Mumbai: The Indian stock market opened on a weak note on Wednesday, tracking mixed global cues and broad-based sectoral selling pressure, especially in the IT, PSU banks, and financial services sectors.
At 9:34 AM, the BSE Sensex was down 181.63 points or 0.22%, trading at 83,530.88, while the NSE Nifty 50 slipped 44.25 points or 0.17% to trade at 25,478.25.
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Nifty Finds Support at 25,500; Resistance Seen at 25,600–25,800
According to Hardik Matalia of Choice Broking:
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“After a flat to negative opening, Nifty can find support at 25,500, followed by 25,400 and 25,300. On the higher side, 25,600 can act as immediate resistance, followed by 25,700 and 25,800.”
Trump’s Tariff Plans Impact Global Sentiment
Market sentiment has been dampened by recent trade tariff concerns, after U.S. President Donald Trump proposed:
- Up to 200% tariffs on pharmaceuticals
- 50% tariffs on copper products
Copper futures briefly spiked over 17% before retreating slightly. Analysts note that while copper tariffs seem imminent, drug tariffs may take more time to materialize.
“Global markets are ignoring short-term noise and are waiting for clarity on the tariff front,” said Vikram Kasat, Head-Advisory at PL Capital.
Sectoral Highlights: IT and Banks Under Pressure
- Nifty Bank fell 196.25 points or 0.34% to 57,060.05
- Nifty Midcap 100 gained 72 points or 0.12% to 59,487.45
- Nifty Smallcap 100 added 84.55 points or 0.45% to 18,979.75
Top Losers on Sensex:
- HCL Tech
- Infosys
- Tata Steel
- L&T
- ICICI Bank
- Tata Motors
Top Gainers:
- Hindustan Unilever
- Bajaj Finance
- Maruti Suzuki
- NTPC
- Power Grid
FIIs Sell, DIIs Continue Buying
On July 8, Foreign Institutional Investors (FIIs) sold equities worth ₹26.12 crore, while Domestic Institutional Investors (DIIs) were net buyers with ₹1,366.82 crore worth of equities.
Global Market Overview
- Bangkok and Hong Kong were trading in red
- Japan, Seoul, China, and Jakarta were in green
On Wall Street:
- Dow Jones fell 165.60 points to 44,240.76
- S&P 500 dropped 4.46 points to 6,225.52
- Nasdaq rose 5.95 points to 20,418.46