Stock market today: The key benchmark indices of the Indian stock market continued their losing streak on Thursday, with Nifty settling near the 24,500 mark, reflecting the continuation of the selling pressure. The sharp decline in the last two sessions can be attributed to implementing the 50% US tariff on Indian goods, which has heightened worries about India’s export competitiveness and trade relations. While domestic institutional investors (DIIs) provided some support by stepping in as net buyers, the persistent FII outflows amplified the impact of the US tariffs, leading to a broad-based selloff. At close, the Sensex was down 705.97 points or 0.87% at 80,080.57, and the Nifty was down 211.15 points or 0.85% at 24,500.90.
Barring Consumer Durables, sectoral breadth remained weak as all other indices slipped into the red. FMCG, Power, Banking, Realty, IT, and Telecom registered cuts in the 1–2% range, indicating broad-based sectoral pressure. The midcap index shed 1.2 per cent, and the small-cap index fell 1.4 per cent.
Trade setup for Friday
Speaking on the outlook of the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The underlying trend of Nifty continues to be negative, and more weakness could be in store for the short term. The next lower supports to be watched are around 24300-24250 (previous swing lows and 200-day EMA). Any pullback could find strong resistance around 24700 levels.”
On the outlook of the Bank Nifty today, Bajaj Broking Research said, “Bank Nifty formed a sizable bear candle with a lower high and lower low signalling continuation of the corrective decline. Index has recently generated a breakdown below the last 3 weeks’ range (54,900-56,100), highlighting extension of the decline,” adding, “Going ahead, failure to move above 55,000 will keep the bias down and will open downside towards 53,500-53,000 levels in the coming sessions. Key support is placed at 53,500-53000 levels, the confluence of the 200-day EMA and the low of May 2025.”
Asked about the triggers that may dominate the Indian stock market today, Siddhartha Khemka, Head of Research — Wealth Management at Motilal Oswal, said, “Supportive policy measures around GST reforms, import duty relaxations, and the broader ‘Swadeshi’ push are expected to lend resilience to domestic markets amid global trade headwinds. Globally, investors await key US data releases later today, including Q2 GDP and initial jobless claims, which could provide further cues on global sentiment.”
Trump tariffs on India
“The steep 50% US tariffs will hit India’s textiles & apparel, gems & jewellery, marine (shrimp), leather & footwear, the hardest, given their heavy reliance on the US market. On the policy front, the government extended the import duty exemption on cotton until December, providing relief to the garment industry impacted by higher US tariffs,” said Siddhartha Khemka of Motilal Oswal.
RIL AGM
Reliance Industries (RIL), India’s most valuable company by market capitalisation, will be the talk on Dalal Street ahead of its much-awaited annual general meeting (AGM). RIL’s AGM is slated to take place on Friday, August 29, with investors keenly tracking the event for the company’s future plans and other strategic announcements.
This is the 48th AGM of Reliance Industries. In the past, RIL has unveiled many important updates via its AGMs, including a succession road map, major 5G investment and introduction of JioPhone.
Stocks to buy or sell
Regarding stocks to buy today, market experts — Sumeet Bagadia, Executive Director at Choice Broking, Shiju Kuthupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, and Sugandha Sachdeva, Founder of SS WealthStreet, recommended six buy-or-sell stocks: AIIL, UNO Minda, TD Power Systems, Thomas Cook, Kaveri Seeds, and Onmobile Global.
Sumeet Bagadia’s buy or sell stocks
1] AIIL: Buy at ₹3196, Target ₹3434, Stop Loss ₹3090; and
2] UNO Minda: Buy at ₹1295, Target ₹1390, Stop Loss ₹1250.
Shiju Kuthupalakkal’s stocks to buy today
3] TD Power Systems: Buy at ₹504, Target ₹530, Stop Loss ₹492; and
4] Thomas Cook: Buy at ₹177.50, Target ₹188, Stop Loss ₹173; and
5] Kaveri Seeds: Buy at ₹1155.90, Target ₹1210, Stop Loss ₹1130.
Sugandha Sachdeva’s intraday stock for today
6] Onmobile Global: Buy at ₹49.80, Targets ₹52, ₹53.40, Stop Loss ₹48.40.
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.
