Sensex Today | Stock Market LIVE Updates: The Nifty, riding on the high of a possible GST rejig, has surged by over 300 points.The Sensex is up a major 1000 points, rising closer to the the 82.000 mark
Sensex Today | Stock Market LIVE Updates: The Nifty 50 index, after breaking a six-week losing streak, heads into a new week after the long weekend on the back of a slew of announcements that have taken place in the last three days.
First, the ratings upgrade, which may have come during market hours on Thursday, but other global uncertainties may have kept a lid on the market reaction. With no clarity yet on what happens to Russia and Ukraine with the US, uncertainty persists over whether the additional 25% tariffs on India will come into effect from August 27 or not.
The second major announcement was from Prime Minister Narendra Modi’s Independence Day Address, promising “generational” GST reforms before Diwali, and that could keep most of the GST-linked stocks from Autos to FMCG in focus today. Higher levels, though, continue to remain a challenge, with last week’s high of 24,702 continuing to remain a barrier, and that will be the first level to cross before the Nifty moves towards its 20-DMA.
On the flip side, the 24,500-24,550 levels have emerged as a strong support as of last week. We’ll watch for some final earnings reactions from Inox Wind, Vodafone Idea, Zaggle Prepaid and Hindustan Copper. KEC International has won orders, while JK Cement has approved expansion plans.
Watch this space for all the live updates.