Stock Market Alert: Nifty, Sensex In Red Amid Trump’s 50% Tariff Tensions; Will Nifty Sustain 24,000 Mark?

Stock Market Alert: Nifty, Sensex opened on a weak note on Friday, August 8, as investors navigate the developments post announcement of 50% US tariffs on Indian imports by President Donald Trump.

Nifty 50 opened 51 points lower at Rs 24,544 points, whereas Sensex opened around 145 points lower at 80, 478. Within fifteen minutes after flat stock market opening, both the benchmark indices crashed nearly 0.3%. Nifty 50 was down around 65 points at 24,528, whereas Sensex was down around 300 points at 80,322 points.

Nifty Bank was down around 0.26% points 55,377 points. Nearly all the broad market indices were in red including Nifty Mid Cap, Small Cap.

Will Nifty 50 Retain 24,000 Mark?

"Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate Support at 24500. If Nifty closes below that, further downside can be expected towards 24440-24370 mark. On the flip side 24670-24740 will act as strong resistance levels," noted Nirmal Bang in its report.

Indian stock market's weak opening today reflects an overall weaker sentiment prevailing across the global stock market indices. The stock market experienced mixed results recently, with some indices showing gains while others recorded losses. The S&P 500 fell slightly by 0.08%, closing at 6,340.00. Meanwhile, the Dow Jones Industrial Average dropped by 0.51%, ending at 43,968.64. In contrast, the NASDAQ Composite rose by 0.35%, reaching 21,242.70.

European markets displayed a positive trend overall. The DAX index in Germany increased by 1.12%, closing at 24,192.50, while France's CAC 40 gained 0.97% to finish at 7,709.32. Additionally, the EURO STOXX 50 Index saw a rise of 1.31%, ending at 5,332.07.

Asian Markets and Currency Indices

In Asia, the Nikkei 225 in Japan surged by 2.33%, reaching a value of 42,017.80. However, the Hang Seng Index in Hong Kong decreased by 0.66%, closing at 24,916.15. The KOSPI Composite Index in South Korea also saw a decline of 0.59%, finishing at 3,208.57.

The currency indices showed varied movements as well; the US Dollar Index decreased by 0.29% to stand at 98.12, while the British Pound Currency Index rose by 0.65% to reach 134.44.

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