Stock Market Surges Before GST Rate Announcement, Investors' Wealth Increases by Rs 2.97 Lakh Crore
Mumbai (The Uttam Hindu): Indian stock market closed in the green mark in Wednesday's trading session. The market witnessed an all-round rise. At the end of the trading day, the Sensex was at 80,567.71 with a gain of 409.83 points or 0.51 percent and the Nifty was at 24,715.05 with a gain of 135.45 points or 0.55 percent.
Along with largecaps, selling was also seen in midcaps and smallcaps. The Nifty Midcap 100 index was up 368.10 points or 0.65 per cent at 57,345.50 and the Nifty Smallcap 100 index was up 157.15 points or 0.89 per cent at 17,748.45. On a sectoral basis, metal, PSU bank, pharma, commodities and auto indices closed in the green. Only IT and media indices closed in the red. India VIX, which shows the volatility in the market, was down 4.12 per cent, which shows the market is stable. Tata Steel, Titan, M&M, ITC, Eternal, Tata Motors, Trent, SBI, HDFC Bank, Kotak Mahindra Bank, Sun Pharma, Asian Paints and Bajaj Finserv were the top gainers in the Sensex pack. Infosys, NTPC, HUL, TCS, Bharti Airtel, Axis Bank and Tech Mahindra were the top losers. Market expert Sunil Shah said that the high-profile meeting of the GST Council has started today. Investors believe that the rates will be reduced in this meeting itself. In such a situation, investors are waiting for the results of this meeting very cautiously.
He further said that if GST rates are reduced according to the market, it will have a positive impact on the market, as it will increase consumption and ultimately it will have an impact on the economy and help in increasing the pace of growth. According to Shah, along with reducing the rates, the government's focus is on reducing the slabs in GST. This will promote ease of doing business. The decisions of the GST Council meeting will be announced on September 4, in which rates can be reduced. The Indian stock market started mixed. At 9:17 am, the Sensex was at 80,221 with a gain of 60 points or 0.08 percent and the Nifty was at 24,608 with a gain of 29 points or 0.09 percent.
Investors earned 2.97 lakh crores
The total market capitalization of companies listed on BSE increased to Rs 452.87 lakh crore today on 3 September, which was Rs 449.90 lakh crore on its previous trading day i.e. Tuesday, 2 September. In this way, the market cap of companies listed on BSE has increased by about Rs 2.97 lakh crore today. Or in other words, investors' wealth has increased by about Rs 2.97 lakh crore.