Market Wrap, September 3: SENSEX rises 410 points, NIFTY50 at 24,715 as metal stocks shine; Tata Steel jumps 6%

Nifty Metal took the lead among top gainers, surging 3.11%, followed by Nifty Pharma (-1.10%), Nifty PSU Bank (1.03%), Nifty Consumers Durables (0.81%) and Nifty Auto (0.74%) The Indian stock market closed with gains on Wednesday, September 3, following a strong rally in metal stocks, while investors remain hopeful with the ongoing GST meeting. The GST Council meeting, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, started deliberations on Wednesday on 'next-gen GST' reforms, which will lower tax rates on items of mass consumption, remove duty inversion in sectors like textiles, and ease the compliance burden for MSMEs. Read updates here At close, the S\&P BSE SENSEX stood at the 80,567.71 level, surging 409.83 points, or 0.51%, while the NSE's NIFTY50 index rose 135.45 points, or 0.55%, to end at the 24,715.05 level. Metal stocks outperformed, with Nifty Metal gaining over 3%, while the broader market also settled in green. Also read: Tata Steel shares soar over 5% amid rally in metal stocks; check key reasons According to exchange data, on Tuesday, the foreign institutional investors (FIIs) sold equities worth ₹1,159.48 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹2,549.51 crore worth of equities. On the global front, most of the stocks in Asia were trading lower on Wednesday, tracking US indices. Traders remain worried about rising global bond yields and the latest developments on the trade front. Japan's Nikkei slipped 0.91%, Hong Kong's Hang Seng fell 0.67%, and the Shanghai Composite also closed 1.17% lower. South Korea's KOSPI, however, ended up 0.38%. On Wall Street, main indices sank on Tuesday as investors weighed the future of President Donald Trump's tariffs after a federal appeals court ruled most of his sweeping tariffs illegal. The Dow Jones Industrial Average tumbled 249.07 points, or 0.55%, to 45,295.81; the S\&P 500 slipped 44.72 points, or 0.69%, to close at 6,415.54; and the Nasdaq Composite lost 175.92 points, or 0.82%, to end at 21,279.63. Here are the key developments of Wednesday's session that you need to know Market statistics As many as 3,138 stocks traded on the NSE on Wednesday. Out of this, only 2,088 advanced and 962 stocks declined, while 88 scrips remained unchanged. This indicated that the market breadth was in favour of advances. A total of 90 stocks hit their 52-week highs, while 42 stocks touched their one-year lows. Besides, 123 stocks hit their upper circuit limits, and 57 touched their lower circuit bands on Wednesday. NSE-listed firms' market capitalisation stood at ₹449.47 lakh crore at the end of the session. India VIX, the volatility gauge, stood at 10.93 levels, slipping 4.12%. Also read: CG Power shares rise 9% in two days, Morgan Stanley initiates coverage; here are the key reasons Broader market The Nifty Smallcap 100 index gained 0.89% to end at 17,748.45 levels, while the Nifty Midcap 100 index closed at the 57,345.50 level, rising 0.65%. Sectoral update Except for Nifty IT (-0.74%) and Nifty Media (-0.04%), all the other sectoral gauges closed positive. Nifty Metal took the lead among top gainers, surging 3.11%, followed by Nifty Pharma (-1.10%), Nifty PSU Bank (1.03%), Nifty Consumers Durables (0.81%) and Nifty Auto (0.74%). Also read: Britannia, other FMCG stocks in focus today; here is why Top gainers and losers On the NIFTY50 index, 34 stocks advanced while 16 declined at the end of the session. Tata Steel jumped 5.96%, becoming the most contributing stock on the 50-share index. Hindalco Industries (3.02%), JSW Steel (2.94%), Coal India (2.45%) and IndusInd Bank (2.21%) were the other big gainers. On the flip side, Infosys (-1.25%), Nestle India (-0.72%), HDFC Life Insurance (-0.70%), Wipro (-0.55%) and NTPC (-0.54%) were the biggest losing stocks on Wednesday.