Dalal Street traded within a tight range on Wednesday, September 3, shuffling between gains and losses as investors remained cautious ahead of the GST Council meeting, which is expected to drive near-term movements.
At 12 p.m., the Sensex was up 14.30 points or 0.02 percent at 80,172.18, and the Nifty was up 16.60 points or 0.07 percent at 24,596.20. About 2312 shares advanced, 1251 shares declined, and 128 shares were unchanged.
At midday, sectoral indices were trading mixed. Nifty Metal led the gains, rising 1.95 percent, followed by Pharma and PSU Bank, which gained 1.02 percent and 0.63 percent respectively. FMCG, Realty, Energy, Infra, Media, and Auto were also trading marginally higher. On the flip side, Nifty IT was the sole laggard, slipping 0.91 percent.
The shares of metal companies jumped, extending gains due to weaker dollar and China's aim to cut steel production between 2025 and 2026. The country's move aims to tackle overcapacity that has hit prices significantly. The metal index is currently the top sectoral gainer on the stock market today.
"With global uncertainty on the rise, the market also is going to experience high volatility. There are potentially positive and negative news that can impact the market, going forward. On the negative front, the likelihood of the 25 percent penal tariff imposed on India being withdrawn, is difficult since India has refused to accept Trump’s dictates. This means, in the short-run our exports and related jobs will continue to suffer," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the short-term uptrend in Nifty remains intact, and the important lower supports of 24,300–24,200 are expected to be protected amid short-term volatility.
"Any dips down to the said supports are expected to be a buying opportunity for the next 1–2 sessions. However, a decisive upmove above the key resistance of 24,750 is likely to trigger more short covering in the near term," he said.
Weekly options data suggests that the 24,700–24,800 zone is expected to act as key resistance, with immediate support at 24,500 for the Nifty 50.
Follow our market blog to catch all the live updates
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
