Sharp Recovery In Markets: Sensex In Green, Surges Nearly 800 Points From Day’s Low; Nifty Near 24,600 | Markets News
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Stock Market Today, August 7: Market sentiment remains cautiously optimistic, dampened by persistent volatility and mixed global cues, says Choice Broking in its note.
Sensex Today.
Stock Market Today, August 7: The domestic equities markets on Thursday opened in red marginally after US’ additional 25% tariffs on India, extended losses, but then finally saw a sharp recovery towards the fag end to reclaim the green territory. The BSE Sensex recovered nearly 800 points from the day’s low to trade at 80,606 as of 3:12 pm, which is about 60 points higher than the previous close. The NSE Nifty also recovered losses sharply and traded nearly the 24,600 mark.
During the afternoon trade around 1 pm, the NSE Nifty fell below 24,350 to hit the day’s low of 24,344.15 and the BSE Sensex had declined below the 80,000 mark to trade at 79,811.29.
Among the Sensex pack of 30 shares, a total of 17 stocks were trading in green, as against just five in the morning. Among the top gainers were Tech Mahindra, Eternal, HCL Tech, Maruti, and HDFC Bank rising up to 1.55%.
On the other hand, Adani Ports, Tata Motors, Trent, NTPC and Mahindra & Mahindra were trading in red with losses up to 1.49%.
In the broader market, the BSE Midcap Index turned green and was trading up by 0.34% and the BSE Smallcap was still trading down by 0.20.
“Market sentiment remains cautiously optimistic, dampened by persistent volatility and mixed global cues,” Hardik Matalia, derivative analyst (research) at Choice Equity Broking Private Limited.
Stock-Specific Action
Godfrey Phillip India is down by 7.4% on Thursday morning after surging over 24% in the previous two days. BHEL was trading lower by 6.34%, while Adani Green Energy declined 2.87%.
On the other hand, Bajaj Holding was trading higher by 3.2% following its Q1 results. Britannia and Hero MotoCorp were also up by more than 1% after their Q1 results.
US Tariffs & Indian Markets
V K Vijayakumar, chief investment strategist of Geojit Investments Limited, said, “The 21-day window for the additional 25 % tariff to take effect leaves room for negotiation and an eventual deal with the US. But there is huge uncertainty surrounding the trade policy and to what extent both nations will be willing to make compromises. President Trump, fresh from the successes he has extracted in deals with others including the EU, is unlikely to budge significantly from his unjustified stand. Unfortunately for India, the US is bargaining from a position of strength. India’s response has been mature and measured.”
The market is unlikely to panic but weakness will continue in the near-term. Since uncertainty is high investors should be cautious in their approach. At least in the near-term, export-oriented sectors will remain weak. Domestic consumption themes like banking and financials, telecom, hotels, cement, capital goods and segments of automobiles will remain resilient, he added.
US President Donald Trump on Wednesday announced an additional 25% tariffs on Indian goods. This is over and above the 25% tariff plus penalty he imposed on India earlier.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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