India reels under US 50% tariff, market sentiments to remain weak
The
GIFT Nifty was down 44 points or 0.18% at 24,621 in the morning session,
indicating a negative start for the benchmark Nifty 50 as US tariffs of 50% on
Indian goods kicked in a day ago. Asian Pacific markets were mixed in the
morning, with Japanese and South Korean benchmarks trading higher. Futures for
Hong Kong and Chinese stocks were weak as Meituan’s warning pushed an index of
US-listed Chinese companies lower. US index futures too retreated after Nvidia
Corp.'s sales outlook missed lofty expectations, weighing on sentiment around
the world’s most valuable listed company.
Earlier,
the NSE Nifty 50 ended 255.7 points or 1.02% lower at 24,712.05 and the BSE
Sensex closed 849.37 points or 1.04% lower at 80,786.54. The FPIs sold stocks
worth approximately Rs 6,580.1 crore, according to provisional data from the
National Stock Exchange. The DIIs stayed net sellers for the second session and
bought stakes worth Rs 6,807.90 crore.
Fundamental Update
- Aditya Birla Capital - Reserve Ba
granted 'in-principle' authorization to arm to operate as an online payment
aggregator. Positive
- Jaiprakash Associates - CCI
approved the acquisition of Jaiprakash Associates by Adani Group entities. Positive
- SBI Cards - The Company signed an agreement
with Flipkart to launch the Flipkart SBI co-branded credit card. Positive
- BSE - Arms BSE Investments & BSE
Administration and Supervision to merge with BSE Technologies. Positive
Technical Update
- NIFTY - Nifty tumbled below near term
support and closed sharply lower at 24,712 on Tuesday. Market sentiments have
been battered by higher US trade tariff and further fall is expected. Index
support is now shifted to 24,600 while 24,850 is near term resistance. Today’s
range 24,600 – 24,850.
- BANKNIFTY - Bank nifty too slipped below 55K and
settled at two months’ low 54,450 on Tuesday. Index has now near term support
at 53,600 while 55K is strong resistance. Today’s range – 54,000 – 54,800.
Disclaimer: This report is prepared by an analyst who has exercised due diligence in
checking the correctness and authenticity of the information before publishing research
report. We shall not be in any way responsible for any loss or damage in
analysis or views obtained from the use of information contained in this report
and especially states that we have no financial liability whatsoever to the
user of this report.
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