Mumbai, Aug 8 (IANS) The Indian stock market ended lower on Friday amid heavy selling across the sectors and persistent FIIs outflow due to US tariff jitters.
Sensex closed at 79,857.79, down 765.47 or 0.95 per cent. The 30-share index opened in negative territory at 80,478.01 against last session’s closing of 80,623.26 following selling pressure due to US tariff concerns. The index touched an intraday low at 79,775, falling about a per cent to a three-month low, amid overall selling.
Nifty ended the session at 24,363.30, down 0.95 per cent or 232 points.
“The Indian equity market exhibited downward movement, closing at a three-month low amid growing concerns over the impact of U.S. tariffs on Indian exports. FIIs remained net sellers, intensifying the pressure on domestic indices,” said Vinod Nair, Head of Research, Geojit Investments Limited.
The pessimism was broad-based, with realty and metals bearing the biggest brunt. Additionally, global financial institutions have begun revising India’s economic outlook downward, citing the adverse effects of the ongoing tariff concern, Nair added.
Bharati Airtel, Tata Motors, Mahindra and Mahindra, Kotak Bank, Reliance, Axis Bank, Asian Paints, Ultratech Cement, HDFC Bank, Tata Steel, BEL, Infosys were among the top losers from the Sensex basket. While NTPC, Titan Trent settled in green.
The selling pressure hit the broader market as well, with metal, pharma stocks bleeding the most. Nifty Next 50 fell 823 points or 1.24 per cent, Nifty 100 settled 516 points or 1 per cent down, Nifty Midcap 100 slipped 936 points or 1.64 per cent, and Nifty Small Cap 100 ended the session 264 points or 1.49 per cent down.
Among sectoral indices, Nifty Bank descended 516 points or 0.93 per cent, Nifty Fin Services dropped 236 points or 0.9 per cent, Nifty IT fell 328 points or 0.95 per cent, and Nifty Auto settled 333 points or 1.40 per cent lower.
“The bears resumed their downward move after a brief pause in the previous session. Nifty extended its losing streak to the sixth consecutive week, slipping below its 100-DMA at 24,500, which is now expected to act as an immediate hurdle,” Nilesh Jain, of Centrum Broking
The 200-DMA, placed at 24,050, is likely to offer near-term support. The overall trend remains weak as long as the index trades below 24,800, with any pullbacks likely to face selling pressure, he added.
The US President Donald Trump had announced a 50 per cent tariff on imports from India and threatened to increase it further if India continues to import oil from Russia.
–IANS
aps/na
