The Indian stock market remained little changed in Friday’s trading session as investors booked profits in consumer goods stocks, which had witnessed a stellar rally in recent sessions, while weakness in tech stocks persisted, offsetting gains in autos after GST rationalization.
The Nifty 50 ended the session at 24,741, up 0.03%, while the Sensex settled 7.25 points lower, or 0.01%, at 80,710. While the headline indices showed little movement, mid- and small-cap stocks managed to post marginal gains, with the Nifty Midcap 100 and Nifty Smallcap indices rising 0.15% each.
Sector-wise, Nifty Auto emerged as the top gainer, rising 1.23% to close at 26,314. Other sectoral indices, including Nifty Metal and Nifty Media, also ended with gains of up to 0.70%.
On the flip side, Nifty IT was the worst performer, declining 1.49%, followed by Nifty FMCG and Nifty Realty, both slipping up to 1.45%. The GST rate cuts did not trigger a major rally in the Indian stock market, as the announcement was largely in line with expectations and much of it had already been factored in.
Investor focus has now shifted to global developments, particularly the upcoming US Federal Reserve meeting this month. A slowdown in US job openings has pushed traders to price in nearly 100% odds of a 25-basis point rate cut on September 17.
Meanwhile, geopolitical tensions and economic uncertainty, including President Trump’s actions regarding the Fed, which have raised concerns about its independence, along with global trade risks, are driving investors towards safe-haven assets.
Additionally, Trump stated his administration would seek an expedited Supreme Court ruling to overturn a federal court decision declaring many of his tariff’s illegal.
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