Indices end flat as profit booking offsets GST-led optimism

The frontline equity benchmarks ended almost unchanged on Friday as profit booking in FMCG and IT counters offset gains in auto stocks. The market, which opened higher on the back of positive global cues, struggled to hold on to early momentum despite the government’s sweeping "GST 2.0" overhaul. The Nifty 50 held the 24,700 mark. In early trade, the index surged to an intraday high of 24,832.35, but mid-session selling dragged it down to a low of 24,621.60. Last-hour buying helped the index recover partially, leaving it to close flat. The S&P BSE Sensex shed 7.25 points or 0.01% to 80,710.76. The Nifty 50 index rose 6.70 points or 0.03% to 24,741. ITC (down 2.01%), TCS (down 1.53%) and Infosys (down 1.29%) were major Nifty drags today. In the broader market, the S&P BSE Mid-Cap index slipped 0.10% and the S&P BSE Small-Cap index rose 0.09%. The market breadth was positive. On the BSE, 2134 shares rose and 1957 shares fell. A total of 181 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, down 0.66% to 10.78. Numbers to Track: The yield on India's 10-year benchmark federal paper declined 0.46% to 6.461 from the previous close of 6.491. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.2500 compared with its close of 88.1200 during the previous trading session. MCX Gold futures for 3 October 2025 settlement rose 0.33% to Rs 106,770. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.40% to 97.90. The United States 10-year bond yield declined 0.48% to 4.156. In the commodities market, Brent crude for November 2025 settlement lost 20 cents or 0.30% to $66.79 a barrel. Global Markets: European stocks traded higher on Friday, as investors await a key U.S. jobs report that's likely to set expectations for an upcoming Federal Reserve interest rate cut. Most Asian indices ended higher after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto import tariff of 15%, down from 27.5%. The order also confirmed the agreement for $550 billion of Japanese investments in U.S. projects. Several Asian chip stocks were in focus after Trump said Thursday stateside that his administration plans to slap tariffs on semiconductor imports from firms that do not move production to the United States. The comments came ahead of Trump’s dinner with top technology CEOs at the renovated Rose Garden. Japanese real wages turned positive for the first time in seven months on the back of hefty summertime bonuses, but elevated inflation added to pressure on consumption, data showed on Friday. Inflation-adjusted real wages, a key determinant of households’ purchasing power, edged up 0.5% in July from a year earlier, the first increase since December last year, when they inched up by 0.3%. Overnight stateside, all three key benchmarks rose on hopes of a favorable jobs report that supports a Federal Reserve rate cut chance. The broad market S&P 500 finished up 0.83% at 6,502.08, while the Nasdaq Composite settled up 0.98% at 21,707.69. The Dow Jones Industrial Average finished up 350.06 points, or 0.77%, at 45,621.29. It was the S&P 500's 21st record close so far this year. Data released on Thursday showed that the number of Americans filing new applications for unemployment benefits increased more than expected last week, while hiring by private employers slowed in August, offering further evidence that labor market conditions were softening. Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 237,000 for the week ended August 30, the US Labor Department said. Stocks in Spotlight: Ola Electric Mobility tumbled 7.25% to Rs 59.91 on Friday, marking its second straight day of losses. The stock has shed 13.12% over the two sessions. The latest slump comes after Masayoshi Son-led SoftBank Group pared its stake in the company. According to a regulatory filing, SoftBank's investment arm SVF II Ostrich (DE) LLC sold 9.49 crore equity shares, representing 2.15% of Ola Electric's equity, between July 15 and September 2. The sale crossed the 2% threshold requiring disclosure under SEBI's takeover regulations. Prior to the transaction, SoftBank held 78.66 crore shares or 17.83% of the company’s paid-up capital. Post-sale, its stake stands at 69.16 crore shares or 15.68%. Prostarm Info Systems surged 9.79% after the company announced that it has received a Letter of Award (LOA) worth Rs 45.72 crore from Karnataka Power Transmission Corporation (KPTCL). Transworld Shipping Lines jumped 8.15% after the company announced that its vessel, SSL Sabarimalai, has been released by the Mercantile Marine Department (MMD), Kolkata, and granted permission to sail out from Haldia port. PNC Infratech rose 2.35% after the company announced that it has emerged as the lowest (L1) bidder for a major infrastructure project in Bihar, valued at approximately Rs 495.54 crore. Indo Tech Transformers rose 2.35% after the company announced that it has secured an order worth Rs 78.39 crore from Avaada Clean Project for the manufacture and supply of nine 125 MVA transformers. Zydus Lifesciences shed 0.21%. The company’s subsidiary, Zydus Lifesciences Global FZE, has entered into an exclusive licensing & supply agreement with Synthon BV for Ozanimod capsules, the generic version of Zeposia, in the US market. Container Corporation of India (Concor) shed 0.45%. The company announced that it has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) to operate and maintain the upcoming container terminal at the north side of Bhavnagar Port in Gujarat. Shriram Properties rose 0.47%. The company has signed a joint development agreement (JDA) for approximately 6.5 acres of prime land in North Bengaluru, with an estimated gross development value (GDV) of around Rs 500 crore.