The Indian stock market showed the impact of the news of a 50% US tariff on August 28. The Sensex fell by 624 points to close at 80,162, and the Nifty dropped by 183.85 points to 24,528. Midcap and smallcap indices also ended in the red. Hero MotoCorp was the top gainer, and Shriram Finance was the top loser.
Stock Market Today: On Thursday, August 28, the stock market opened after the Ganesh Chaturthi holiday, clearly showing the impact of the announcement of a 50% US tariff. In early trading, the Sensex opened 624 points lower at 80,162, and the Nifty opened 183.85 points lower at 24,528. The market remained weak throughout the day, with both major indices closing in the red. Nifty Midcap, Smallcap, and the Banking sector also recorded declines.
Decline in Early Trading
In early trading, the BSE Sensex reached 80,162, a decline of 624 points or 0.77 percent. The Nifty 50 index opened at 24,528, down 183.85 points or 0.74 percent. Broader market indices also traded in the red. The Nifty Midcap 100 index saw a decline of 1 percent, and the Nifty Smallcap 100 index fell by 1.12 percent.
Pressure Persisted Throughout the Day
In the latter half of the day, the Sensex saw a decline of over 700 points, with the BSE's key index closing the trading session around the 80,080 mark. The Nifty also closed lower by 210 points, settling near the 24,500 level. All broader market indices ended in the red. The Nifty Midcap and Smallcap indices closed with declines of 718 and 255 points, respectively. The Nifty Bank index also recorded a fall of 630 points.
On the sectoral front, all major indices traded in the red. The Nifty IT index showed weakness, declining by 1.24 percent. The Nifty Pharma closed down 0.97 percent, and the Nifty Realty fell by 1.42 percent. Investor sentiment in these sectors was clearly subdued.
Top Gainers and Losers
At the stock level, Hero MotoCorp emerged as the top gainer, rising by 1.68 percent. Asian Paints, Cipla, Tata Consumer, and Titan Company also showed positive performance. Conversely, Shriram Finance was the biggest loser, declining by 2.85 percent. Following it, ICICI Bank, HCL Tech, Jio Financial, NTPC, and Hindalco Industries also witnessed a downturn.
Impact of US Tariff
Experts suggest that the US tariff has increased concern among Indian exporters and investors. The US market is India's largest export destination, and the impact of this tariff could affect the financial health of some industries and exporters. However, officials believe that India's exports are not solely dependent on the US market, and the impact may not be as severe as anticipated.
