The latest market update reveals a downward trend in key domestic equity indices, largely influenced by ongoing global tariff tensions initiated by Donald Trump. The NSE Nifty 50 slipped by 82 points, or 0.35%, closing at 23,250, while the BSE Sensex experienced a decline of 322 points, or 0.42%, ending the day at 76,295.

Sector Performance Overview

Among various sectors, the Nifty IT index faced the brunt of negative sentiment due to escalating growth anxieties, plunging by 4.2% to settle at 34,757.25. Conversely, the Nifty Pharma sector thrived, buoyed by tariff exemptions, and climbed 2.25% to reach 21,423.55.

• Nifty Bank showed resilience, gaining 249 points or 0.49%, closing at 51,597.35.
• The BSE Midcap index also saw a modest increase of 0.31%, finishing at 41,796.08.

Broader Market Trends

In the broader market landscape, small-cap and mid-cap stocks concluded the day positively. The India VIX, a measure of market volatility, eased by 0.89%, landing at 13.60.

Market dynamics favored the bulls, with 2,057 of the 2,963 stocks traded advancing compared to 829 that declined. Power Grid Corporation emerged as the top gainer in the Nifty 50, rising by 4.6%, followed closely by Sun Pharma (3.4%), Cipla (3.28%), UltraTech Cement (3.06%), and Shriram Finance (2.3%). Major losers included Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, and ONGC.

Insights from Market Analysts

“Following a gap-down opening, the market found support around 23,150 but couldn’t break through the 23,350 resistance level, which is concerning. Currently, we observe a non-directional market with consistent support at 23,150 and profit-taking near 23,350,” commented Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Furthermore, Jatin Gedia, a Technical Research Analyst from Mirae Asset Sharekhan, added, “We anticipate the Nifty to stabilize between 23,000 and 23,650 with heightened intraday volatility. The key support levels to watch are 23,150-23,100, while immediate resistance lies between 23,550 and 23,600. A breakthrough past 23,600 may indicate a potential rally towards 24,000-24,200.”

In conclusion, while the equity indices faced pressure, specific sectors and stocks showcased resilience, hinting at the complexities of the current market climate. Investors are advised to remain vigilant and adapt their strategies to navigate the evolving landscape.