Sensex jumps 56 pts; Nifty trades above 24,600 level; VIX slumps 3.83%

The headline equity indices traded with minor gains in the afternoon trade amid strong services PMI data. Investors closely monitoring a crucial Goods and Services Tax (GST) Council meeting, which is widely expected to announce rate cuts on a range of goods.

The Nifty traded above the 24,600 level. Metal, pharma and consumer durables shares advanced while IT, media and private bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex added 55.50 points or 0.07% to 80,210.87. The Nifty 50 index advanced 37.50 points or 0.15% to 24,616.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index added 0.70%.

The market breadth was strong. On the BSE, 2,496 shares rose and 1,312 shares fell. A total of 194 shares were unchanged.

Gainers & Losers:

Tata Steel (up 5.41%), Coal India (up 3.22%), JSW Steel (up 2.80%), Hindalco Industries (up 2.57%) and Titan Company (up 2.57%) were the major Nifty50 gainers.

Infosys (down 1.56%), HDFC Life Insurance Company (down 1.16%), Axis Bank (down 0.94%), Trent (down 0.77%) and Tech Mahindra (down 0.74%) were the major Nifty50 losers.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index was up from 60.5 in July to 62.9 in August. This indicated the steepest rate of expansion since June 2010. Demand buoyancy, efficiency gains and greater inflows of new business were some of the reasons firms gave for the upturn.

August data highlighted a broad-based pick-up in growth of output across India's manufacturing and service sectors. Subsequently, the HSBC India Composite PMI Output Index rose from 61.1 in July to 63.2 in August, indicating the sharpest pace of expansion in over 17 years.<

Stocks in Spotlight:

Quadrant Future Tek advanced 3% after the company announced that it has received a letter of acceptance (LOA) worth Rs 128.91 crore from RailTel Corporation of India.

TBO Tek surged 14.50% after the company announced its agreement to acquire US based Classic Vacations from Phoenix-based investment firm, The Najafi Companies, for an estimated total purchase of up to $125 million.

Tata Consultancy Services (TCS) shed 0.51%. The company has entered into a strategic partnership with leading Nordic insurance firm Tryg in a deal valued at ?550 million (approximately Rs 4,900 crore).

DCM Shriram shed 0.46%. The company has announced a long-term partnership with Aarti Industries for the supply of chlorine, strengthening its position in the chemicals value chain.

E2E Networks zoomed 10% after the company has received a letter from Ministry of Electronics and Information Technology (MeitY), to allocate GPU resources to Gnani AI under India AI mission.

Karnataka Bank shed 0.37%. The bank has announced the appointment of Chandra Shekar as the new chief business officer (CBO) of the bank for a period of two years effective from 2nd September 2025.

Global Markets:

European stocks opened broadly higher on Wednesday, while Asian market traded largely lower as investors weighed the impact of rising global bond yields alongside fresh developments in trade negotiations and geopolitical tensions.

Chinese markets were in focus following President Xi Jinping?s speech at a military parade to commemorate the 80th anniversary of the end of World War II. The event was graced by 26 world leaders, including Russian President Vladimir Putin and North Korea?s leader Kim Jong Un.

Meanwhile, Australia?s second-quarter GDP grew 1.8% year over year, marking the fastest pace of growth since September 2023. The latest reading was higher than the 1.3% seen in the previous quarter.

Overnight stateside, all three key benchmarks ended the day lower.

The Dow Jones Industrial Average ended down 249.07 points, or 0.55% to close at 45,295.81. The broad-based S&P 500 dropped 0.69% to settle at 6,415.54, while the Nasdaq Composite slid 0.82% to close at 21,279.63.

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