth remained slightly weak, as the advance-decline ratio tilted in favour of the decliners. Out of the Nifty 500 universe, 231 stocks managed to close in the green, highlighting selective buying interest. (ANI)