The domestic stock market on Thursday received a strong shock of 50 percent of the US tariffs applied to India. The stock markets closed down with a huge decline. The BSE Sensex at the end of the trading closed down 705.97 points at 80,080.57 levels. Similarly, NSE’s Nifty also fell at the level of 24,500.90 by dropping 211.15 points. In August 28, almost all the sectoral index closed in red mark. Only consumer durables remained a sector that closed in the green mark. While banking, IT, realty, FMCG, and telecom sectors declined by 1%.
Largest Louquars Gainer Stocks
Amid the steep decline in the stock market, the Nifty’s largest loosers (deficit shares) included Shriram Finance, HCL Technologies, TCS, Power Grid Corporation and Infosys. At the same time, some selected stocks showed strength which included Titan Company, L&T, Coal India, Asian Paints and Hero MotoCorp.
What did the expert say?
Vinod Nair, Head of Research of Geojit Investments Limited, stated that pessimism was dominated after the tariff was implemented on Indian goods, affecting investors’ perception, which closed down the domestic stock market with a decline. Although the exemption in cotton import duty extended the expectations of policy support for some time to combat the tariff effects, which led to short-term intra-day recovery, but the mood of investors remained delicate, the decline in largecap stocks and the performance of mid and smallcap stocks was weak.
Rupee rose by 6 paise to shut down at 87.63
The rupee rose by 6 paise to 87.63 (provisional) against the US dollar on Thursday due to a fall in weak dollars and crude oil prices. According to PTI news, however, according to foreign currency traders, local currency was limited due to concerns about additional American tariffs on Indian products started on Wednesday and declining domestic stock markets. The US government has imposed a total of 50 percent tariffs on Indian exports to the US, except for some areas. In the Interbank Forex Exchange Market, the rupee opened at 87.56 against the US dollar and trading within the radius of 87.53–87.68 during the day. The local currency closed at 87.63 (provisional), which shows a gain of 6 paise in the previous closed price.
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