Indian stock market today opened in the green but ended lower due to renewed global trade tensions and heavy selling in IT shares.
The benchmark Sensex closed at 82,253.46, down 247.01 points or 0.30% from its previous close of 82,500.47. It opened on a positive note at 82,537.87 but slipped to an intraday low of 82,010.38 following losses in tech heavyweights like TCS, Tech Mahindra, and Infosys.
The broader Nifty50 index settled at 25,082.30, declining 67.55 points or 0.27%.
Major laggards from the Sensex basket included TCS, Tech Mahindra, Infosys, Asian Paints, HCL Tech, Reliance Industries, Bajaj Finance, Tata Motors, and Kotak Bank. On the other hand, stocks like Adani Ports, Titan, Mahindra & Mahindra, and ITC ended in positive territory.
Within the Nifty index, 22 stocks advanced, 27 declined, and one remained unchanged.
Sundar Kewat from Ashika Institutional Equity noted, “Renewed global trade tensions primarily drove the decline, as the US announced its intention to impose a 30% tariff on most imports from the EU and Mexico starting August 1, despite ongoing negotiations.”
While frontline indices saw profit booking, broader market indices showed strength. The Nifty Smallcap 100 surged by 1.02% or 191.50 points, and the Nifty Midcap 100 gained 0.70% or 410.35 points.
Sectorally, Nifty IT was the worst performer, falling 1.11% or 419 points. In contrast, Nifty Auto, FMCG, and Bank indices closed in the green.
The Indian rupee also came under pressure, weakening amid the rising tariff concerns.
“These threats have escalated global trade tensions, leading to increased risk aversion among investors and subsequently weighing down other Asian currencies as well,” said Dilip Parmar of HDFC Securities.
Rupak De from LKP Securities added that market participants are awaiting inflation data from both India and the US, which could determine near-term market direction.
“Technically, the Nifty slipped near the crucial 50-DMA support zone around 25,000. If the 24,900–24,950 range holds, a rebound towards 25,350 is likely. However, failure to sustain could trigger a deeper correction,” he said.
–Input IANS
Indian Stock Market Dips As US Tariff Threats And IT Sell-Off Weigh On Sentiment
Staff reporter
Indian stock market today opened in the green but ended lower due to renewed global trade tensions and heavy selling in IT shares.
The benchmark Sensex closed at 82,253.46, down 247.01 points or 0.30% from its previous close of 82,500.47. It opened on a positive note at 82,537.87 but slipped to an intraday low of 82,010.38 following losses in tech heavyweights like TCS, Tech Mahindra, and Infosys.
The broader Nifty50 index settled at 25,082.30, declining 67.55 points or 0.27%.
Major laggards from the Sensex basket included TCS, Tech Mahindra, Infosys, Asian Paints, HCL Tech, Reliance Industries, Bajaj Finance, Tata Motors, and Kotak Bank. On the other hand, stocks like Adani Ports, Titan, Mahindra & Mahindra, and ITC ended in positive territory.
Within the Nifty index, 22 stocks advanced, 27 declined, and one remained unchanged.
Sundar Kewat from Ashika Institutional Equity noted, “Renewed global trade tensions primarily drove the decline, as the US announced its intention to impose a 30% tariff on most imports from the EU and Mexico starting August 1, despite ongoing negotiations.”
While frontline indices saw profit booking, broader market indices showed strength. The Nifty Smallcap 100 surged by 1.02% or 191.50 points, and the Nifty Midcap 100 gained 0.70% or 410.35 points.
Sectorally, Nifty IT was the worst performer, falling 1.11% or 419 points. In contrast, Nifty Auto, FMCG, and Bank indices closed in the green.
The Indian rupee also came under pressure, weakening amid the rising tariff concerns.
“These threats have escalated global trade tensions, leading to increased risk aversion among investors and subsequently weighing down other Asian currencies as well,” said Dilip Parmar of HDFC Securities.
Rupak De from LKP Securities added that market participants are awaiting inflation data from both India and the US, which could determine near-term market direction.
“Technically, the Nifty slipped near the crucial 50-DMA support zone around 25,000. If the 24,900–24,950 range holds, a rebound towards 25,350 is likely. However, failure to sustain could trigger a deeper correction,” he said.
–Input IANS
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