Stock Market Updates Highlights: Market Struggles to Sustain Gains Despite GST Hopes

The Indian stock market couldn’t hold onto early gains on September 4, despite optimism around the GST rate cuts. The Sensex slipped over 800 points from its day’s high, while the Nifty dropped about 270 points off its peak. The broader market took a bigger hit, with the Midcap index falling roughly 1,100 points from the day’s high and closing down 386 points to 56,959.

Sensex managed to finish with a 150-point gain at 80,718, and the Nifty ended 19 points higher at 24,734. The Nifty Bank index also edged up 8 points to 54,075.

Among sectors, insurance companies erased their gains, with HDFC Life emerging as the top loser. M&M gained 6%, boosted by positive GST news on SUVs and tractors. Eicher and Hero ended slightly higher but off their peaks, while Bajaj Auto slipped into the red. Maruti Suzuki saw profit booking, closing 4% below its intraday high.

IT stocks remained under pressure despite positive global cues. Consumption stocks gained as GST cuts on key items took effect. Meanwhile, Paytm and Varun Beverages fell 3%, the latter affected by the increased GST on aerated drinks to 40%.

Midcap underperformance pushed the market breadth toward declines, signaling cautious investor sentiment.

• Sensex: 81,135.26 up 567.55 points (0.70 percent)
• Nifty: 24,886.50 up 171.45 points (0.69 percent)

Sensex and Nifty opened strongly today, rising 0.70 percent and 0.69 percent respectively, reflecting positive investor sentiment fueled by GST reforms and encouraging global cues. A promising start for Dalal Street!

• Gold Eases from Record High:
  Gold prices fell 0.3% to $3,546.73 per ounce on Thursday, after hitting a record high of $3,578.50 due to profit-taking. Investors are focused on upcoming U.S. jobs data amid expectations of a Federal Reserve interest rate cut.

• Dollar Weakens Amid Labor Market Concerns:
  The U.S. dollar softened as weaker-than-expected job openings increased bets on a Fed rate cut. The euro and yen held steady, while the dollar index eased to 98.178, reflecting ongoing bond market volatility and cautious investor sentiment.

Asian markets edged higher with Japan’s Nikkei leading gains, while GIFT Nifty signaled a strong start for Indian markets. U.S. stock futures remained steady as Wall Street closed mixed, with Apple and Alphabet helping lift the Nasdaq. July job openings in the U.S. fell to a 10-month low, while private payroll data is awaited today. The U.S. 10-year Treasury yield dropped 7 basis points to 4.2%. The dollar weakened following jobs data, and spot gold reached a record high of $3,567. Meanwhile, oil prices fell as OPEC+ considers another output hike. Trump has asked the Supreme Court to review a tariffs appeal.

On the other side, Wall Street stocks rebounded modestly as Alphabet gained on a favorable antitrust ruling. However, softer U.S. job openings, dropping to 7.181 million versus expected 7.378 million, and a global bond selloff kept investors cautious. The Dow slipped 0.05%, while the S&P 500 and Nasdaq rose 0.5% and 1%, respectively.