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The broader indices erased some of the previous week losses and outperformed the main indices in the volatile week led by positive data points including PMI data, GST rationalizations, and supportive global markets.

For the week, the BSE Sensex index rose 901.11 points or 1.12 percent to finish at 80,710.76, while Nifty50 added 314.15 points or 1.28 percent to close at 24,741.

Among broader indices, BSE Largecap, Midcap and Smallcap indices rose 1.4 percent, 1.8 percent, 2.5 percent, respectively.

Selling from Foreign Institutional Investors (FIIs) continued 10th consecutive week, as they offloaded equities worth Rs 5,666.90 crore.

On the other hand, Domestic Institutional Investors (DII) continued their buying in 21th consecutive week, as they purchased equities worth Rs 13,444.09 crore.

Among sectors, BSE Metal index added nearly 6 percent, BSE Auto index rose 5.2 percent, BSE Consumer Discretionary index gained 3.6 percent, while BSE Information Technology index shed 1 percent.

"Indian equities opened the week on a strong note but gradually lost steam, ending subdued as optimism around GST rationalisation faded and global trade tensions resurfaced. The IT sector faced the sharpest pressure amid concerns of reduced discretionary spending, driven by economic uncertainty, elevated rates, and geopolitical risks. In contrast, consumer-focused sectors such as Auto and FMCG advanced, supported by expectations that GST cuts will boost domestic consumption and aid demand recovery," said Vinod Nair, Head of Research, Geojit Investments.

"Global bond markets added to the cautionary mood, with German and French 30-year yields hitting decade highs on rising debt and fiscal imbalances in the Eurozone. Domestically, persistent foreign outflows weighed on the rupee, which slipped to a record low against the U.S. dollar. Meanwhile, safe-haven demand pushed gold prices to all-time highs."

"Looking ahead, sentiment is likely to remain mixed. Domestic growth-linked sectors stand to benefit from GST relief, resilient consumption, and government spending, while uncertainty over global trade negotiations continues to restrain risk appetite. A multi-asset investment strategy is expected to gain traction in this environment. Market attention remains firmly on the upcoming U.S. jobs report, a key macro trigger that could shape expectations for a potential Fed rate cut. Also, investors will closely track key macro cues, including U.S. nonfarm payrolls, unemployment and inflation data, as well as the ECB’s rate decision, for direction in the week ahead," he added.

The BSE Small-cap index added 2.5 percent with Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategain Travel Technologies, Zydus Wellness rising between 20-39 percent.

<img class="alignnone size-full wp-image-13525984" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906043638_Untitled.png" alt="Untitled" width="896" height="1524" />

Where is Nifty50 headed?

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Technically market action indicates turnaround in the market after a small downward correction of two sessions. We observe bullish pattern like higher highs and lows on the intraday timeframe chart (60 min).

The short-term trend of Nifty remains positive with volatility. Having recovered from near the support of 24600, Nifty is expected to advance towards the crucial overhead resistance of 25000 by next week. Immediate support is placed at 24600 levels.

Vinay Rajani, Senior Technical &amp; Derivative Research Analyst, HDFC Securities.

The short-term trend turned bullish for the Nifty, as it achieved a level above 5, 10 and 20 DEMA. Any level above 25000 would confirm the bullish trend reversal and could lead to further short covering in the index.

On the downside, a level around 24500 would continue to serve as support.

Amol Athawale, VP Technical Research, Kotak Securities

Technically, 24,500/80400 remains a strong support zone for short-term traders. As long as the market trades above this level, the bullish setup remains intact. On the higher side, the 50-day SMA (Simple Moving Average) or 25,000/82000 would act as a crucial resistance zone for traders. A successful breakout above 25,000/82000 could push the market towards 25,200/82600.

Conversely, below 24,500/80400, market sentiment could change. If the index falls below this level, it is likely to retest 24,350/79900. Further downside may continue, potentially dragging the index to the 200-day SMA or 24,100/79400.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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74 smallcaps gain between 10-40% as broader indices outperform

The broader indices erased some of the previous week losses and outperformed the main indices in the volatile week led by positive data points including PMI data, GST rationalizations, and supportive global markets.

For the week, the BSE Sensex index rose 901.11 points or 1.12 percent to finish at 80,710.76, while Nifty50 added 314.15 points or 1.28 percent to close at 24,741.

Among broader indices, BSE Largecap, Midcap and Smallcap indices rose 1.4 percent, 1.8 percent, 2.5 percent, respectively.

Selling from Foreign Institutional Investors (FIIs) continued 10th consecutive week, as they offloaded equities worth Rs 5,666.90 crore.

On the other hand, Domestic Institutional Investors (DII) continued their buying in 21th consecutive week, as they purchased equities worth Rs 13,444.09 crore.

Among sectors, BSE Metal index added nearly 6 percent, BSE Auto index rose 5.2 percent, BSE Consumer Discretionary index gained 3.6 percent, while BSE Information Technology index shed 1 percent.

&quot;Indian equities opened the week on a strong note but gradually lost steam, ending subdued as optimism around GST rationalisation faded and global trade tensions resurfaced. The IT sector faced the sharpest pressure amid concerns of reduced discretionary spending, driven by economic uncertainty, elevated rates, and geopolitical risks. In contrast, consumer-focused sectors such as Auto and FMCG advanced, supported by expectations that GST cuts will boost domestic consumption and aid demand recovery,&quot; said Vinod Nair, Head of Research, Geojit Investments.

&quot;Global bond markets added to the cautionary mood, with German and French 30-year yields hitting decade highs on rising debt and fiscal imbalances in the Eurozone. Domestically, persistent foreign outflows weighed on the rupee, which slipped to a record low against the U.S. dollar. Meanwhile, safe-haven demand pushed gold prices to all-time highs.&quot;

&quot;Looking ahead, sentiment is likely to remain mixed. Domestic growth-linked sectors stand to benefit from GST relief, resilient consumption, and government spending, while uncertainty over global trade negotiations continues to restrain risk appetite. A multi-asset investment strategy is expected to gain traction in this environment. Market attention remains firmly on the upcoming U.S. jobs report, a key macro trigger that could shape expectations for a potential Fed rate cut. Also, investors will closely track key macro cues, including U.S. nonfarm payrolls, unemployment and inflation data, as well as the ECB’s rate decision, for direction in the week ahead,&quot; he added.

The BSE Small-cap index added 2.5 percent with Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategain Travel Technologies, Zydus Wellness rising between 20-39 percent.



Where is Nifty50 headed?

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Technically market action indicates turnaround in the market after a small downward correction of two sessions. We observe bullish pattern like higher highs and lows on the intraday timeframe chart (60 min).

The short-term trend of Nifty remains positive with volatility. Having recovered from near the support of 24600, Nifty is expected to advance towards the crucial overhead resistance of 25000 by next week. Immediate support is placed at 24600 levels.

Vinay Rajani, Senior Technical &amp;amp; Derivative Research Analyst, HDFC Securities.

The short-term trend turned bullish for the Nifty, as it achieved a level above 5, 10 and 20 DEMA. Any level above 25000 would confirm the bullish trend reversal and could lead to further short covering in the index.

On the downside, a level around 24500 would continue to serve as support.

Amol Athawale, VP Technical Research, Kotak Securities

Technically, 24,500/80400 remains a strong support zone for short-term traders. As long as the market trades above this level, the bullish setup remains intact. On the higher side, the 50-day SMA (Simple Moving Average) or 25,000/82000 would act as a crucial resistance zone for traders. A successful breakout above 25,000/82000 could push the market towards 25,200/82600.

Conversely, below 24,500/80400, market sentiment could change. If the index falls below this level, it is likely to retest 24,350/79900. Further downside may continue, potentially dragging the index to the 200-day SMA or 24,100/79400.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

<img class="size-full wp-image-13525968" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042021_bse_nse_stockmarket_nifty_sensex.jpg" alt=" The Indian market erased some of the previous week losses, rising 1 percent in the volatile week amid positive data points including 17-year high manufacturing PMI, services PMI at 15-year high, GST rate reforms, supportive global markets on expectation of rate cut by Fed. However, investors remained worried as export could dampened after US levied 50% more tariff on Indian goods." width="1280" height="720" /> The Indian market erased some of the previous week's losses, rising 1 percent in the volatile week amid positive data points, including a 17-year high manufacturing PMI, a services PMI at a 15-year high, GST rate reforms, continued DII buying, and supportive global markets on the expectation of a rate cut by the Fed. However, investors remained worried as exports could be dampened after the US levied a 50% tariff on Indian goods.

<img class="size-full wp-image-13525969" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042050_Sensex_Nifty.jpg" alt="For the week, the BSE Sensex index rose 901.11 points or 1.12 percent to finish at 80,710.76, while Nifty50 added 314.15 points or 1.28 percent to close at 24,741." width="1280" height="720" /> For the week, the BSE Sensex index rose 901.11 points or 1.12 percent to finish at 80,710.76, while Nifty50 added 314.15 points or 1.28 percent to close at 24,741.

<img class="size-full wp-image-13525970" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042154_sensex_nifty_stock-stocks_stock.jpg" alt="The BSE Large-cap Index rose 1.4 percent led by Mahindra and Mahindra, Jindal Steel, Tata Steel, Eicher Motors, Swiggy, Bajaj Finance, TVS Motor Company." width="1280" height="720" /> The BSE Large-cap Index rose 1.4 percent, led by Mahindra and Mahindra, Jindal Steel, Tata Steel, Eicher Motors, Swiggy, Bajaj Finance, and TVS Motor Company.

<img class="size-full wp-image-13525972" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042221_Sensex_nifty_market_flat.jpg" alt="BSE Mid-cap Index gained nearly 2 percent led by Aditya Birla Fashion &amp; Retail, Ola Electric Mobility, Brainbees Solutions, Steel Authority of India, Rail Vikas Nigam, NMDC." width="1280" height="720" /> BSE Mid-cap Index gained nearly 2 percent, led by Aditya Birla Fashion &amp; Retail, Ola Electric Mobility, Brainbees Solutions, Steel Authority of India, Rail Vikas Nigam, and NMDC.

<img class="size-full wp-image-13525973" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042252_stocks5.jpg" alt="The BSE Small-cap index added 2.5 percent with Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategain Travel Technologies, Zydus Wellness rising between 20-39 percent." width="1280" height="720" /> The BSE Small-cap index added 2.5 percent with Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategain Travel Technologies, Zydus Wellness rising between 20-39 percent.

<img class="size-full wp-image-13525975" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042321_Sensex_up_higher.jpg" alt="Among sectors, BSE Metal index added nearly 6 percent, BSE Auto index rose 5.2 percent, BSE Consumer Discretionary index gained 3.6 percent, while BSE Information Technology index shed 1 percent." width="1280" height="720" /> Among sectors, the BSE Metal index added nearly 6 percent, the BSE Auto index rose 5.2 percent, the BSE Consumer Discretionary index gained 3.6 percent, while the BSE Information Technology index shed 1 percent.

<img class="size-full wp-image-13525976" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042355_sensex_nifty1.jpg" alt="During the week, Mahindra and Mahindra added the most in terms of market value, followed by Bajaj Finance, Reliance Industries, HDFC Bank. On the other hand, Tata Consultancy Services, Infosys, HCL Technologies lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary." width="1280" height="720" /> During the week, Mahindra and Mahindra added the most in terms of market value, followed by Bajaj Finance, Reliance Industries, and HDFC Bank. On the other hand, Tata Consultancy Services, Infosys, and HCL Technologies lost most of their market capitalization. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

<img class="size-full wp-image-13525977" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042452_sensex_nifty-market.jpg" alt="Selling from Foreign Institutional Investors (FIIs) continued 10th consecutive week, as they sold equities worth Rs 5,666.90 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in 21th consecutive week, as they bought equities worth Rs 13,444.09 crore." width="1280" height="720" /> Selling from Foreign Institutional Investors (FIIs) continued 10th consecutive week, as they sold equities worth Rs 5,666.90 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in the 21st consecutive week, as they bought equities worth Rs 13,444.09 crore.

<img class="size-full wp-image-13525978" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042524_rupee-fall.jpg" alt="Indian rupee ended lower for the second consecutive week, hitting fresh record low of 88.36 against the US dollar. The domestic unit closed 6 paise lower at 88.26 per dollar on September 5 against the August 29 closing of 88.20. During the week the Indian rupee traded in the range of 87.98-88.36." width="1280" height="720" /> Indian rupee ended lower for the second consecutive week, hitting a fresh record low of 88.36 against the US dollar. The domestic unit closed 6 paise lower at 88.26 per dollar on September 5 against the August 29 closing of 88.20. During the week, the Indian rupee traded in the range of 87.98-88.36.

On the other hand, Domestic Institutional Investors (DII) continued their buying in 21st consecutive week, as they bought equities worth Rs 13,444.09 crore.

 The Indian market erased some of the previous week losses, rising 1 percent in the volatile week amid positive data points including 17-year high manufacturing PMI, services PMI at 15-year high, GST rate reforms, supportive global markets on expectation of rate cut by Fed. However, investors remained worried as export could dampened after US levied 50% more tariff on Indian goods.

For the week, the BSE Sensex index rose 901.11 points or 1.12 percent to finish at 80,710.76, while Nifty50 added 314.15 points or 1.28 percent to close at 24,741.

The BSE Large-cap Index rose 1.4 percent led by Mahindra and Mahindra, Jindal Steel, Tata Steel, Eicher Motors, Swiggy, Bajaj Finance, TVS Motor Company.

BSE Mid-cap Index gained nearly 2 percent led by Aditya Birla Fashion &amp; Retail, Ola Electric Mobility, Brainbees Solutions, Steel Authority of India, Rail Vikas Nigam, NMDC.

The BSE Small-cap index added 2.5 percent with Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategain Travel Technologies, Zydus Wellness rising between 20-39 percent.

Among sectors, BSE Metal index added nearly 6 percent, BSE Auto index rose 5.2 percent, BSE Consumer Discretionary index gained 3.6 percent, while BSE Information Technology index shed 1 percent.

During the week, Mahindra and Mahindra added the most in terms of market value, followed by Bajaj Finance, Reliance Industries, HDFC Bank. On the other hand, Tata Consultancy Services, Infosys, HCL Technologies lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.

Selling from Foreign Institutional Investors (FIIs) continued 10th consecutive week, as they sold equities worth Rs 5,666.90 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in 21th consecutive week, as they bought equities worth Rs 13,444.09 crore.

Indian rupee ended lower for the second consecutive week, hitting fresh record low of 88.36 against the US dollar. The domestic unit closed 6 paise lower at 88.26 per dollar on September 5 against the August 29 closing of 88.20. During the week the Indian rupee traded in the range of 87.98-88.36.

Markets gain on strong macro data, GST rate cuts; rupee hits fresh low

<img class="size-full wp-image-13525968" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042021_bse_nse_stockmarket_nifty_sensex.jpg" alt=" The Indian market erased some of the previous week losses, rising 1 percent in the volatile week amid positive data points including 17-year high manufacturing PMI, services PMI at 15-year high, GST rate reforms, supportive global markets on expectation of rate cut by Fed. However, investors remained worried as export could dampened after US levied 50% more tariff on Indian goods." width="1280" height="720" /> The Indian market erased some of the previous week's losses, rising 1 percent in the volatile week amid positive data points, including a 17-year high manufacturing PMI, a services PMI at a 15-year high, GST rate reforms, continued DII buying, and supportive global markets on the expectation of a rate cut by the Fed. However, investors remained worried as exports could be dampened after the US levied a 50% tariff on Indian goods.

<img class="size-full wp-image-13525969" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042050_Sensex_Nifty.jpg" alt="For the week, the BSE Sensex index rose 901.11 points or 1.12 percent to finish at 80,710.76, while Nifty50 added 314.15 points or 1.28 percent to close at 24,741." width="1280" height="720" /> For the week, the BSE Sensex index rose 901.11 points or 1.12 percent to finish at 80,710.76, while Nifty50 added 314.15 points or 1.28 percent to close at 24,741.

<img class="size-full wp-image-13525970" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042154_sensex_nifty_stock-stocks_stock.jpg" alt="The BSE Large-cap Index rose 1.4 percent led by Mahindra and Mahindra, Jindal Steel, Tata Steel, Eicher Motors, Swiggy, Bajaj Finance, TVS Motor Company." width="1280" height="720" /> The BSE Large-cap Index rose 1.4 percent, led by Mahindra and Mahindra, Jindal Steel, Tata Steel, Eicher Motors, Swiggy, Bajaj Finance, and TVS Motor Company.

<img class="size-full wp-image-13525972" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042221_Sensex_nifty_market_flat.jpg" alt="BSE Mid-cap Index gained nearly 2 percent led by Aditya Birla Fashion &amp; Retail, Ola Electric Mobility, Brainbees Solutions, Steel Authority of India, Rail Vikas Nigam, NMDC." width="1280" height="720" /> BSE Mid-cap Index gained nearly 2 percent, led by Aditya Birla Fashion &amp; Retail, Ola Electric Mobility, Brainbees Solutions, Steel Authority of India, Rail Vikas Nigam, and NMDC.

<img class="size-full wp-image-13525973" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042252_stocks5.jpg" alt="The BSE Small-cap index added 2.5 percent with Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategain Travel Technologies, Zydus Wellness rising between 20-39 percent." width="1280" height="720" /> The BSE Small-cap index added 2.5 percent with Netweb Technologies India, One Mobikwik Systems, Jai Corp, Hemisphere Properties India, Vimta Labs, Atul Auto, Gujarat Mineral Development Corporation, Rategain Travel Technologies, Zydus Wellness rising between 20-39 percent.

<img class="size-full wp-image-13525975" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042321_Sensex_up_higher.jpg" alt="Among sectors, BSE Metal index added nearly 6 percent, BSE Auto index rose 5.2 percent, BSE Consumer Discretionary index gained 3.6 percent, while BSE Information Technology index shed 1 percent." width="1280" height="720" /> Among sectors, the BSE Metal index added nearly 6 percent, the BSE Auto index rose 5.2 percent, the BSE Consumer Discretionary index gained 3.6 percent, while the BSE Information Technology index shed 1 percent.

<img class="size-full wp-image-13525976" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042355_sensex_nifty1.jpg" alt="During the week, Mahindra and Mahindra added the most in terms of market value, followed by Bajaj Finance, Reliance Industries, HDFC Bank. On the other hand, Tata Consultancy Services, Infosys, HCL Technologies lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary." width="1280" height="720" /> During the week, Mahindra and Mahindra added the most in terms of market value, followed by Bajaj Finance, Reliance Industries, and HDFC Bank. On the other hand, Tata Consultancy Services, Infosys, and HCL Technologies lost most of their market capitalization. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

<img class="size-full wp-image-13525977" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042452_sensex_nifty-market.jpg" alt="Selling from Foreign Institutional Investors (FIIs) continued 10th consecutive week, as they sold equities worth Rs 5,666.90 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in 21th consecutive week, as they bought equities worth Rs 13,444.09 crore." width="1280" height="720" /> Selling from Foreign Institutional Investors (FIIs) continued 10th consecutive week, as they sold equities worth Rs 5,666.90 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in the 21st consecutive week, as they bought equities worth Rs 13,444.09 crore.

<img class="size-full wp-image-13525978" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250906042524_rupee-fall.jpg" alt="Indian rupee ended lower for the second consecutive week, hitting fresh record low of 88.36 against the US dollar. The domestic unit closed 6 paise lower at 88.26 per dollar on September 5 against the August 29 closing of 88.20. During the week the Indian rupee traded in the range of 87.98-88.36." width="1280" height="720" /> Indian rupee ended lower for the second consecutive week, hitting a fresh record low of 88.36 against the US dollar. The domestic unit closed 6 paise lower at 88.26 per dollar on September 5 against the August 29 closing of 88.20. During the week, the Indian rupee traded in the range of 87.98-88.36.

According to V Srivatsa, Fund Manager (Equity) at UTI Asset Management Company, GST reform 2.0 is a game-changer that could boost demand prospects across a majority of consumption-oriented sectors.

However, he cautioned that "the immediate impact on the festive season would depend on a host of factors such as channel inventory, supply chain challenges, etc., and may not translate into higher growth in the ensuing season," he said in an interview with Moneycontrol.

As for the broader markets, Srivatsa highlighted key risks including global volatility, particularly tariff-related concerns, and the potential for a US recession, which could affect global capital flows into Indian markets.

"Our markets, despite the recent underperformance, still trade at a premium compared to other emerging markets," he added.

Do you believe Diwali has come early for several consumer-facing sectors, especially in light of GST Reform 2.0?

The proposed GST reform 2.0 is a game changer to boost the demand prospects for the majority of consumption oriented sectors. For a lot of basic consumption items such as food, personal products and even necessary discretionary items such as air conditioners, washing machines, etc., the GST rates were high at 18% or 28% which has been rationalised, making it more affordable and reducing the burden on the common man, which would boost the consumption in the long term.

However, the immediate impact on the festive season would depend on a host of factors such as channel inventory, supply chain challenge,s etc., and may not translate into higher growth in the ensuing season.

Do you see GST rationalisation as a strong and sustainable booster for the economy and earnings growth, particularly as India faces US tariff challenges?

In the domestic-oriented sectors, we see triggers for demand growth revival in the next two years, which would translate to higher earnings growth for a host of domestic sectors such as automobiles, white goods, and FMCG, and also boost the demand for services such as health insurance and term insurance.

However, the tariff, if the penalty tariff exists in the medium term, can impact the export-oriented sectors of textiles, gems and jewellery, and auto parts, and could have a larger impact on the ecosystem as this could put pressure on jobs and NPA in these sectors.

Would you advise reshuffling portfolios after the GST rate rationalisation? Which sectors are on your radar post this reform?

Since the GST reforms were announced in mid-August, most of the sectors, such as automobiles, FMCG, and consumer durables, have seen a run-up in anticipation of this development and near-term earnings upgrades may be limited as channel inventories could be high and there could be deferment of purchases, anticipating the fall in duties.

It is worth noting that the valuation ranges for sectors such as consumer durables, FMCG are in the upper end, even with muted growth in the last couple of years. Within the positively impacted sectors, we remain optimistic on automobiles and insurance as valuations remain reasonable and the long-term impact is decent.

Do you expect more such reforms aimed at supporting exporters in the near future?

In the near future, the government can consider giving incentives to sectors that have been worst impacted, like garmenting and gems, and jewellery. In specific sectors like textiles, there is a disadvantage as there were import duties on cotton imports, making Indian spinners less competitive.

While the government has waived off the duties till December 2025, this should be extended by a couple of years. In the medium term, the government should expedite free trade agreements (FTA) with the European Union and other countries to reduce dependence on the US.

Given the recent earnings growth, do you anticipate strong momentum in the cement sector going forward?

The cement sector is amongst the top performers in the last six months on the back of decent earnings upgrades and good earnings visibility. The sector is seeing consolidation with some of the smaller players getting acquired by the top two players in the last couple of years, which bodes well for the medium-term profitability. We expect decent momentum in the sector going forward.

Are you betting on new-age tech companies that delivered strong earnings last quarter?

The new age companies do not fit into my strategy framework, and at present, I don’t hold any new age stocks in my portfolio.

Do you believe the worst is behind us and that the market is ready to begin a new leg of its upward journey?

In the last couple of years, the earnings growth of the market was impacted by the consumption sectors such as automobiles, retail services, and consumer durables, which suffered due to tepid demand, especially on the rural side. With the host of measures that the government has taken in the last year, such as personal income tax cuts, boosting system liquidity, and GST reforms has addressed the demand issues of the consumption sector,s and we expect earnings of the consumption sectors to pick up.

However, the markets may see earnings growth challenges in IT and healthcare, which are dependent on the US for their earnings and growth. The big risks on the markets are global volatility, especially with the tariff-related risks and possible US recession risks, which could impact global flows into the Indian markets and our markets, in spite of the underperformance, still trade at a premium to other emerging markets. The markets are balanced with decent domestic earnings as the key positive trigger and global volatility is the key risk.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Daily Voice: GST rate cuts may not immediately boost festive season growth, says UTI MF’s Srivatsa

According to V Srivatsa, Fund Manager (Equity) at UTI Asset Management Company, GST reform 2.0 is a game-changer that could boost demand prospects across a majority of consumption-oriented sectors.

However, he cautioned that &quot;the immediate impact on the festive season would depend on a host of factors such as channel inventory, supply chain challenges, etc., and may not translate into higher growth in the ensuing season,&quot; he said in an interview with Moneycontrol.

As for the broader markets, Srivatsa highlighted key risks including global volatility, particularly tariff-related concerns, and the potential for a US recession, which could affect global capital flows into Indian markets.

&quot;Our markets, despite the recent underperformance, still trade at a premium compared to other emerging markets,&quot; he added.

Do you believe Diwali has come early for several consumer-facing sectors, especially in light of GST Reform 2.0?

The proposed GST reform 2.0 is a game changer to boost the demand prospects for the majority of consumption oriented sectors. For a lot of basic consumption items such as food, personal products and even necessary discretionary items such as air conditioners, washing machines, etc., the GST rates were high at 18% or 28% which has been rationalised, making it more affordable and reducing the burden on the common man, which would boost the consumption in the long term.

However, the immediate impact on the festive season would depend on a host of factors such as channel inventory, supply chain challenge,s etc., and may not translate into higher growth in the ensuing season.

Do you see GST rationalisation as a strong and sustainable booster for the economy and earnings growth, particularly as India faces US tariff challenges?

In the domestic-oriented sectors, we see triggers for demand growth revival in the next two years, which would translate to higher earnings growth for a host of domestic sectors such as automobiles, white goods, and FMCG, and also boost the demand for services such as health insurance and term insurance.

However, the tariff, if the penalty tariff exists in the medium term, can impact the export-oriented sectors of textiles, gems and jewellery, and auto parts, and could have a larger impact on the ecosystem as this could put pressure on jobs and NPA in these sectors.

Would you advise reshuffling portfolios after the GST rate rationalisation? Which sectors are on your radar post this reform?

Since the GST reforms were announced in mid-August, most of the sectors, such as automobiles, FMCG, and consumer durables, have seen a run-up in anticipation of this development and near-term earnings upgrades may be limited as channel inventories could be high and there could be deferment of purchases, anticipating the fall in duties.

It is worth noting that the valuation ranges for sectors such as consumer durables, FMCG are in the upper end, even with muted growth in the last couple of years. Within the positively impacted sectors, we remain optimistic on automobiles and insurance as valuations remain reasonable and the long-term impact is decent.

Do you expect more such reforms aimed at supporting exporters in the near future?

In the near future, the government can consider giving incentives to sectors that have been worst impacted, like garmenting and gems, and jewellery. In specific sectors like textiles, there is a disadvantage as there were import duties on cotton imports, making Indian spinners less competitive.

While the government has waived off the duties till December 2025, this should be extended by a couple of years. In the medium term, the government should expedite free trade agreements (FTA) with the European Union and other countries to reduce dependence on the US.

Given the recent earnings growth, do you anticipate strong momentum in the cement sector going forward?

The cement sector is amongst the top performers in the last six months on the back of decent earnings upgrades and good earnings visibility. The sector is seeing consolidation with some of the smaller players getting acquired by the top two players in the last couple of years, which bodes well for the medium-term profitability. We expect decent momentum in the sector going forward.

Are you betting on new-age tech companies that delivered strong earnings last quarter?

The new age companies do not fit into my strategy framework, and at present, I don’t hold any new age stocks in my portfolio.

Do you believe the worst is behind us and that the market is ready to begin a new leg of its upward journey?

In the last couple of years, the earnings growth of the market was impacted by the consumption sectors such as automobiles, retail services, and consumer durables, which suffered due to tepid demand, especially on the rural side. With the host of measures that the government has taken in the last year, such as personal income tax cuts, boosting system liquidity, and GST reforms has addressed the demand issues of the consumption sector,s and we expect earnings of the consumption sectors to pick up.

However, the markets may see earnings growth challenges in IT and healthcare, which are dependent on the US for their earnings and growth. The big risks on the markets are global volatility, especially with the tariff-related risks and possible US recession risks, which could impact global flows into the Indian markets and our markets, in spite of the underperformance, still trade at a premium to other emerging markets. The markets are balanced with decent domestic earnings as the key positive trigger and global volatility is the key risk.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

After GST rate rationalisation, Sandeep Bagla, the CEO of TRUST Mutual Fund expects that the government will take further steps to minimize the impact of tariffs and undertake surgical measures like targeted PLI schemes to further boost the affected industries and sectors.

According to him, a new leg of upmove in the market would be more dependent on the earnings visibility of the corporate sector and reduction in global uncertainties.

Further, clarity or resolution over the tariff situation should improve the FPI sentiment a bit, he said in an interview to Moneycontrol.

Do you believe the GST reform will significantly boost corporate earnings, especially with strong improvement expected from the second half of FY26 onwards?

GST reforms in form of rate rationalization will reduce the price to the end consumer and should result in an increase in demand and volumes over the medium term. While margins for corporates are not expected to go up, the total profits can be expected to go up. Ceteris paribus, it is expected that corporate profits for many companies can be expected to move up. There could be other factors dictating demand growth as well, but the GST measures will definitely push up the volume growth.

Are you planning to maintain a strong focus on the consumption sector in your portfolio following the rationalisation of GST slabs?

At TRUST MF, we have been a strong believer in India’s demographic dividend and our portfolios have been positioned to benefit from the resilience and recovery of the domestic economy. The GST reforms will provide a further boost to the local consumption oriented stocks.

There have been other measures like lowering of interest rates, improvement in domestic liquidity and more money in the hands of the consumer earlier. We plan to maintain or increase our focus on the consumption sector in our portfolio.

Do you anticipate further policy measures from the government aimed at boosting the economy and mitigating the impact of tariffs?

Indians have proved to be great adapters and improvisors in the recent past. We have seen greater adoption of digital systems in the aftermath of Covid days. We do expect that Government will take further steps to minimize the impact of tariffs and undertake surgical measures like targeted PLI schemes to further boost the affected industries and sectors.

Do you expect President Trump to reduce tariff rates on Indian goods in the coming weeks?

We do expect some resolution to the current tariff impasse facing the country. Trade negotiations can take time, but there should be light at the end of the tunnel. However, tariffs are economically inefficient and are likely to fuel global inflation if they persist for a long period of time. It is step back for trade relations and should be minimized to ensure that benefits of competitive advantaged are not wasted away.

Do you think the resolution of the US-India tariff issue will lead to a significant shift in the stance of Foreign Institutional Investors (FIIs) towards India?

Uncertainty over tariff imposition and resultant trade disruptions is a real problem and act as a deterrent for current commerce volumes and additions to future capacity as well. A dent in the prospects of a few businesses has severely impacted the investor sentiment. Clarity or resolution over the tariff situation should improve the FPI sentiment a bit.

Is India transitioning from being a nation of savers to a nation of investors? Also, do you foresee a new leg of market uptrend emerging now?

India has already transformed from a nation of savers to investors. There are pockets in South or East which are still a bit more conservative. There should be a healthy asset allocation at all points, but the trend towards higher equity allocation in portfolios is likely to continue.

A leg up in the market would be more dependent on the earning visibility of the corporate sector and reduction in global uncertainties.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Daily Voice: Govt to unveil surgical measures to offset Trump tariffs, support affected industries, says Sandeep Bagla of TRUST MF

After GST rate rationalisation, Sandeep Bagla, the CEO of TRUST Mutual Fund expects that the government will take further steps to minimize the impact of tariffs and undertake surgical measures like targeted PLI schemes to further boost the affected industries and sectors.

According to him, a new leg of upmove in the market would be more dependent on the earnings visibility of the corporate sector and reduction in global uncertainties.

Further, clarity or resolution over the tariff situation should improve the FPI sentiment a bit, he said in an interview to Moneycontrol.

Do you believe the GST reform will significantly boost corporate earnings, especially with strong improvement expected from the second half of FY26 onwards?

GST reforms in form of rate rationalization will reduce the price to the end consumer and should result in an increase in demand and volumes over the medium term. While margins for corporates are not expected to go up, the total profits can be expected to go up. Ceteris paribus, it is expected that corporate profits for many companies can be expected to move up. There could be other factors dictating demand growth as well, but the GST measures will definitely push up the volume growth.

Are you planning to maintain a strong focus on the consumption sector in your portfolio following the rationalisation of GST slabs?

At TRUST MF, we have been a strong believer in India’s demographic dividend and our portfolios have been positioned to benefit from the resilience and recovery of the domestic economy. The GST reforms will provide a further boost to the local consumption oriented stocks.

There have been other measures like lowering of interest rates, improvement in domestic liquidity and more money in the hands of the consumer earlier. We plan to maintain or increase our focus on the consumption sector in our portfolio.

Do you anticipate further policy measures from the government aimed at boosting the economy and mitigating the impact of tariffs?

Indians have proved to be great adapters and improvisors in the recent past. We have seen greater adoption of digital systems in the aftermath of Covid days. We do expect that Government will take further steps to minimize the impact of tariffs and undertake surgical measures like targeted PLI schemes to further boost the affected industries and sectors.

Do you expect President Trump to reduce tariff rates on Indian goods in the coming weeks?

We do expect some resolution to the current tariff impasse facing the country. Trade negotiations can take time, but there should be light at the end of the tunnel. However, tariffs are economically inefficient and are likely to fuel global inflation if they persist for a long period of time. It is step back for trade relations and should be minimized to ensure that benefits of competitive advantaged are not wasted away.

Do you think the resolution of the US-India tariff issue will lead to a significant shift in the stance of Foreign Institutional Investors (FIIs) towards India?

Uncertainty over tariff imposition and resultant trade disruptions is a real problem and act as a deterrent for current commerce volumes and additions to future capacity as well. A dent in the prospects of a few businesses has severely impacted the investor sentiment. Clarity or resolution over the tariff situation should improve the FPI sentiment a bit.

Is India transitioning from being a nation of savers to a nation of investors? Also, do you foresee a new leg of market uptrend emerging now?

India has already transformed from a nation of savers to investors. There are pockets in South or East which are still a bit more conservative. There should be a healthy asset allocation at all points, but the trend towards higher equity allocation in portfolios is likely to continue.

A leg up in the market would be more dependent on the earning visibility of the corporate sector and reduction in global uncertainties.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

The Nifty 50 stayed well above the 24,700 level for the third consecutive session after witnessing a range of more than 200 points during the day on September 5. It closed flat with a positive bias. For the week, the index gained 1.3 percent, snapping a two-week losing streak by holding well above the upward-sloping support trendline (24,400–24,450).

The index also sustained slightly above the 20-day EMA (24,734), despite bearish candle formations for another session, while testing the 100-day EMA intraday. Furthermore, it held the midline of the Bollinger Bands (24,707) for the third straight day. Hence, according to experts, 24,700 is expected to act as immediate support for the index. Below this, 24,400 (the low of the current week) remains a crucial support level; a decisive breakdown below this could bring bears into action. On the higher side, 25,000 is likely to be a key hurdle for a potential new leg of the upmove toward the 25,200–25,500 zone.

The Nifty 50 opened above 24,800 and tested an intraday high of 24,832 but failed to sustain those gains. The index remained rangebound for the remainder of the session and closed at 24,741, up 7 points, forming a bearish candle with a long lower shadow on the daily charts—signaling buying interest at lower levels. On the weekly timeframe, it formed a bullish candle with a long upper shadow, indicating a positive trend but some pressure at higher levels.

Overall, the index remained within the previous week’s price range, highlighting consolidation amid stock-specific action. In the coming week, “Nifty is likely to consolidate in the range of 24,400–25,000 amid stock-specific movements,” analysts at Bajaj Broking said.

On the higher side, a move above 25,000 will open the door for further upside towards the key resistance zone of 25,200–25,250, they added.

According to them, immediate support is placed at 24,400–24,337, a confluence of recent lows and the key Fibonacci retracement area. “A breach below this zone will signal an acceleration of the decline toward the key support area of 24,000 in the coming weeks, which is the confluence of the 52-week EMA and the previous major breakout area,” they said.

The RSI stood at 49.31, and the Stochastic RSI maintained a positive crossover. The MACD gave a bullish crossover, with the histogram becoming increasingly healthy—signaling an improving trend.

Weekly options data suggest that 24,500 is expected to act as a key support zone, with 25,000 being the crucial resistance level for next week.

On the Call side, the maximum open interest was at the 25,000 strike, followed by 25,500 and 24,900. Maximum Call writing was seen at the 25,100 strike, followed by 25,500 and 24,800.

On the Put side, the 24,000 strike held the maximum open interest, followed by 24,500 and 24,600. Maximum Put writing was seen at the 24,000 strike, followed by 24,650 and 24,800.

Bank Nifty

The Bank Nifty also witnessed similar price action, rising 39 points to 54,115, and forming a bearish candle with a long lower shadow on the daily charts—indicating buying interest at lower levels. It still held above the 54,000 level for the third straight day, which remains immediate support, followed by 53,600 (the 200-day EMA), considered a key support.

“For Bank Nifty, the zone of 54,500–54,600 will act as an immediate hurdle,” said Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities.

On the downside, the 200-day EMA zone of 53,600–53,500 will act as crucial support. A sustainable move on either side is likely to trigger a trending move in the index, he added.

Meanwhile, the India VIX continued to remain in the lower zone, falling 0.67 percent to 10.78, marking a fresh six-week low. While this gives comfort to bulls, it also signals caution for a potential sharp move in either direction.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Technical View: Nifty snaps 2-week loss, attempt for 25,000 can't be ruled out as long as index defends 24,700 next week

The Nifty 50 stayed well above the 24,700 level for the third consecutive session after witnessing a range of more than 200 points during the day on September 5. It closed flat with a positive bias. For the week, the index gained 1.3 percent, snapping a two-week losing streak by holding well above the upward-sloping support trendline (24,400–24,450).

The index also sustained slightly above the 20-day EMA (24,734), despite bearish candle formations for another session, while testing the 100-day EMA intraday. Furthermore, it held the midline of the Bollinger Bands (24,707) for the third straight day. Hence, according to experts, 24,700 is expected to act as immediate support for the index. Below this, 24,400 (the low of the current week) remains a crucial support level; a decisive breakdown below this could bring bears into action. On the higher side, 25,000 is likely to be a key hurdle for a potential new leg of the upmove toward the 25,200–25,500 zone.

The Nifty 50 opened above 24,800 and tested an intraday high of 24,832 but failed to sustain those gains. The index remained rangebound for the remainder of the session and closed at 24,741, up 7 points, forming a bearish candle with a long lower shadow on the daily charts—signaling buying interest at lower levels. On the weekly timeframe, it formed a bullish candle with a long upper shadow, indicating a positive trend but some pressure at higher levels.

Overall, the index remained within the previous week’s price range, highlighting consolidation amid stock-specific action. In the coming week, “Nifty is likely to consolidate in the range of 24,400–25,000 amid stock-specific movements,” analysts at Bajaj Broking said.

On the higher side, a move above 25,000 will open the door for further upside towards the key resistance zone of 25,200–25,250, they added.

According to them, immediate support is placed at 24,400–24,337, a confluence of recent lows and the key Fibonacci retracement area. “A breach below this zone will signal an acceleration of the decline toward the key support area of 24,000 in the coming weeks, which is the confluence of the 52-week EMA and the previous major breakout area,” they said.

The RSI stood at 49.31, and the Stochastic RSI maintained a positive crossover. The MACD gave a bullish crossover, with the histogram becoming increasingly healthy—signaling an improving trend.

Weekly options data suggest that 24,500 is expected to act as a key support zone, with 25,000 being the crucial resistance level for next week.

On the Call side, the maximum open interest was at the 25,000 strike, followed by 25,500 and 24,900. Maximum Call writing was seen at the 25,100 strike, followed by 25,500 and 24,800.

On the Put side, the 24,000 strike held the maximum open interest, followed by 24,500 and 24,600. Maximum Put writing was seen at the 24,000 strike, followed by 24,650 and 24,800.

Bank Nifty

The Bank Nifty also witnessed similar price action, rising 39 points to 54,115, and forming a bearish candle with a long lower shadow on the daily charts—indicating buying interest at lower levels. It still held above the 54,000 level for the third straight day, which remains immediate support, followed by 53,600 (the 200-day EMA), considered a key support.

“For Bank Nifty, the zone of 54,500–54,600 will act as an immediate hurdle,” said Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities.

On the downside, the 200-day EMA zone of 53,600–53,500 will act as crucial support. A sustainable move on either side is likely to trigger a trending move in the index, he added.

Meanwhile, the India VIX continued to remain in the lower zone, falling 0.67 percent to 10.78, marking a fresh six-week low. While this gives comfort to bulls, it also signals caution for a potential sharp move in either direction.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

7 out of 13 years NIFTY Fin Service has given positive returns in September.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	26,007.97	26,126.63	26,266.72	25,867.88	25,749.22	25,609.13	25,490.47
Fibonacci	25,966.73	26,027.79	26,126.63	25,867.88	25,769.04	25,707.98	25,609.13
Camarilla	25,913.02	25,936.74	25,960.46	25,867.88	25,865.58	25,841.86	25,818.14

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