India’s equity benchmarks are expected to open higher on Tuesday, building on last session’s gains, as investors bet on a possible Goods and Services Tax (GST) revision at the tax council’s meeting later this week.
Gift Nifty futures were trading at 24,749 points as of 07:39 a.m. IST, indicating that the Nifty 50 will open above Monday’s close of 24,625.05.
The benchmark 50-stock index rose 0.8% in the last session, led by automobile companies following their monthly sales data, while a better-than-expected GDP data last week and hopes of GST rate cuts bolstered sentiment.
The GST council, scheduled to meet on September 3-4, is planning to cut consumption tax by at least 10 percentage points on nearly 175 products ranging from shampoos and hybrid cars to consumer electronics.
Meanwhile, on Monday, U.S. President Donald Trump said India has offered to reduce its tariffs on U.S. goods to zero.
The comments come days after Washington enforced an additional 25% punitive tariff on Indian goods, bringing the total to 50% - among the highest duties on a U.S. trade partner.
Foreign investors sold Indian shares worth 14.3 billion rupees ($162.3 million) in the last session, per provisional data.
The sell-off, which entered its fifth consecutive session on Monday, was triggered by the uncertainty over U.S. tariffs, weak earnings growth and stretched valuations.
Comments
Comments are closed for this article.