Closing Bell: Sensex Gains 410 Points, Nifty Ends Above 24,700; Tata Steel Surges 6%, Hindalco 3%

After a volatile start, Indian stocks ended the day higher on Wednesday, driven by gains in metal and banking stocks. Ahead of the GST Council meeting, which is anticipated to announce rate rationalization measures, investor sentiment was bolstered by optimism.

The NSE Nifty 50 gained 135.45 points (0.55%) to close at 24,715.05. The BSE Sensex increased 409.83 points (0.51%) to close at 80,567.71.

Shining Metal Stocks

• Tata Steel was the biggest gainer on both indices, rising 6%.
• Other metal stocks followed suit, with Hindalco rising more than 3%.
• Following CLSA's prediction of higher domestic steel prices, bolstered by seasonal demand and China's restrictions on steel production under its "anti-involution" policy, the Nifty Metal index surged 3.1%.

Sectoral Highlights

• Auto and consumer stocks rose nearly 0.7%, boosted by expectations of GST-linked tax cuts to spur consumption.
• IT stocks lagged, slipping 0.7% after weak U.S. manufacturing data signaled contraction for the sixth straight month, raising concerns for Indian tech exporters.
• Broader markets also posted gains: the mid-cap index rose 0.7%, and small-caps climbed 0.9%.

Top Sensex Performers

• Tata Steel (+6%)
• Titan (+2%)
• Mahindra & Mahindra (+1.5%)
• ITC (+1.3%)
• Eternal (+1%)

Global Market Cues

• S&P 500 futures up 0.4%
• Nasdaq 100 futures up 0.7%
• Dow Jones futures little changed
• Stoxx Europe 600 up 0.8%
• MSCI World Index flat

Market Outlook

Analysts said market momentum will depend on the outcome of the ongoing GST Council meeting, where decisions on tax slab rationalisation could provide a major consumption boost. However, high expectations also raise the risk of short-term consolidation if announcements fall short.