Powered by: Motilal Oswal
2025-09-03 08:59:07 am | Source: Reuters
India stock benchmarks to open flat ahead of tax council meeting
India stock benchmarks to open flat ahead of tax council meeting

India's equity benchmarks are likely to open little changed on Wednesday, as investors remain on the sidelines ahead of the meeting of the Goods and Services Tax (GST) Council, which is expected to cut rates on a range of goods.

Gift Nifty futures were trading at 24,635 points as of 07:40 a.m. IST, indicating that the Nifty 50 will open around Tuesday's close of 24,579.6.

Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan were up 0.1%. Wall Street began the month sharply lower, while Japan's Nikkei slid 0.5%, with financials leading declines. [MKTS/GLOB]

Investors back home will be closely monitoring the tax council's meeting, with the panel expected to lower taxes on several goods and lend a consumption boost to the economy.

A GST rate cut could be a game-changer for consumption-led sectors, Hariprasad K, analyst and founder at Livelong Wealth, said, highlighting the rally in the fast-moving consumer goods stocks in the last three sessions on expectations of lower tax burdens and improved pricing power.

Meanwhile, foreign investors sold Indian shares worth 11.59 billion rupees ($131.6 million), per provisional data, marking their sixth consecutive session of selling in the secondary market.

STOCKS TO WATCH

** India's largest IT firm Tata Consultancy Services bags 550 million euro ($643.89 million) order from Scandinavian insurance firm Tryg, announcing its first mega deal this fiscal year.

** JSW Cement reports a more than four-fold jump in core profit, in its first quarterly earnings post listing, helped by higher prices and volumes of construction material.

** Telecom infrastructure provider Indus Towers forays into international market, and says it will leverage its Bharti Airtel relationship in Africa.

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here