Stock Market Alert: Sensex Opens Flat Post Trump Tariff Remark To India; Will Nifty Hold On To 24,500 Today?

Stock Market Alert: Nifty and Sensex opened on a dull note on Tuesday, August 5. The weak stock market opening today has come against the backdrop of investors' apprehension about United States President Donald Trump's latest remark on tariffs on Indian imports.

Nifty 50 opened mostly unchanged at 24,720 points on Tuesday, whereas BSE Sensex was down 72 points and opened at 80,946 points. Nifty Bank also opened lower at 55,545 points. The reversal in stock market momentum on Tuesday came hours after Donald Trump threatened India with more tariffs.

"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," read a social media post by Trump on Monday.

Stock Market Opening Today

Nifty and Sensex opened marginally lower on Tuesday, with Nifty 50 falling 50 more points and Sensex falling around 320 points in the first fifteen minutes of the stock market opening.

The advance to decline ratio raised hopes of a reversal in trend later in the day. Nearly 1,836 stocks were advancing against 1,110 stocks declining on Tuesday at 9:40 am on BSE.

Nearly all the broadmarket indices on NSE were trading in red with some green shoots visible in the microcap and small cap sector. India Vix was up around 0.6%, indicating surge in stock market volatility during the trading session.

Top Gainers, Top Losers Of The Day

IndusInd Bank, Grasim, Axius Bank, Jio Financial Share Price, Ultratech Cement Company, etc were among the top gainers on Nifty 50. Whereas, BEL, Adani Ports, HDFC Bank, Infosys, Adani Enterprises, Reliance, etc were among the top laggards on Nifty 50 during opening session.

Will Nifty Hold 24,500 Mark?

Nifty 50 has declined significantly over the past few trading sessions because of tariff uncertainty. This has further raised the risk for the benchmark index to dip further.

After a flat opening, Nifty 50 is likely to see a range bound movement and will have an immediate support at 24,640 points, according to Nirmal Bang's Nifty Technical Outlook for Tuesday.

"On technical grounds, Nifty has an immediate Support at 24640. If Nifty closes below that, further downside can be expected towards 24570-24500 mark. On the flip side 24800-24870 will act as strong resistance levels. Action: Nifty has an immediate Support at 24640 and on a decisive close below expect a fall to 24570-24500 levels," the brokerage added in its report.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.