Closing bell: Sensex zooms 410 points, Nifty crosses 24,700 level as buoyant metals, GST cut hopes fuel rally

Indian equity market ended higher in a choppy trade on Wednesday, with the BSE Sensex jumping 410 points to 80,567.71, while the NSE Nifty crossed the 24,700 mark, settling at 24,707.95. Investors tracked global cues, as both the U.S. and Asian markets closed lower, while pinning hopes on positive outcomes from the ongoing GST Council meeting, which will conclude tomorrow.

On the Sensex list, 22 companies advanced, while 8 declined. On the NSE Nifty, 34 companies advanced and 16 declined. Ninety stocks hit a new 52-week high, while 42 touched a new 52-week low in today’s session.

Tata Steel led the charge, rising 6% to ₹167.83, followed by Hindalco Industries and JSW Steel, both gaining nearly 3%. Infosys was the top laggard, dipping 1.25%, followed by Nestle India and HDFC Life, each slipping 0.7%.

All sectoral indices except Nifty IT and Nifty Media ended in the green, with Nifty Metal outshining others, surging 3.11%. Metal stocks were boosted by optimism over China’s plan to reduce steel production between 2025 and 2026. Nifty IT dipped 0.74%, tracking weakness in U.S. markets.

Broader markets continued to outpace the benchmarks, with Nifty Midcap up 0.54% and Nifty Smallcap 0.98%. India VIX fell sharply by 4.12% to 10.93.

“Indian equities closed higher after a mixed start to the session, buoyed by expectations of a consumption-led stimulus from potential GST slab rationalisation. All categories of consumer-based sectors, like discretionary, durables, and staples, continued to outperform. In the near term, market sentiment hinges on the outcome of the GST Council meeting, with traction in consumption-oriented stocks and sectors. However, expectations are very high, increasing the risk of disappointments, which could trigger consolidation again,” said Vinod Nair, Head of Research at Geojit Investments.