Business
Stock Market Updates: Sensex Slides 700 Points, Nifty Below 24,550; IT, Realty Stocks Under Pressure
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Domestic equities are trading under pressure on Thursday, with export-focused stocks facing headwinds
Sensex Today.
Sensex Today: Indian equities extended losses on Thursday, August 28, as markets digested the impact of fresh 50% tariffs on US exports that came into effect a day earlier.
At 1:30 PM, the BSE Sensex was down 562 points, or 0.70%, at 80,224, while the Nifty50 fell 163 points, or 0.66%, to 24,549.
Shriram Finance, HCL Tech, Infosys, Sun Pharma, Tata Motors, TCS, Power Grid, Bharti Airtel, IndusInd Bank, ICICI Bank, Trent, Jio Financial, and M\&M led the Nifty losers. On the other hand, Titan, Adani Ports, Asian Paints, Larsen & Toubro, Eternal, and Bajaj Finance bucked the weak trend.
The new duties, among the steepest in Asia, follow India’s continued imports of Russian crude oil and have strained ties between New Delhi and Washington. Shares of export-oriented sectors such as apparel, textiles, auto parts, engineering goods, gems & jewellery, shrimp, and carpets were in focus.
In the broader markets, the Nifty Midcap and Smallcap indices shed 0.9% each. Volatility also inched up, with India VIX down 0.9%.
Sectorally, IT and Realty indices slipped over 1% each, while all major sectors ended in the red barring Consumer Durables, Metals, and Oil & Gas.
Global Cues
In contrast, most Asian benchmarks were trading higher, tracking overnight US gains before a late pullback. Japan’s Nikkei rose 0.3%, while South Korea’s benchmark gained 0.3%, leading advances on the MSCI Asia Pacific index.
Meanwhile, US futures slipped in Asian trading after chipmaker Nvidia’s sales outlook missed lofty expectations, hinting at a slowdown in AI-driven growth after years of strong momentum.
On Wednesday, the S&P 500 gained 0.24% and the Nasdaq rose 0.21%, both closing in positive territory.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
Read More