MUMBAI– Indian equity benchmarks opened on a cautious note Wednesday, with investors tracking weak global cues while awaiting the outcome of the two-day GST Council meeting on rate revisions.
At 9:29 a.m., the Sensex edged up 32 points, or 0.04 percent, to 80,190, while the Nifty 50 inched higher by just 2 points, or 0.01 percent, to 24,582.
The broader markets outperformed, with the Nifty Midcap 100 rising 0.28 percent and the Nifty Smallcap 100 gaining 0.36 percent. Among sectoral indices, Nifty Metal led the charge with a 1.64 percent rise, followed by Nifty Oil & Gas (0.77 percent), Nifty PSU Bank (0.69 percent), and Nifty Pharma (0.12 percent).
In the Nifty pack, Tata Steel surged 2.22 percent, while Hindalco advanced 1.53 percent. Other notable gainers included ONGC, Axis Bank, and TCS. On the downside, Hero Motocorp, Tata Consumer Products, Bajaj Finance, ICICI Bank, and SBI Life Insurance slipped.
Analysts pointed out that the index is consolidating after recent gains. “Nifty is holding firmly above the 24,400 support zone. Immediate support is at 24,500, followed by 24,300, while resistance is expected at 24,800 and then the 25,000 psychological mark,” said Mandar Bhojane of Choice Broking.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, cautioned that global uncertainty will keep volatility high. “Since India has refused Trump’s demands, the 25 percent penal tariff is unlikely to be lifted, impacting exports and related jobs in the short run,” he said. He added that Q1 GDP growth of 7.8 percent highlights strong economic momentum, which could be boosted further by GST reforms, paving the way for higher earnings growth in FY26 and FY27.
In Asia, markets traded mixed as investors assessed global bond yields and trade tensions. China’s Shanghai index dropped 1 percent, Shenzhen fell 0.67 percent, Japan’s Nikkei slipped 0.29 percent, and Hong Kong’s Hang Seng lost 0.40 percent. South Korea’s Kospi, however, gained 0.38 percent.
Overnight, U.S. markets closed lower, with the Dow Jones Industrial Average down 0.55 percent, the Nasdaq sliding 0.82 percent, and the S&P 500 shedding 0.69 percent.
Meanwhile, foreign institutional investors (FIIs/FPIs) were net buyers of Indian equities worth Rs 512 crore on Tuesday, while domestic institutional investors (DIIs) bought Rs 2,118 crore worth of shares. (Source: IANS)
