Indian Stock Market Hits New Highs

In a remarkable start to the week, the Indian equity benchmark indices, Nifty50 and BSE Sensex, witnessed significant gains. This surge was propelled by the announcement of next-generation GST reforms by PM Modi during his Independence Day speech and a credit rating upgrade by S&P Global.

At 9:35 AM, Nifty50 was trading at 24,988.85, up 358 points or 1.45%, while BSE Sensex reached 81,678.77, up 1,081 points or 1.34%.

Top Gainers and Losers

The top Nifty50 gainers included Hero Motocorp, Maruti Suzuki, Bajaj Finance, Bajaj Auto, and M&M. On the flip side, HCL Tech, ITC, L&T, Sun Pharma, and Dr Reddys were among the top losers.

Investor Focus Shifts to Domestic Data

Investors are keenly awaiting domestic high-frequency data, including HSBC India Manufacturing, Services, and Composite PMIs, to assess the growth momentum.

Expert Insights

Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, highlighted the positive impact of the GST reforms and S&P's rating upgrade. He also pointed out potential challenges, including the uncertainty around India-US trade talks.

Global Market Trends

While the Dow Jones Industrial Average closed higher, other Wall Street indexes saw declines. In Asia, stock markets edged up in anticipation of key US monetary policy decisions.

Investment Trends

Foreign portfolio investors were net sellers, while domestic institutional investors showed confidence by being net buyers.