Mumbai: Gift Nifty futures were trading at 24,635 points as of 7:40 a.m. IST, signaling that the Nifty 50 is likely to open close to Tuesday’s close of 24,579.6. Analysts said investors are holding back big bets until the outcome of the council’s discussions, which could deliver a boost to consumption-led sectors.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, while Wall Street began the month sharply lower. Japan’s Nikkei also slipped 0.5%, with financial stocks leading declines.

Back home, investors are pinning hopes on potential tax relief. “A GST rate cut could be a game-changer for consumption-led sectors,” said Hariprasad K, analyst and founder at Livelong Wealth, noting that fast-moving consumer goods (FMCG) stocks have rallied over the past three sessions on expectations of lower tax burdens and stronger pricing power.

Meanwhile, foreign institutional investors continued to trim holdings in Indian equities, selling shares worth ₹11.59 billion ($131.6 million) in Tuesday’s session, marking their sixth consecutive day of selling in the secondary market.