The week started well. On Monday, Nifty increased by 142 points and closed at 25,713. Sensex closed at 83,295, up 480 points. In the sectoral index, the maximum gains were seen in Auto, Pharma, PSU Bank and FMCG. Meanwhile, IT, metal, realty and consumer durables witnessed the biggest decline.
Sensex closed at 83,295, up 480 points. Of the top 30 stocks, 19 closed in the green and 11 in the red. Adani Ports, Kotak Mahindra Bank and UltraTech Cement were the top gainers on the Sensex, rising up to 2.82%. Meanwhile, Infosys, Tech Mahindra and Trent were the top losers, with Infosys registering the biggest decline of -2.42%.
Where did the market grow?
Vinod Nair, Research Head, Geojit Investments Limited, said that the Indian market has taken the US Supreme Court’s decision on Trump’s tariffs positively. IT stocks are under pressure as the challenges and difficulties related to AI are still not clear. Investors are focusing on domestic themes like banking, power and FMCG. These sectors are currently looking attractive due to economic recovery and stable demand.
How did the market open this morning?
The week started off strong. On Monday, Nifty opened 107 points higher at 25,678, while Sensex opened 92 points higher at 82,906. Rupee today opened 18 paise higher at 90.76 against the dollar.
Nifty traded in the range of 512 points
Last week there was a lot of ups and downs in the stock market. Nifty traded in a range of 512 points throughout the week and finally closed at 25,571, up 0.4% on a weekly basis. Note that on Friday, a huge gain of 117 points was recorded in Nifty. The midcap index gained 0.3%, while the smallcap index declined -0.3%.
Who were the top gainers and losers on Nifty?
Talking about sectoral indices, Power and Public Sector indices were the biggest gainers, rising up to 2.5%, while IT, Auto and Realty indices closed in the red. BSE IT index declined by -1.7%. L&T and HDFC Life were the top gainers on the Nifty, rising up to 5%. Eternal and Tech Mahindra were the top losers on the Nifty, falling up to -5.7%.
Trump’s tariff drama over the weekend
On Friday, the US Supreme Court ruled against Trump.
The court ruled that Trump had no authority to impose retaliatory tariffs.
Because of this, all existing tariffs imposed by Trump became illegal.
Immediately after the US court’s decision, Trump made a new announcement. Announced imposition of 10% tariff on all countries for the next 150 days.
On Saturday, Trump increased the new 10% tariffs to 15%.
The 15% tariff is expected to come into effect from February 24.
Trump imposed 15% tariff using the authority given under Section 122.
In case of a sudden trade deficit or economic crisis, the President has the authority to impose tariffs under Section 122.
This section gives the US Congress the authority to impose a maximum tariff of 15%.
It should be approved by the US Congress within the next 150 days.
Resistance is in the range of 25850-25900
SBI Securities said that there is high volatility in the market but there is a lack of direction. The market is expected to trade in a sideways pattern soon. Important support for Nifty is at 25400-25350. Resistance remains in the range of 25850-25900. Devarsh Vakil, Head of Prime Research at HDFC Securities, said that the immediate support for Nifty is at 25372, and resistance will soon be seen at 25885.