Stock market today: Nifty50 ends above 24,700; BSE Sensex rallies over 150 points on GST rate cuts

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, ended Thursday in green, rallying strongly on the back of sweeping GST rate cuts announced by FM Nirmala Sitharaman. During the day, Nifty50 was above 24,850 while BSE Sensex rallied over 500 points. Nifty50 rose to 24,734.30, up 19.25 points or 0.08%. BSE Sensex gained 150.30 points or 0.19%, to end at 80,718.01.Market analysts anticipate sideways movement, influenced by international market trends and industry-specific developments, with GST Council policy decisions acting as the immediate market driver.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The revolutionary GST reform has come better than expected benefitting a wide spectrum of sectors. The ultimate beneficiary is the Indian consumer who will benefit from lower prices. The potential big boost to consumption in an economy that is already in growth momentum will be big and may surprise on the upside. This GST reform along with the fiscal and monetary stimulus already provided can trigger a virtuous cycle and boost India’s growth to 6.5% in FY 26 and perhaps 7% in FY 27 with impressive gains in corporate earnings.” “The market will start discounting this likely emerging scenario. Stocks in sectors as varied as automobiles, FMCG, white goods, cement, insurance etc will be the focus of attention of the bulls. Autos are likely to outperform. There is a high probability of short covering today pushing prices higher than expectations. However, after the initial enthusiasm, tariff issues will continue to haunt the market."Nasdaq gained 1% while S&P 500 finished higher on Wednesday, with Alphabet advancing after a US court ruled against its breakup. Investors remained positive about potential Federal Reserve rate cuts this month.Asian stocks advanced following Wall Street gains after soft US employment data strengthened expectations for Federal Reserve rate reductions.Gold prices remained stable on Thursday, near the record peak achieved in the previous session, supported by global uncertainties and heightened prospects of a US interest rate reduction. Investors await crucial US employment data scheduled for release this week.Foreign portfolio investors sold shares worth Rs 1,666 crore net on Wednesday. Domestic institutional investors were net purchasers at Rs 2,495 crore.(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)