Final hour buying helped the Indian indices to erase all the intraday losses, as the indices remained under pressure for most part of the session after US President Donald Trump imposed additional 25% tariff on India over Russian oil imports and also indicated imposing 100% tariffs on imported semiconductors.
Despite positive global markets, the Indian indices opened lower and stayed in the negative territory for most part of the day with Nifty slipping below 24,350, intraday, but sharp recovery in the final hour of trade helped to close near day's high.
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At close, the Sensex was up 79.27 points or 0.10 percent at 80,623.26, and the Nifty was up 21.95 points or 0.09 percent at 24,596.15. BSE Midcap index up 0.3 percent and smallcap index ended on flat note.
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Top Nifty gainers were Hero MotoCorp, Tech Mahindra, Wipro, Eternal, JSW Steel, while losers included Adani Enterprises, Adani Ports, Trent, Tata Motors and Grasim Industries.
All the sectoral indices recovered most of the intraday losses with IT, media, pharma rising 0.5-1 percent.
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In stock-specific action, Datamatics Global Services shares rose nearly 3 percent on better Q1 earnings, Raymond shares were down nearly 2 percent as Q1 consolidated profit declined, Fortis Healthcare share price added 3 percent as Q1 consolidated profit jumped 53%, Prince Pipes shares were down 8 percent as consolidated profit slipped 80%, Bajaj Holdings & Investment rose nearly 2 percent as profit surged 116%.
BHEL shares slipped 5 percent on widening losses in the June quarter, Lumax Industries shares shed 12 percent after Q1 revenue fell 20%, Lincoln Pharmaceuticals share price rose 8 percent after Q1 net profit rose 17%, Caplin Point share price jumped 5 percent on better Q1 numbers, Indosolar shares gained 5 percent as promoter Waaree Energies to sell 12,50,000 equity shares.
More than 100 stocks touched their 52-week highs on the BSE, including Fortis Healthcare, Delhivery, JSW Steel, TVS Motor, JK Cement, Sarda Energy, Godfrey Phillips, among others. Click to View More
Outlook for August 8
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
Bulls have finally made a decisive comeback in the market on Thursday that witnessed a session of roller-coaster ride of up and down moves and Nifty finally closed the day on a positive note. After opening with a downside gap of 90 points, the market slipped into further weakness in the early to mid-part of the session. The sharp recovery has emerged from the low of 24344 from 1.40pm onwards and the strong upside momentum continued till the end. The opening downside gap has been filled completely.
A long bull candle was formed on the daily chart with lower shadow. Technically, this pattern shows an early sign of crucial bottom reversal pattern in the Nifty. Further follow-through upmove above the initial hurdle of 24750 could confirm the bottom reversal pattern. The crucial supports to be watched around 24350.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty witnessed a roller-coaster session as the index oscillated between 24,350 and 24,650. Although it briefly fell below 24,400, it did not sustain at lower levels and recovered smartly in the second half, closing near 24,600.
In the short term, the index may continue to recover; however, immediate resistance is seen at 24,660. A decisive move above this level could take the index towards 24,850. On the downside, support is placed at 24,400 on a closing or sustained basis.
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