The Sensex and the Nifty 50, benchmarks of the Indian stock market, closed in the red for the third consecutive session on Friday, August 29, as concerns over Trump’s tariffs and their economic fallout continued to weigh on market sentiment.
The Sensex closed 271 points, or 0.34 per cent, down at 79,809.65, while the Nifty 50 settled at 24,426.85, down 74 points, or 0.30 per cent. The BSE Midcap and Smallcap indices lost 0.41 per cent and 0.29 per cent, respectively.
On a weekly scale, the Sensex and the Nifty 50 lost nearly 2 per cent each, while for the month, they fell 1.7 per cent and 1.3 per cent, respectively. It was the second consecutive month of losses for the indices.
Sensex has declined 4.5 per cent since July, while the Nifty has lost 4.3 per cent.
Indian stock market: 10 key highlights from the day
1. Why did the Indian stock market fall for the third consecutive session?
The market is still uncertain about the impact of Trump’s tariffs. There are no signals of a trade truce between the US and India, and experts believe a longer period of 50 per cent tariffs will be significantly negative for the Indian economy.
“Investor sentiment remained cautious as markets attempted to digest the full impact of the US tariff. The persistence of this issue is likely to heighten the future competitiveness of India’s exports in some areas. While generally the pressure is also likely to weigh on INR, driving it to depreciation,” said Nair.
“Generally, the market still perceives the tariff-related disruptions as temporary, and optimism hinges on progress in trade negotiations in the future. However, lack of strong interaction between both parties is increasing the uncertainty, adding confusion to the market,” Nair said.
2. Top losers in the Nifty 50 index
As many as 27 stocks ended in the red in the Nifty index, among which Mahindra & Mahindra (down 2.89 per cent), Reliance Industries (down 2.16 per cent), and Infosys (down 2.07 per cent) were at the top.
3. Top gainers in the Nifty 50 index
Shares of ITC (up 2.15 per cent), Shriram Finance (up 1.79 per cent), and BEL (up 1.53 per cent) were the top gainers.
4. Sectoral indices today
Nifty FMCG (up 0.95 per cent), Media (up 0.35 per cent), and Consumer Durables (up 0.15 per cent) closed with gains.
On the other hand, Nifty Realty (down 1.33 per cent), Oil & Gas (down 1.01 per cent), Auto (down 0.88 per cent), and IT (down 0.87 per cent) ended with significant losses.
Nifty Bank index slipped 0.31 per cent, while the Financial Services index declined 0.28 per cent.
5. Most active stocks in terms of volume
Vodafone Idea (72.1 crore shares), Ola Electric Mobility (49.7 crore shares), and YES Bank (19.14 crore shares) were the most active stocks in terms of volume on the NSE.
6. 27 stocks jump over 10% on BSE
Jindal Poly Investment and Finance Company, Jindal Photo, Diligent Industries, Shakti Press, Gorani Industries, and Raw Edge Industrial Solutions were among the 27 stocks that jumped over 10 per cent on the BSE.
On the other hand, nine stocks, including Karnavati Finance, Universal Arts, GSS Infotech, and Anuroop Packaging, plunged more than 10 per cent.
7. Advance-decline ratio
Out of 4,237 stocks traded on the BSE, 1,890 advanced, while 2,187 declined. Some 160 stocks remained unchanged.
8. 121 stocks hit 52-week lows
REC, Praj Industries, HFCL, Five-Star Business Finance, Blue Dart Express, and AAVAS Financiers were among the 121 stocks that hit their 52-week lows in intraday trade on the BSE.
9. Almost 100 stocks hit 52-week highs
As many as 99 stocks, including Procter & Gamble Health, HBL Engineering, Dalmia Bharat, CreditAccess Grameen, and Authum Investment & Infrastructure, hit their 52-week highs on the BSE.
10. Nifty’s technical outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, on the daily chart, the Nifty has fallen further below the 100 EMA, confirming a deeper bearish trend. The RSI is in a bearish crossover, indicating sustained weakness.
“In the short term, the trend may remain weak, potentially dragging Nifty towards the 200 DMA placed at 24,071. On the lower end, support is placed at 24,400/24,150, while on the higher end, resistance is seen at 24,650. A ‘sell on rise’ strategy remains preferable as long as the index stays below 24,850,” said De.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
