Nifty, Sensex down under Tariffs pressure on Friday opening; media and metal shares shine others in red

New Delhi [India], August 8 (ANI): Persistent tariff pressure and continued selling by foreign portfolio investors (FPIs) dented investor sentiment on Friday, with both benchmark indices opening lower.

The Nifty 50 index opened at 24,544.25, down by 51.90 points or 0.21 per cent, while the BSE Sensex started the day at 80,483.56, registering a marginal dip of 139.70 points or 0.17 per cent.

Market experts noted that investors are cautious and expect sideways movement in the near term as they await clarity on the impact of the new tariffs.

Ajay Bagga, Banking and Market Expert, told ANI, Expect sideways markets as some big announcements could come over the next three days. Geopolitical factors are dominating with trade wars unleashed with the new set of tariffs levied on most countries. The US Treasury Secretary hinted on secondary tariffs on China being imminent for buying Russian crude oil. While there was slight optimism in the morning when news broke of a possible Trump-Putin summit in a few days time, by the end of the day talk was back on more sanctions on Russia post the deadline of August 8th.

He added, Extended US markets are treading water, waiting for clarity on the trade tariffs, Russia-Ukraine ceasefire, and Federal Reserve appointments. Fed Governor Christopher Waller is tipped to be a favourite to be nominated to succeed Fed Chair Powell next year.

In the broader market on the NSE, the Nifty 100 fell by 0.16 per cent. However, mid- and small-cap indices showed resilience, with the Nifty Midcap 100 gaining 0.28 per cent and the Nifty Smallcap 100 rising 0.11 per cent.

Among sectoral indices, only Nifty Media, Nifty FMCG, and Nifty Auto opened in the green, while other major sectors remained under pressure. Nifty IT lost 0.36 per cent, Nifty Pharma was down by 0.24 per cent, Nifty PSU Bank slipped 0.07 per cent, and Nifty Realty declined 0.08 per cent.

On the corporate front, several major companies are set to announce their first-quarter results today, including State Bank of India, Tata Motors, Grasim Industries, Siemens, Info Edge India, Voltas, Cholamandalam Financial Holdings, Jubilant Agri and Consumer Products, Garden Reach Shipbuilders & Engineers, Wockhardt, KIOCL, and PTC Industries.

In other Asian markets, the trend was mixed. Japan Nikkei 225 surged by more than 2 per cent, and Taiwan Weighted Index gained 0.22 per cent. In contrast, Singapore Straits Times fell by 0.5 per cent, Hong Kong Hang Seng index dropped 0.98 per cent, and South Korea KOSPI index was down 0.5 per cent at the time of filing this report. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.