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The Indian share markets witnessed a subdued opening on Wednesday, swinging between positive and negative territories, as investors turned jittery ahead of the GST Council meeting today. The BSE Sensex rose by as much as 50 points to 80,221.24, while the NSE Nifty gained marginally by 0.08% to 24,580.
Out of the 2,674 stocks traded on the NSE, 1,897 advanced, 704 declined, and 73 remained unchanged. Forty-seven companies hit new 52-week highs, while 20 hit 52-week lows in the early trading hours.
Leading the market was Tata Steel, up 2%, followed by other metal companies—Hindalco Industries and JSW Steel—each rising by more than 1%. Trailing right behind was Eternal, up 0.88%, after Zomato’s parent company decided to increase the platform fee from ₹10 to ₹12 ahead of the festive season. Its competitor, Swiggy, had also recently raised its platform fee.
Among the top laggards were Infosys, HDFC Life Insurance, and Tata Consumer Products, each declining by nearly 1%. On the BSE, Hindustan Unilever and Trent, along with Infosys, dragged the benchmark index down. Out of 30 companies traded on the benchmark BSE Sensex, 17 advanced, and 13 declined. On the NSE Nifty50, 28 companies advanced, 21 declined, and one remained unchanged.
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The broader market indices continued to outshine the benchmark indices for another consecutive session, with both the Nifty Midcap and the Nifty Smallcap rising nearly 0.20% above yesterday’s closing. India VIX, reflecting investor caution, increased marginally by 0.95%.
Nifty IT was the biggest laggard among sectoral indices, tracking weakness in the U.S. markets, a key revenue source for the sector. Nifty Metal outperformed, surging 1.5%, followed by Nifty Pharma and Nifty PSU Bank. Sectoral indices will remain in focus amid tax-cut anticipations to be discussed at today’s GST Council meeting.
“On the daily chart, Nifty continued its recovery momentum and is holding firmly above the 24,400 support zone. Overall, the market is showing signs of steady consolidation with a positive bias. Traders should maintain a buy-on-dips approach while focussing on stock-specific action in sectors showing leadership such as banking, IT, and auto,” said Mandar Bhojane, Senior Technical & Derivative Analyst at Choice Equity Broking Private Limited.
"With global uncertainty on the rise, the market is likely to experience high volatility. The Q1 GDP growth at 7.8% indicates strong growth momentum in the economy, which could be further accelerated by the upcoming GST reforms. The net result of all these factors could be an upward revision in earnings growth for FY26 and FY27,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
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