The equity benchmark indices Sensex and Nifty declined 0.6 percent each in morning trade on August 8 amid selling pressure in IT and pharma counters after US President Donald Trump announced an additional 25% tariff on Indian goods.
At 10:11 am, the Sensex was down 459.14 points or 0.57 percent at 80,164.12, and the Nifty was down 139.80 points or 0.57 percent at 24,456.35. About 1,450 shares advanced, 1,707 shares declined, and 135 shares were unchanged.
Out of 16 major sectoral indices, half traded in the red. The Nifty Smallcap100 and Nifty Midcap100 indices slipped up to 0.7 percent.
IT stocks, with significant exposure to the US markets, declined 0.6 percent, while the pharma index was down 0.7 percent. Metal, realty and auto shares also traded lower.
From the Sensex firms, Bharti Airtel, Infosys, Bharat Electronics, Eternal, Axis Bank and HDFC Bank were among the laggards. However, Titan, Bajaj Finance, NTPC and Bajaj Finserv were among the gainers.
Market breadth was flat, with 1,520 stocks advancing, 1,483 declining and 140 remaining unchanged.
On Thursday, Sensex and Nifty had dropped nearly 1 percent each during the session after US President Donald Trump announced an additional 25 percent tariff on Indian goods, taking the total to 50 percent, citing New Delhi’s oil trade with Moscow.
The indices later recovered after a Kremlin aide confirmed an upcoming meeting between Trump and Russian President Vladimir Putin, which analysts said could potentially ease geopolitical tensions and trade-related pressure on countries importing Russian oil.
"Yesterday’s sharp 250 point recovery from the low level in Nifty was caused by short covering triggered by the strong buying by DIIs of Rs 10,864 crore. In the present context of negative sentiments in the market caused by the tariff skirmishes between India and the US, FIIs are likely to continue selling in the cash market. The only saving grace is the sustained DII buying, which remains strong," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Anand James, Chief Market Strategist at Geojit Investments added, "With 88% of Nifty 500 stocks bouncing atleast 1% off the day's lows, a broad based recovery is in sight. That Nifty paused not far the key pivot of 24590 is a sign of a measured upside move, which has the potential to evolve into a stronger push. But, we will begin with a limited upside view of 24670-717, with an intention to play larger upside aiming 24850-25000. Downside marker may be placed near 24548."
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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