Ravi Bhatt
Sebi Registered Research Analyst - INH000012591
More pain for Indian stocks, this time pharma stocks hit by Trump’s 100%
tariff
The GIFT Nifty traded 37 points or 0.15% up at 24,959 in the early morning session, indicating mild positive upward movement for the benchmark Nifty 50. But markets are likely to remain under pressure as Donald Trump announced 100% tariff on imported pharmaceutical products. S&P 500 futures flat Euo Stoxx 50 futures up 0.6% Asian stocks retreated at the open after strong US economic data and mixed signals from the Federal Reserve officials on rate cuts sparked worries about lofty valuations on Wall Street.
The
NSE Nifty 50 ended 0.66% lower at 24,890.85 and the BSE Sensex closed 0.68%
down at 81,159.68. Foreign portfolio investors stayed net sellers of Indian
shares for a fourth consecutive session on Thursday. Foreign portfolio
investors stayed net sellers of Indian shares for a fourth consecutive session
on Thursday. The overseas investors sold stocks worth approximately Rs 4,995.42
crore, according to provisional data from the National Stock Exchange. On the
other hand, the domestic institutional investors remained buyers for the 23rd
session and mopped equities worth Rs 5,103.01 crore.
Fundamental Update
- NTPC - The company began commercial
operations of its 167 MW Rajasthan project. Positive
- Exide Industries - The company invested Rs 80
crore in arm Exide Energy Solutions on a rights basis. Positive
- Electronics Mart - The company commenced
commercial operations of a new multi-brand store in Andhra Pradesh. Positive
- Rites - The company received a letter of
award worth $18 million (Rs 153 crore) from South Africa’s Talis Logistics to
supply diesel electric locomotives. Positive
Technical Update
- NIFTY – Nifty fell further below 25K to
settle at 24,890 on Thursday. Index closed below 50 day EMA of 24,925 and
likely to find next support at 24,800. Resistance lies at 25,000. Today’s range
24,800 – 25,000.
- BANKNIFTY – Bank nifty too slipped below 55K to
close at 54,926 on Thursday. Index has suffered persistent selling from FPIs of
private banks. Today’s range – 54,600 – 55,250.
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
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