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Indian Stock Market Trims Losses Amid Weak Cues

Strategic Insights

— 2 min read

The Indian stock market witnessed a fluctuating day, as the BSE Sensex traded in a range of 80695.15 and 81289.92, ultimately closing at 81245.79, down by 0.29%. The domestic sentiments were weak due to selling by funds and retail investors, as well as cues from other Asian markets. The weak cues from Asian markets, combined with the U.S. President Donald Trump's announcement of imposing a 25% tariff on Indian imports from August 1, weighed on the domestic sentiments. On the other hand, Hindustan Unilever surged after reporting a 6% rise in Q1 consolidated net profit.

Key Takeaways:

  • The BSE Mid cap index was down by 0.81%, while Small cap index down by 0.48% on account of weak cues from other Asian markets.
  • Most of the sectoral indices on the BSE were trading in red, led by Telecom, Realty, Oil & Gas, Energy and Consumer Durables.
  • Hindustan Unilever surged on reporting a 6% rise in Q1 consolidated net profit, becoming the top gainer on the Sensex.
  • The Top gainers on the Sensex were Hindustan Unilever up by 3.47%, Power Grid up by 1.14%, ITC up by 0.90%, Mahindra & Mahindra up by 0.66% and Tata Motors up by 0.50%.
  • The Minister of State for Electronics and IT, Jitin Prasada, announced that the government has approved financial support for 23 companies to develop chipsets under the design-linked incentive (DLI) scheme.
  • The DLI Scheme provides financial incentives of up to 50% of eligible costs, with a ceiling of Rs 15 crore per application for design prototyping, scaling-up and volume production.
  • Indian IT companies, such as Infosys and TCS, were among the top losers on the Sensex.

Statistics:

  • The BSE Sensex closed at 81245.79, down by 236.07 points or 0.29%.
  • The CNX Nifty closed at 24781.95, down by 73.10 points or 0.29%.
  • The BSE Mid cap index was down by 0.81%, while Small cap index down by 0.48%.
  • The top gainers on the Sensex were Hindustan Unilever (up by 3.47%), Power Grid (up by 1.14%), ITC (up by 0.90%), Mahindra & Mahindra (up by 0.66%) and Tata Motors (up by 0.50%).
  • The top losers on the Sensex were Bharti Airtel (down by 1.14%), Reliance Industries (down by 1.05%), Titan (down by 0.86%), TCS (down by 0.71%) and Infosys (down by 0.70%).

Sources:

  • [Accord Fintech] "Market Review" on Contify.com (no date)
  • [Accord Fintech] Disclaimer on Contify.com (no date)

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