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Domestic indices remain under pressure in late morning deals
Aug-08-2025

Domestic equity indices remained under pressure and were trading lower with cut of over half percent in late morning deals on account of hectic selling in Bharti Airtel, Axis Bank, Kotak Mahindra, Infosys and Reliance Industries companies’ stocks. Meanwhile, broader indices were also trading in red with BSE Small cap index and Mid cap index falling in the range of 0.30-0.80%. Sentiments were weak as Moody’s Ratings in its latest report has said that India's self-reliance ambitions under the Atmanirbhar Bharat mission may face serious challenges after US President Donald Trump signed an executive order imposing an additional 25% penalty tariff on Indian imports.

On the global front, Asian markets were trading mostly in red as uncertainty continues over US reciprocal tariffs. Back home, on the BSE sectoral front, traders were seen pilling up positions only in Oil & Gas and Energy, while selling was witnessed in Telecom, TECK, Metal, Realty and Basic Materials.

The BSE Sensex is currently trading at 80058.32, down by 564.94 points or 0.70% after trading in a range of 80011.31 and 80550.40. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.79%, while Small cap index down by 0.33%.

The only gaining sectoral indices on the BSE were Oil & Gas up by 0.56% and Energy up by 0.18%, while Telecom down by 1.44%, TECK down by 1.29%, Metal down by 1.17%, Realty down by 0.99% and Basic Materials down by 0.97% were the top losing indices on BSE.

The top gainers on the Sensex were Titan up by 1.55%, NTPC up by 1.21%, Tech Mahindra up by 0.36%, Bajaj Finance up by 0.23% and Bajaj Finserv up by 0.21%. On the flip side, Bharti Airtel down by 2.72%, Axis Bank down by 1.39%, Kotak Mahindra Bank down by 1.16%, Infosys down by 1.16% and Reliance Industries down by 1.12% were the top losers.

Meanwhile, Gem and Jewellery Export Promotion Council (GJEPC) has urged the government to bring in immediate policy reforms to support the industry, which is facing challenging times due to a steep 50% tariff imposed by the US on all Indian goods. GJEPC chairman Kirit Bhansali has said that the United States is the largest market for Indian gems and jewellery sector, accounting for over $10 billion in exports, nearly 30 per cent of the industry's total global trade. He said US President Donald Trump's announcement of a sweeping 50 per cent tariff on all Indian goods is a deeply concerning development and the move will have far-reaching repercussions across India's economy, disrupting critical supply chains, stalling exports, and threatening thousands of livelihoods.  

GJEPC chairman stated that the Indian gem and jewellery sector, in particular, stands to be severely impacted and a blanket tariff of this magnitude is severely devastating for the sector. He further said, currently there is significant reliance on the US market, as 85 per cent of exports from SEEPZ SEZ, which provides 50,000 jobs, is directed there. For cut and polished diamonds, half of India's exports are US-bound and with the revised tariff hike, the entire industry may come to a standstill, placing immense pressure on every part of the value chain, from small karigars to large manufacturers. 

He said what adds to the concern is that competing manufacturing hubs such as Turkey, Vietnam and Thailand continue to enjoy significantly lower tariffs of 15 per cent, 20 per cent and 19 per cent, respectively, making Indian products relatively less competitive in the US market. He said 'this imbalance, if unaddressed, could erode India's long-standing position as a key supplier to the US. We are also concerned about the possibility of trade rerouting through low-tariff destinations such as Mexico, Canada, Turkey, UAE, or Oman, undermining the spirit of legitimate trade and impacting transparency.'

The CNX Nifty is currently trading at 24433.45, down by 162.70 points or 0.66% after trading in a range of 24408.30 and 24585.50. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Titan up by 1.51%, NTPC up by 1.14%, Tech Mahindra up by 0.65%, Coal India up by 0.29% and HDFC Life Insurance up by 0.28%. On the flip side, Adani Enterprises down by 2.71%, Bharti Airtel down by 2.70%, Shriram Finance down by 1.78%, Indusind Bank down by 1.61% and Axis Bank down by 1.39% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 310.63 points or 1.25 to 24,771.00, Straits Times fell 26.84 points or 0.63 to 4,231.31, Shanghai Composite weakened 6.1 points or 0.17 to 3,633.57 and KOSPI dropped 26.28 points or 0.82 to 3,201.40. However, Nikkei 225 surged 728.85 points or 1.74 to 41,788.00, Taiwan Weighted added 17.49 points or 0.07 to 24,021.26 and Jakarta Composite gained 58.54 points or 0.78 to 7,548.72.
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