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Indian equities extended the risk-off sentiment, with benchmarks trading cautiously amid US President’s firm stance on the tariff deadline
Stock market updates
Sensex Today: Indian equity markets extended their cautious tone on Tuesday, weighed down by global uncertainties and US President Donald Trump’s uncompromising stance on the upcoming tariff deadline.
Benchmark Indices Under Pressure
As of 2 PM, the BSE Sensex was trading at 83,233.39, down 465.13 points or 0.56%, while the NSE Nifty50 was lower by 140.90 points, or 0.55%, at 25,400.90.
Among the gainers on the Nifty50 index were Tata Steel, Asian Paints, UltraTech Cement, Bharti Airtel, Maruti Suzuki, and Tata Motors. On the flip side, Bajaj Finance, Bajaj Finserv, L&T, BEL, and HDFC Bank were among the top laggards.
The broader market mirrored the weakness, with the Nifty MidCap index down 0.36%, while the Nifty SmallCap fell 0.58%, reflecting subdued investor sentiment across segments.
On the sectoral front, the Nifty Metal index outperformed with a gain of 1.14%, supported by a rebound in base metal prices. The Nifty Auto index also traded slightly in the green, up 0.14%. However, sharp selling pressure was seen in Nifty Realty and Nifty PSU Bank, which declined 1.9% and 1.14%, respectively.
Overall, the mood remained risk-averse, with investors closely tracking global developments ahead of the July 9 tariff decision.
Market View: VK Vijayakumar, Chief Investment Strategist, Geojit Investments
After breaking the 24500-25000 range Nifty has moved to the new range of 25200-25800. Positive news about a possible trade deal between India and US can help break the upper limit of the range but it would be difficult to sustain the Nifty at higher levels for long. There are no indications yet of a strong rebound in earnings. GST collections data for June indicates sluggish growth. Auto sales numbers for June also indicates subdued sales.
In brief, there is no room for the market to sustain the upward momentum given the high valuations. A surprise element is the resilience of the US economy and corporate earnings, which in turn is imparting resilience to the US market, despite the tariffs. How long this resilience will hold remains to be seen. The Fed chief Jerome Powell has indicated that there is no room for a rate cut immediately. This will rein-in the enthusiasm of the bulls.
Global Markets
The Nasdaq and the S&P 500 closed lower on Tuesday, dragged down by weakness in large-cap tech stocks, while the Dow ended higher in a volatile day marked by seasonally low liquidity. Dow Jones Industrial Average rose 400.17 points, or 0.91%, to 44,494.94. The S&P 500 lost 6.94 points, or 0.11%, to 6,198.01, and the Nasdaq Composite lost 166.84 points, or 0.82%, to 20,202.89.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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