Stock market today: Indian stock markets declined on Thursday, with the key indices hitting three-month lows after the U.S. imposed a 25% additional tariff on Indian exports, raising concerns about the economic implications of increased trade friction.
As of 13:57 IST, the Nifty 50 was down 0.75% at 24,390, while the BSE Sensex decreased by 0.74% to 79,956.19, both reaching their lowest intraday levels since May.
On Wednesday, U.S. President Donald Trump announced the extra tariff on Indian products, citing India’s ongoing importation of Russian oil.
Prior to the tariff announcement, the Reserve Bank of India maintained its GDP growth forecast for the year at 6.5%, downplaying the uncertainties related to tariffs.
Analysts noted that the additional tariff has also left foreign investors feeling uneasy.
Foreign portfolio investors have withdrawn $900 million from Indian equities thus far in August, following $2 billion in outflows during July.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
Nifty 50 continued to show weakness amidst choppy movement on Thursday and is currently trading lower by 90 points. The range movement of the last few sessions seems to be breaking on the downside and the crucial lower support of 24,500 (previous multiple swing lows) have been violated on the downside. This is not a good sign. The underlying trend of the market remains weak. A decisive break below 24,500 could open sharp weakness in Nifty 50 down to 24,200 levels in a quick period of time. Immediate resistance is placed at 24,700.
Technical Picks: Stocks to buy or sell in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy or sell in the short-term – Hero MotoCorp Ltd, and APL Apollo Tubes Ltd.
Buy Hero MotoCorp at ₹4,528, Target at ₹4,755, Stoploss at ₹4,405, Timeframe 1 week.
After witnessing a minor weakness, the stock price has moved up firmly amidst volatile benchmark movement on Thursday. The larger upside breakout of the range that occurred recently is still intact and the stock price is trading higher. The volume pattern and the daily RSI indicates positive bias for the stock price.
Sell APL Apollo Tubes at ₹1,552, Target at ₹1,470, Stoploss at ₹1595, Timeframe 1 week.
The stock price has declined yesterday after the formation of new lower top around ₹1,600 levels. We observe a formation of bearish engulfing candle pattern from near the crucial hurdle of 200day EMA. The stock price has been in a down trend over the last couple of months. Bearish lower tops and bottoms is in force on the daily chart.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
