Indian Stock Market Today: Nifty Ends Above 24,400, Sensex Slumps 160 Points

The Indian stock market witnessed a decline for the third consecutive day, with the NSE Nifty 50 and BSE Sensex ending in the red. The Nifty fell 1.7% for the week, while the Sensex slumped 160 points.

Nifty Snaps Two-Week Gaining Streak

The Nifty snapped its two-week gaining streak, declining in 8 out of the last 9 weeks. The index has fallen nearly 5% in over two months. The broader markets underperformed the benchmark indices, with the Nifty Midcap 150 and Nifty Smallcap 250 falling over 3% for the week.

Sectoral Indices Lose Ground

All sectoral indices lost ground, barring Nifty FMCG, which emerged as the only sector in green. The Nifty Realty index was the worst performing sector, losing over 4%. Godrej Properties, The Phoenix Mills, and Prestige Estates were the top losers in the Nifty Realty index.

Reliance Industries Emerges as Top Dragger

Reliance Industries emerged as the top dragger, with its share price declining 2.59% to Rs 1,350 apiece. The sentiment for the stock turned negative after it was revealed that shareholders of Reliance Industries will not get anything in the upcoming Jio Telecom IPO.

Jio IPO to Happen in First Half of FY2026

The Jio IPO is expected to happen in the first half of FY2026. The Reliance Industries share price slumped to Rs 1,350 apiece, the lowest level since April 28.

Rupee Ends at Record Low

The rupee ended 58 paise lower at a record closing low of 88.21 against the US dollar. It fell as much as 68 paise to a record low of 88.31.

GoM Proposes Replacing Cess with Separate Levy or Subsuming It Under GST Rates

The Group of Ministers (GoM) has proposed replacing the cess with a separate levy or subsuming it under GST rates. The GoM has recommended ending the compensation cess by October 31.

Final Report on Cess Submitted to GST Council

The final report on cess has been submitted to the GST Council, which will be taken up on September 3-4. The cess phase-out is seen as a key step in the post-compensation framework.

Alert: GST Compensation Cess to End on March 31, 2026

The GST compensation cess was set to end on March 31, 2026. The GoM, led by MoS Finance Pankaj Chaudhary, was tasked with reviewing the future of cess.

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