Market Wrap: Sensex ends 296 points lower, Nifty below 24,800 after brushing off Trump tariff salvo
ADVERTISEMENT The BSE Sensex shed 296.28 points, or 0.36%, to close at 81,185.58, while the NSE Nifty slipped 86.70 points, or 0.35%, to settle at 24,768.35. Both indexes had fallen nearly 0.9% earlier in the session.
The benchmarks slid nearly 1% in early trade after U.S. President Donald Trump announced 25% tariffs on India, effective August 1, along with an unspecified penalty. He added that negotiations with India were ongoing.
For the month, both the Sensex and Nifty dropped around 3%, with broader markets underperforming amid sustained foreign outflows and weak earnings from IT firms and major financials.
Textile stocks were among the hardest hit by the tariff announcement, with Welspun Living, Vardhman Textiles, KPR Mills, and Gokaldas Exports falling between 3.2% and 5.1%.
Adani Enterprises declined 4% after reporting a drop in first-quarter profit, hurt by subdued coal demand.
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The consumer goods sector rose 1.4%, the day's top gainer, led by Hindustan Unilever. Shares of the FMCG major climbed 3.4% as a revival in rural demand and a refreshed product portfolio lifted quarterly earnings.
Mid-cap and small-cap stocks each lost about 1%.
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Following a turbulent start driven by fresh tariff threats, the Indian market started on a pessimistic note, said Vinod Nair, Head of Research, Geojit Investments, adding that the domestic market, however, attempted "a strong recovery but by the end of the day it closed with marginal losses, on a monthly expiry day." "Investors gravitated toward domestically oriented, non-discretionary players, especially FMCG, which offered attractive valuations, demand outlook and relative insulation from tariff risks. In contrast, oil & gas stocks were the worst hit due to US warnings over Indian energy imports. Overall, the market reflected a cautious yet selective approach. Market continues to hold high hopes for a more favorable tariff outcome in the near-term," said Nair.
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As the new series begins, the market is likely to consolidate, but global developments and corporate earnings will continue to drive volatility, said Ajit Mishra, SVP, Research, Religare Broking, adding that "we maintain our cautious stance and recommend a stock-specific approach, given the mixed trends across sectors. Traders should also avoid averaging down on loss-making positions."
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