Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, declined on Thursday following US President Donald Trump's declaration of a 25 per cent tariff on Indian imports effective August 1, alongside an undefined penalty for India's procurement of Russian oil and defence equipment. It’s important to note that while the market saw a gap down opening, it eventually closed less than 0.5% down, exhibiting resilience.
The NSE Nifty 50 concluded with a reduction of 86.70 points or 0.35 per cent at 24,768.35. The BSE benchmark ended its positive streak of two days, falling by 296.28 points, or 0.36 per cent, closing at 81,185.58, despite some recovery in afternoon trading. Earlier in the day, the index had witnessed a significant drop of 786.71 points, or 0.96 per cent, reaching 80,695.15.
Analysts interpret this action as a strategic move to compel India to accept US demands, particularly notable as Washington has recently secured advantageous trade agreements with key partners including Japan, the UK and the European Union.
The sanctions were imposed due to India's substantial acquisitions of Russian petroleum and military hardware. India has become the first nation to receive penalties for its Russian imports.
Among the Sensex companies, major declines were seen in Tata Steel, Sun Pharma, Reliance Industries, Adani Ports, NTPC and Asian Paints.
Hindustan Unilever Ltd (HUL) saw a significant increase of 3.48 per cent following their announcement of a 5.97 per cent growth in consolidated net profit, reaching Rs 2,768 crore for the June quarter of FY26, benefiting from tax re-estimation from previous year.
Eternal, ITC, Kotak Mahindra Bank and Power Grid showed positive performance.
In Asia, markets showed mixed results with Kospi, SSE Composite index and Hang Seng declining, whilst Nikkei 225 showed positive movement.
European markets displayed varied performance during mid-session trading, while US markets largely declined on Wednesday.
Brent crude, the global oil benchmark, decreased by 0.74 per cent to USD 72.70 per barrel.
Foreign Institutional Investors (FIIs) sold equities worth Rs 850.04 crore on Wednesday, as per exchange records.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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