Mumbai, Aug 1 (IANS) The Indian stock market settled in negative territory on Friday after US President Donald Trump announced 25 per cent tariffs on imports from the country.

Sensex settled at 80,599.91, down 585.67 points or 0.72 per cent. The 30-share index started the session in negative territory at 81,074.41 against last session’s closing of 81.185.58, following the tariff threat by US. The index further extended the falling momentum amid overall selling pressure-especially in Pharma and IT sector. The index touched intra-day low at 80,495.57.

Nifty closed at 24,565.35, down 203 points or 0.82 per cent.

Tata Steel, Maruti Suzuki, Infosys, Tata Motors, Tech Mahindra, Bharti Airtel, BEL, Bajaj FinServ, ICICI Bank, HCL tech, Mahindra and Mahindra, and TCS were the top losers from the Sensex basket. While Trent, Asian Paints, Hindustan Unilever, ITC were settled in green.

Majority of sectoral indices closed in negative territory led by Nifty Pharma (down 759 points or 3.33 per cent). Nifty Auto fell 244.90 points or 1.04 per cent, Nifty IT ended the session 652 points or 1.85 per cent down and Nifty Bank closed 344.35 points or 0.62 per cent down. Nifty FMCG closed in green, up 384 points.

The broader indices followed the suit as well with Nifty Midcap 100 falling 763 points or 1.33 per cent, Nifty Small cap 100 slipped 298 points or 1.66 per cent and Nifty 100 ended the session 230 points or 0.91 per cent lower.

According to analysts, markets began the August series on a negative note, extending the prevailing corrective trend, and ended lower by over half a percent.

On the sectoral front, pharma, metal, and IT were among the top losers. The broader indices also witnessed sharp cuts, each losing nearly 1.5 per cent, resulting in a significant decline in market breadth.

“Markets continue to grapple with a mixed earnings season, while the recent tariff announcement and persistent foreign fund outflows are further weighing on sentiment. Nifty is now approaching its next crucial support at 24,450; a breach of this level could trigger a retest of the long-term moving average, the 200-day EMA, near 24,180,” said Ajit Mishra–SVP, Research, Religare Broking Ltd.

According to Rupak De from LKP Securities, a further decline is likely if it slips below 24,400; otherwise, a recovery can be expected. On the higher side, resistance is seen at 24,600–24,650 and 24,850.

–IANS

aps/na