Nifty 50, Stock Market Today Live Updates: Sensex Crashes 650 Points After Trump’s Tariff Punch!

Sensex | Stock Market Today Live: US President Donald Trump announced on Wednesday evening that the US will impose 25% tariffs on goods imported from India “plus an unspecified penalty” for buying Russian oil and weapons. Trump, who said that India was a “friend” whose “tariffs are far too high,” posted this announcement on his Truth Social platform, saying that the measures would take effect from 1 August, the deadline for the India-US trade deal. The US president also hit out at India for purchasing Russian military equipment and energy “when everyone wants Russia to STOP THE KILLING IN UKRAINE”.

India Response to US Tariff:
India has issued a calculated response to the Trump announcement, saying, “The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs.” “The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK,” the statement said.

What are Tariffs?
Tariffs are taxes charged on goods imported from other countries. Trump has on several occasions targetted India over “high tariffs,” calling it a “tariff king.” The two nations have been negotiating over the India-US deal since April this year.

Stock To Watch Today Live
The Nifty is poised for a volatile monthly expiry session today, overshadowed by US President Donald Trump’s announcement of a 25% tariff on Indian goods from August 1, alongside an unspecified penalty for purchases from Russia, which is expected to significantly impact export-oriented sectors like Textiles, Pharma, Auto Components, and Shrimp. Despite two consecutive days of gains, the Nifty has struggled to breach the 24,900 mark and faces the risk of its first negative F&O series in five months unless it closes above 25,244 today. Compounding the market dynamics, major Nifty companies including Hindustan Unilever, Coal India, Sun Pharma, Maruti Suzuki India, and Eicher Motors are scheduled to announce their quarterly results, while M&M and Kaynes Tech will also see earnings reactions, and Jio Financial Services may respond to recent fundraising news.

Nilesh Shah, MD, Kotak Mahindra AMC, said that markets will react negatively to the imposition of tariff on India. Despite the unpredictable policy making of the US, market was expecting a tariff deal to work out as longer term US India strategic interests are aligned.

Cues This Morning:

1. Nifty closed above the 24,800 mark, advancing for the 2nd consecutive session, mainly led by L&T and Sun Pharma
2. Nifty Smallcap and Midcap indices underperformed the Nifty 50 index
3. Nifty IT was the top sectoral gainer, advancing for the 2nd consecutive session, led by Coforge and LTIM
4. Nifty FMCG advanced for the 3rd consecutive session, mainly led by Britannia and Varun Beverages
5. Nifty Realty was the top sectoral loser, down 1%, dragged by Brigade Enterprises and DLF
6. Nifty PSU Bank, Auto, and Metal indices closed in the red
7. Nifty Bank closed in the red, below 56,200, mainly dragged by Canara Bank and IDFC First Bank
8. Indian Rupee will be in focus as the dollar/rupee pair was up 0.9 per cent to 88 in offshore trading, after the tariff announcement.
9. GIFT Nifty Down by 190 today