Equity benchmarks dragged in mid-trading session on Friday staging cautious tone ahead of US court ruling on the legality of Trump’s tariffs on India, and consitent foreign fund outflows.
During the day, Sensex slumped nearly 700 points to the 83,700 level, and Nifty 50 fell by 200 pts to 25,734.10.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments, has said that there is a high probability of the verdict going against Trump. But the details are significant: that is, whether it would be a partial striking down of the tariffs or completely declaring the tariffs illegal.
If the Supreme Court declares Trump tariffs illegal, there would be a rally in India since India has been the worst affected by the 50 per cent tariffs, Vijaykumar added.
traded 423.41 points or 0.50 per cent lower at 83,757.55 at 12.13 pm, hitting an intraday low of 83,707.98. 50 depreciated by 126.60 pts or 0.49 per cent to 25,750.25.
Midcap and smallcap indices were down by 0.3 per cent and 0.84 per cent, respectively. All sectoral indices, except PSU Bank, IT and oil & gas, traded in the negative territory. Realty index witnessed a sharp fall, down over 2 per cent.
Eternal leads Nifty 50 gainers, ICICI Bank, Adani stocks drag
Shares of Eternal, HCL Tech, Asian Paints, ONGC and BEL traded as major gainers of Nifty 50, while ICICI Bank, Adani Enterprises, Adani Ports, Max Health and Maruti Suzuki traded as major laggards.
On the trading session, a total of 3,041 stocks were traded on the NSE at the time of writing. Among these, 821 stocks advanced, while 2,116 stocks declined, and 104 stocks remained unchanged. About 21 stocks hit their 52-week high, whereas 218 stocks touched their 52-week low. In terms of circuit breakers, 34 stocks hit the upper circuit, while 51 stocks hit the lower circuit, indicating significant volatility in the market.
Midcap & smallcap movers
Under the midcap index, National Aluminium, Ashok Leyland, Indian Bank, Indus Towers, Coromandel International soared 2-3 per cent, while Hitachi Energy, Godrej Properties, 360 One WAM, Waaree Energies depreciated 3-6 per cent.
IEX traded as the top loser of smallcap index, falling over 5 per cent, as CERC coupling order stayed. Tejas Networks, Trident, Afcons, JWL fell 3-4 per cent, while Star Health, Ramco Cements, GE Ship and GRSE gained 1-2 per cent.
On the BSE, MTAR Tech, National Aluminium, Ujjivan SFB, Ashok Leyland and Hindustan Zinc climbed 3-6 per cent, while Elecon, IEX, Hitachi Energy, GV TD and Godrej Properties shed 5-15 per cent.