Stock market today: Nifty50 ends above 24,700; BSE Sensex up over 400 points

Stock market today: Indian equity benchmark indices, Nifty50 and BSE Sensex ended on a positive note in Wednesday's volatile trading, supported by strong performance in metal stocks and positive sentiment surrounding the GST Council meeting.The NSE Nifty increased by 135.45 points or 0.55 per cent to reach 24,715.05. The BSE Sensex experienced significant fluctuations, ultimately rising by 409.83 points or 0.51 per cent to close at 80,567.71. The index moved between a peak of 80,671.28 and a trough of 80,004.60, with a range of 666.68 points.A two-day GST Council meeting commenced in New Delhi to consider reducing tax rates to 5 per cent and 18 per cent.Among Sensex components, Tata Steel led gains with a 5.90 per cent increase. Other notable performers included Titan, Mahindra & Mahindra, ITC, Eternal, State Bank of India, and Trent.On the declining side were Infosys, NTPC, Hindustan Unilever, TCS, Adani Ports and Bharti Airtel.The Indian market recovered from a mixed opening, supported by anticipated consumption benefits from possible GST rate restructuring."In the near term, market sentiment hinges on the outcome of the GST Council meeting with traction on consumption-oriented stocks and sectors," Vinod Nair, Head of Research, Geojit Investments Limited, said.In Asia, South Korea's Kospi finished positively, whilst Japan's Nikkei 225, Shanghai's SSE Composite and Hong Kong's Hang Seng declined.European markets traded in positive territory. US markets closed lower on Tuesday.Foreign Institutional Investors (FIIs) sold equities worth Rs 1,159.48 crore on Tuesday, as per exchange data.The global oil benchmark Brent crude declined 1.52 per cent to USD 68.09 per barrel.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)