Stock Market Today: Nifty Holds 24,500 Levels Amid Tariff Jitters and Bearish Sentiment

The Indian stock market witnessed a significant decline on Wednesday, with the NSE Nifty 50 and BSE Sensex extending losses as sentiment got roiled after the US proceeded with its plan and imposed a 50% tariff with effect from August 27. The Nifty 50 breached its first support level of 24,600 shortly after opening and ended just near the next support level of 24,500.

Nifty Falls Over 2% in Last 5 Days

The Nifty fell over 2% in the last 5 days, with the index falling 200 points from the day’s high and managing to close above 24,500. The Nifty fell nearly 1% for the day, with Shriram Finance and HCL Tech being the biggest laggards in the Nifty.

Benchmarks Outperform Broader Market Indices

The benchmarks outperformed the broader market indices, with the Nifty Midcap 150 falling over 1% for the day, dragged by Poonawala Fincorp and Aditya Birla Corp. The Nifty Smallcap 250 lost over 1% for the day, dragged by Olectra Greentech and CESC.

All Sectoral Indices Lose in Trade

All sectoral indices lost in trade, with the Nifty IT emerging as the worst-performing sector for the day, dragged by HCLTech and LTTS. ICICI Bank and HDFC Bank contributed the most to the Nifty decline.

Nifty Oil and Gas, Auto, Metal, Pharma, Realty, and IT Extend Losses

The Nifty Oil and Gas, Auto, Metal, Pharma, Realty, and IT indices extended losses for the second day in a row. The Nifty PSU Bank lost for the sixth consecutive session, while the Nifty Bank and Nifty Financials lost for the fourth consecutive session.

Rupee Closes 5 Paise Stronger Against US Dollar

The rupee closed 5 paise stronger at 87.63 against the US dollar, after closing at 87.68 a dollar on Tuesday, according to Bloomberg.

Indian Steel Market Undergoes Positive Shift

The Indian steel market is undergoing a positive shift, driven by new government policies in both India and China that are helping to stabilize the supply of steel. While demand in India is still slow, the industry is optimistic about a recovery after the monsoon season, supported by more government spending in the current fiscal and the upcoming tax reforms.

Shakti Pumps’ Solar Pumps Fully Booked by Farmers

Shakti Pumps’ first tranche of 10,000 units of solar pumps has been fully booked by farmers, the company said in an exchange filing.

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