The Indian stock market opened weaker on Friday. Global cues, the US announcement of additional tariffs on Indian goods, and company quarterly results had a mixed impact on the market. The Sensex fell 160 points, and the Nifty slipped below 24,600. GIFT Nifty, top losers, gainers, dividend announcements, and Zepto's pharmacy entry were the major headlines.
Stock Market Today: The market started on a sluggish note on Friday, with the Sensex falling by nearly 160 points and the Nifty dropping below 24,600. This decline was attributed to the US announcement of imposing an additional 25% tariff on Indian goods, weak global cues, and company quarterly results. The GIFT Nifty also showed weakness. Stocks like Airtel and HDFC Bank faced pressure, while Tech Mahindra and JSW Steel performed well.
GIFT Nifty Indicates Weakness
The GIFT Nifty was trading at 24,650.50, down 44.50 points, or 0.18 percent, at 6:37 am. Earlier on Thursday, the Sensex and Nifty recovered from their intraday lows to close with marginal gains.
Thursday's Trading Session Was Volatile
On August 7, the stock market had a weak start but saw some buying return in the final hour. The Sensex recovered from its intraday low of 79,811.29 to close at 80,623.26, while the Nifty recovered from 24,344.15 to close at 24,596.15.
US Tariffs Increase Uncertainty
US President Donald Trump announced on Thursday the imposition of an additional 25 percent tariff on Indian goods. This will bring the total tariff to 50 percent. The tariff will be effective from August 27, after a 21-day notice period. This impacted market sentiment and caused concern among investors.
Top Losers Include Airtel, HDFC Bank, Eternal
In early trading on Friday, stocks like Airtel, HDFC Bank, and Eternal (Zomato) faced pressure. The decline in Eternal was due to Alibaba-backed Antfin selling 141.3 million shares in the company. The deal was worth ₹4,096.7 crore.
Top Gainers Include Tech Mahindra, JSW Steel, Hero MotoCorp
On Thursday, stocks like Tech Mahindra, JSW Steel, and Hero MotoCorp performed well. Buying was seen in the tech sector and metal index.
Sectoral Performance
The Nifty Pharma, IT, Media, Auto, PSU Bank, and Metal indices saw gains. The Nifty IT closed up 0.87 percent and Pharma up 0.75 percent. Meanwhile, the realty and oil & gas sectors faced pressure.
Midcap and Smallcap Indices Also in Green
The Nifty Midcap 100 index saw a gain of 0.33 percent, while the Smallcap index closed up 0.17 percent.
Companies Announcing Bonus Shares
Seven companies have recently announced bonus shares. Companies are using corporate actions like bonuses and stock splits along with quarterly results to attract investors.
Zepto's Entry into Pharmacy
Zepto has expanded its quick delivery segment by launching Zepto Pharmacy. The company is now claiming to deliver medicines in 10 minutes. This move will increase competition for existing companies like 1mg, Netmeds, and PharmEasy.
Deals and Stake Sales in Focus
- Kotak Mahindra Bank: Oppenheimer Funds sold 10.3 million shares in the bank, valued at approximately ₹2,035 crore.
- Zinka Logistics Solutions: Ethan Creek Master Investors sold 990,000 shares in the company at ₹540.54 per share.
Important Stocks Today
Stocks to watch today include LIC, SBI, TATA Motors, Titan, BSE, Biocon, Cummins, Metropolis Healthcare, Godrej Consumer Products, and Kalpataru Projects.
