Overview

• GIFT Nifty futures signalled a roughly 266-point gap up for August 18, sending the Sensex up about 950 points to 81,555 and the Nifty up around 307 points to 24,938 in early trade.
• Prime Minister Modi’s proposed GST overhaul would compress four tax slabs into two rates of 5% and 18%, a move credited with driving heavy buying in autos and cement stocks.
• S&P Global raised India’s long-term sovereign rating to BBB from BBB- on August 16, the first upgrade in nearly two decades, bolstering sentiment for foreign inflows.
• Provisional data show foreign institutional investors net sold ₹2,889 crore in early August while domestic institutions bought about ₹3,700 crore, underscoring mixed market internals.
• BofA Securities kept its 25,000 year-end Nifty target intact but warned of a potential –11% to +4% swing around that level and projected subdued earnings growth of 7% in FY26.