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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 the 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 925 points or 1.1% from the day’s low to close at 80,623.26, which is about 79.27 points or 0.1% higher than the previous close. The NSE Nifty also recovered losses sharply and closed near the 24,600 mark, at 24,596.15, which is 21.95 points or 0.1% higher.
During the afternoon trade around 1 pm, the NSE Nifty fell below the 24,350 mark 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 18 stocks ended the day in green, against just five in the morning. Among the top gainers were Tech Mahindra, Eternal, HCL Tech, Axis Bank, and HDFC Bank rising up to 2.11%.
On the other hand, Adani Ports, Trent, Hindustan Unilever, Mahindra & Mahindra, and Kotak Mahindra Bank closed in red with losses up to 1.55%.
In the broader market, the BSE Midcap Index closed 0.30% higher, whereas the BSE Smallcap ended the day marginally lower by 0.18.
“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 closed lower by 7.89% on Thursday, after surging over 24% in the previous two days. BHEL also fell 4.95%, Adani Enterprises slipped by 2.2%, and Adani Green Energy declined 2.18%.
On the other hand, Bajaj Holding jumped 1.27% following its Q1 results. Hero MotoCorp also rose 4.15% after its Q1 earnings.
IT pack saw the biggest buying during the end of the session with Coforge, Persistend, TCS, Tech Mahindra, HCL Tech closing in green with decent gains.
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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