Morning Market Report – 4th Sept 2025

Global Cues Wall Street higher: S&P +0.5%, Nasdaq +1%, led by Alphabet. US 10Y yield down 6 bps to 4.21% on weak jobs data. Brent crude $67.5, Dollar Index 98.2 – supportive for India. Macro: Trump moves Supreme Court on tariffs; eyes on US ADP jobs report today. Domestic Updates GST Council approves rate cuts from 22nd Sept 2025, boosting consumption outlook. GIFT Nifty +126 pts at 24,938, signals strong open. Stocks in Focus FMCG (HUL, Dabur, Marico): Essential goods GST 18% → 5% (+). Dairy (Parag Milk, Hatsun): Butter, ghee, cheese GST 12% → 5% (+). Snacks (Bikaji, Prataap): Namkeen GST 12% → 5% (+). Footwear (Campus, Bata): <₹2,500 shoes GST 12% → 5% (+). Consumer Durables (Blue Star, Voltas, Havells, Dixon): ACs/TVs GST 28% → 18% (+). Cement: GST cut 28% → 18% (+). Tractors (M&M): GST cut 12% → 5% (+). Insurance: Health & general policies exempt (+). Autos (Maruti, Bajaj Auto, TVS, Hero): Small cars & 2W GST 28% → 18%; parts 18% (+). Varun Beverages: Carbonated drinks GST 28% → 40% (–). Campus Activewear: Expanding manufacturing (+).

: Wins LOI for 800 MW project (+). , : Govt clears ₹1,500 cr mineral recycling scheme (+). Swiggy: Hikes platform fee again (Neutral/–). Sectors to Watch Positive: Consumption, Auto, Insurance, Cement, Education, Tractor. Negative: Sin goods, Luxury (40% GST). Theme: Mining – GMDC, NMDC in focus on govt incentive scheme. Outlook for the Day Global cues supportive; GST cuts add strong domestic trigger. Expect consumption, autos, cement, insurance to lead. Varun Beverages, luxury/sin goods may stay weak. Global flows hinge on US ADP jobs data later today. Key Takeaway: Markets set for a firm start with GST-driven consumption rally, while sin goods under pressure.