Mumbai (Maharashtra) [India], August 28 (ANI): The Indian stock market tumbled on its second consecutive session, ending in the red territary on Thursday due to the additional 25 per cent import tariffs by the US on Indian imports, which came into effect a day earlier.
At the end of the trading session today, BSE Sensex was down 705.97 points or 0.87 per cent at 80,080.57, and the Nifty 50 at National Stock Exchange (NSE) slipped 211.15 points or 0.85 per cent at 24,500.90.
From its recent high of 25153, Nifty has now corrected by more than 650 points in just five sessions.
In its note, Ashika Institutional Equities said, “Indian markets opened on a weak note on Thursday as renewed concerns over US trade policies weighed on sentiment, particularly across export-dependent sectors. Benchmark indices remained volatile through the session, with Nifty oscillating between gains and losses.”
“Market participants also remained cautious ahead of the release of Q2 GDP data on Friday, which is expected to provide further direction. On the derivatives front, the August series monthly expiry added to volatility,” the note added.
Ajay Bagga, Banking and Market Expert, highlighted the global context, saying, “Tariffs happened, Truce did not. The US is calling Ukraine ‘Modi’s War’ while the Treasury Secretary is talking of an eventual agreement with India. Conflicting signals from within the Trump administration are adding to the policy chaos. Democrats in the US are calling Trump’s sanctions on India a self-goal.”
“Technically, the Nifty is showing strong signs of weakness. The index is now trading below its 20-day, 50-day and 100-day EMAs, all of which have started to edge lower, reflecting a build-up of downward momentum. This alignment of key averages turning south indicates that short-term as well as medium-term trends are under pressure,” said Sudeep Shah, Head- Technical Research and Derivatives at SBI SECURITIES.
Market experts noted that the immediate impact of tariffs has weighed on confidence, though upcoming reforms and policy measures by the government may provide support in the near future.
Among Nifty constituents, Titan and Coal India emerged as top gainers, while Shriram Finance and HCL Tech were the biggest losers. On the sectoral front, barring Nifty Consumer Durables, all indices closed in the red, with Nifty IT, Nifty Realty and Nifty Financial Services witnessing the steepest declines.
The broader market too bore the brunt of selling pressure. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices slipped over 1 per cent for the second consecutive session. Market breadth remained weak, with the advance/decline ratio skewed towards losers.
Out of the Nifty 500 pack, only 101 stocks managed to end in positive territory.
The Bank Nifty index has been underperforming the frontline indices for the past few trading sessions. From its recent peak of 56156, the index has corrected by more than 2300 points in just 8 sessions, highlighting strong selling pressure in the banking space. (ANI)
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