Dalal Street was trading at the day's low, extending its losing streak to the second session as investors continued to sell-off as U.S. President Donald Trump's 50 percent tariff comes into effect. Equity benchmark Nifty 50 sank over 200 points on its monthly expiry session.
At close, the Sensex was down 705.97 points or 0.87 percent at 80,080.57, and the Nifty was down 211.15 points or 0.85 percent at 24,500.90. About 1409 shares advanced, 2501 shares declined, and 142 shares unchanged.
Barring Nifty Consumer Durables, sectoral indices were under pressure with broad-based losses across the market. Nifty IT and Nifty Realty were the top laggards, slipping 1.5 percent each, while Nifty PSU Bank, FMCG and Pharma declined between up to 1 percent. Metal and Energy indices also fell around 0.7 to 0.8 percent. Auto, Infra and Media were weak as well, down up to 0.7 percent, reflecting a largely negative trend across sectors.
Broader markets extended losses in line with benchmarks, with the Nifty Midcap 100 slipping 1.3 percent and the Nifty Smallcap 100 down 1.5 percent in Thursday's trade. Both indices underperformed the Nifty 50, which fell 0.9 percent.
Offering some hope, Motilal Oswal Group Chairman Raamdeo Agrawal said the Indian stock market will likely not see any major impact of US tariffs if a trade deal between both nations is concluded in the next two months.
"Once the deal is in place, we will start assessing what the impact would be. The trade has its own way," he said during a conversation with CNBC-TV18 on August 28, as the additional 25 percent levy on Indian imports came into effect.
Raamdeo added that it will be earnings that will drive the market, and the impact of tariffs on earnings must be evaluated. "If a deal comes in the next couple of months, then we don’t see any impact on earnings," he added.
"On the technical front, a decisive move above 24,850 could pave the way for an upside toward 25,000 and 25,150. On the downside, immediate support is placed at 24,670, followed by 24,500—levels that may attract fresh long positions," Amruta Shinde, Technical & Derivative Analyst,
Choice Broking said.
Follow our market blog to catch all the live updates
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
