The Indian stock market ended Thursday’s trading session on a muted note, recovering from early losses triggered by US President Donald Trump’s shock announcement of a 25% tariff on Indian exports and an additional penalty over India’s energy ties with Russia. The Sensex closed the session at 81,185.58, down by 0.36%, while the Nifty 50 ended at 24,768.35, slipping 0.35%. The Nifty Bank index also dipped, ending the day at 55,961.95, down 0.34%.
Let’s take a look at the key highlights of today’s trading session
Weak start, surprising intraday recovery
Markets opened deep in the red, with benchmark indices plunging sharply in morning trade. The sell-off came after Trump’s tariff announcement, which labeled India’s trade barriers as “the most strenuous and obnoxious” and targeted India as a key focus in his trade policy.
However, by afternoon, investors seemed to shrug off the panic, and the indices rebounded more than 700 points from their lows.
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Despite the severity of the tariff, higher than what was announced for Vietnam (20%), Indonesia and the Philippines (19%), the Indian market did not see a full-fledged crash.
This is due to a combination of factors such as strong earnings from several companies, resilient buying in defensive sectors, and optimism that India and the US may still negotiate a deal.
Textile stocks take a beating
The biggest casualty of the day was the textile and apparel sector. Export-focused textile stocks were hammered after the US tariff news broke, with several companies falling as much as 9% intraday. The new duties to come into effect from August 1.
Top gainers
Amid the broader market choppiness, select FMCG and private banking stocks managed to stay in the green. Hindustan Unilever, ITC, Kotak Mahindra Bank, and Eternal were among the key gainers.
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Meanwhile, metal and pharmaceutical stocks were among the worst performers. Tata Steel, Sun Pharma, Adani Ports, and Reliance Industries were the major laggards in the Nifty basket.
Midday movers
Several stocks saw sharp moves during the day due to post-earnings reactions and regulatory news.
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