Summary of this article
56th GST Council meeting to begin today, with they key agenda of rationalising GST rates
US manufacturing contracted for the sixth straight month in August
US stocks closed lower overnight, and Asian Markets traded in red in early session today
Market Cues Today: The domestic equity benchmark indices ended in the negative territory in the previous session. The Sensex had closed lower by 206.61 points, or 0.26 per cent, at 80,157.88. Likewise, the Nifty 50 had ended 45.45 points, or 0.18 per cent, lower at 24,579.60.
The broader markets, however, bucked the trend in the benchmarks and closed higher. The Nifty Midcap 100 surged 0.27, while the Nifty Smallcap 100 rose 0.53 per cent.
Sectorally, FMCG, Energy, Oil & Gas, Metal, Realty, PSU Bank, Media, and Consumer Durables closed higher, while Banks, Financial Services, Auto, Pharma, and Healthcare closed lower. Nifty IT closed flat with a negative bias.
Key Market Cues To Watch Today, September 3
Here are the key factors that are expected to drive market sentiment on September 3.
GST Council Meeting
The 56th GST Council meeting is set to beging today, September 3 and will conclude on September 4. The key agenda that is likely to be discussed is the simplification and rationalisation of GST rates. The government has proposed moving from the current seven-rate structure to a simplified three-slab system of 5 per cent, 18 per cent and a higher 40 per cent for sin and luxury goods.
Market participants will be tracking which items under the 12 per cent slab move to 5 per cent and which items under the 28 per cent slab are brought down to 18 per cent.
US Manufacturing PMI August 2025
US manufacturing contracted for the sixth straight month in August as the manufacturing PMI for August came in at 48.7, according to data from the Institute for Supply Management (ISM). The reading was slightly higher than July’s 48 but below expectations of 48.9, Bloomberg data showed. A PMI below 50 signals contraction in activity in the sector.
Crude Oil Price Today
Crude Oil prices slipped after hitting a one-month high in the previous session, as investors assessed geopolitical risks and the possibility of tougher US sanctions on Russia ahead of the upcoming OPEC+ supply meeting due September 7.
Brent Crude Oil futures traded 0.30 per cent lower at $68.93 per barrel, while the WTI Crude Oil futures was down by 0.24 per cent to $65.43 per barrel.
Gold Price Today
Gold prices hit fresh record high, extending their rally to seventh straight day. On Multi Commodity Exchange (MCX), gold October futures traded higher by Rs 198, or 0.19 per cent, at Rs 1,05,990 per 10 grams. In the international markets, Comex gold December futures traded higher by $3.9 or 0.11 per cent at $3,596.1 aan ounce.
US Dollar Index
US Dollar index, which measures the Dollar against a basket of six major currencies, gained 0.09 per cent in early trade to quote at 98.43, extending gains from previous day.
US 10-Year Treasury Yields
The benchmark US 10-year Treasury Yields extended their gains for the fifth straight session to 4.28, up by 8 basis points over the past five sessions.
US Stock Market
Overnight, US stocks closed lower amid rising bond yields. The Dow Jones ended 0.55 per cent down, the tech-heavy Nasdaq Composite fell 0.82 per cent, and the S&P 500 index declined 0.69 per cent.
Asian Stock Markets
Tracking the weakness in US markets, Asian markets too traded lower in early session. Japan’s Nikkei 225 fell 0.55 per cent, China’s SSE Composite plunged nearly 1 per cent, and the Hong Kong-based Hang Seng slipped 0.40 per cent. On the other hand, South Korea’s KOSPI gained 0.23 per cent.
