Indian stock market unfazed by Trump diktat

The Sensex closed 79 points, or 0.10 percent, higher at 80,623.26, while the Nifty 50 settled at 24,596.15, up 22 points, or 0.09 percent.
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Helped by fag-end buying, the Sensex and the Nifty 50 ended with marginal gains on August 7, even as sentiment remained fragile due to mounting concerns over Trump's tariffs and their impact on the economy.

The Sensex closed 79 points, or 0.10 percent, higher at 80,623.26, while the Nifty 50 settled at 24,596.15, up 22 points, or 0.09 percent.

The BSE Midcap index rose 0.30 percent. However, the BSE Smallcap index slipped 0.18 percent.

Key trading highlights

Manageable tariff impact: The Indian market closed with gains despite the looming risk of Trump's 50 percent tariff. The market hopes that eventually India will be able to secure a trade deal with the US.

Moreover, experts point out that the impact of the US tariffs on the overall Indian economy remains manageable, and the government may step in to mitigate the pain of sectors that are highly exposed to US markets.

Vinod Nair of Geojit Investments highlighted that sentiment improved toward the close as reports of potential peace talks involving Trump, Putin, and Zelensky, which raised hopes of a softer US stance on trade.

"This renewed optimism triggered a strong rebound in the auto, pharma, metals, and energy sectors and aided the market in recalling its trajectory and concluding in the green," said Nair.

Top gainers in the Nifty 50 index: As many as 31 stocks ended higher in the Nifty 50 index, with Hero MotoCorp (up 4.27 per cent), Tech Mahindra (up 1.99 per cent), and JSW Steel (up 1.94 per cent) ending as the top gainers.

Top losers in the Nifty 50 index: Shares of Adani Enterprises (down 2.36 per cent), Adani Ports (down 1.43 per cent), and Grasim Industries (down 0.86 per cent) were the top losers in the index.

Sectoral indices today: Barring Nifty Oil & Gas (down 0.19 per cent) and Realty (down 0.13 per cent), all sectoral indices ended higher, with Media (up 0.99 per cent), IT (up 0.87 per cent) and Pharma (up 0.75 per cent) rising by almost a per cent.

Nifty Bank climbed 0.20 per cent, while the Financial Services index inched up by 0.12 per cent.

Most active stocks in terms of volume: Eternal (39.15 crore shares), Vodafone Idea (28.18 crore shares), and Suzlon (7.55 crore shares) were the most active stocks in terms of volume on the NSE.

Nifty's technical outlook: According to Rupak De of LKP Securities, in the short term, the Nifty may continue to recover.

"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," said De.

(By arrangement with livemint.com)

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