The Indian stock market today continued its remarkable upward momentum, as investor confidence surged following the announcement of ambitious GST reforms and a credit rating upgrade. The BSE Sensex ended the session up by 676 points, closing at 81,510, a gain of 0.8 percent. The Nifty 50 breached key psychological levels to end at 24,950, up 246 points or 1 percent for the day. Both indices touched all-time highs during intraday trade, with the Sensex surpassing 81,500 and Nifty briefly crossing 24,950. Positive sentiment was underpinned by strong buying in auto, realty, and consumer durables sectors, while IT and power stocks lagged. The broader market stayed firm, as BSE MidCap and SmallCap indices rose by 1 percent and 1.3 percent, respectively.

Sector Performance Highlights
Bank stocks traded mixed, with major private banks showing moderate strength following supportive policy remarks. However, overall sector performance was subdued compared to headline indices, as profit-taking emerged after a strong previous week.

The IT sector witnessed selling pressure throughout the session. Major constituents such as Tech Mahindra and HCL Tech ended as top Nifty losers, reflecting concerns over global tech demand and subdued quarterly earnings.

Auto stocks outperformed on expectations of lower GST rates and robust sales growth. Maruti Suzuki, M&M, Bajaj Auto, and Hero MotoCorp figured among the top gainers, riding on enthusiasm about tax reform and segment expansion.

The pharma sector underperformed as Sun Pharma and Dr Reddy’s were notable laggards on the Nifty, with investors booking profit amid lack of fresh positive triggers and sector rotation into autos and FMCG.

Top 5 Gainers
Maruti Suzuki +3.4%
Hero MotoCorp +3.2%
Bajaj Finance +2.9%
Bajaj Auto +2.7%
M&M +2.6%

Top 5 Losers
HCL Tech -1.2%
ITC -1.1%
Tech Mahindra -0.9%
Sun Pharma -0.8%
Dr Reddys -0.7%

FII/DII Net Flows
Foreign Institutional Investors (FIIs) were net sellers in equities, offloading ₹1,926.76 crore in today’s session. On the other hand, Domestic Institutional Investors (DIIs) provided strong support, posting net purchases worth ₹3,895.68 crore. This DIIs buying helped offset the foreign outflows, contributing to the day’s sharp upmove in the Nifty and Sensex.

Key Macro-Economic & Global Drivers
GST Reform Hopes: Announcements by the Prime Minister during the Independence Day speech regarding next-generation GST reforms drove optimism, especially for sectors like autos and cement, expected to benefit from lower tax slabs. S&P Credit Upgrade: S&P Global upgraded India’s sovereign credit rating outlook to stable (from negative), citing robust macro fundamentals and sustained policy momentum. Global Market Cues: Positive trends in global equities and relief in crude oil prices supported India’s risk appetite, while the India VIX edged up modestly to 12.36, indicating stable market volatility. Rupee & Commodities: The Indian rupee traded at 87.3 against the US dollar. Gold prices edged up 0.3 percent to ₹100,498 per 10 grams, reflecting cautious risk-taking. High-Frequency Domestic Data: Investors closely tracked HSBC India’s manufacturing and services PMIs as barometers of ongoing economic expansion. Refer to the RBI website for the latest policy updates.

What to Watch Next
Trends in Indian stock market today are likely to hinge on domestic macroeconomic data releases scheduled this week, especially PMI numbers and early cues on GST reform implementation. Watch for updates on sectoral GST rates, particularly for autos and cement, which are expected to move from the 28 percent slab to the 18 percent or 5 percent brackets. Continued FII flows, currency movement, and global market cues will shape market direction in coming sessions. Keep an eye on market debutants such as Medistep Healthcare and Star Imaging, as well as corporate actions and earnings surprises driving stock-specific moves. For more equity market IPO coverage, visit nextipoindia.com.