Stock Market Live: Sensex ends 296 pts lower, Nifty at 24,768; RIL, Tata Steel, Sun Pharma, NTPC, Adani Ports lead fall

Sensex, Nifty set to open sharply lower 

Indian benchmark indices, BSE Sensex and NSE Nifty, are poised for a weak opening on Thursday after U.S. President Donald Trump imposed a 25% tariff and penalty on Indian exports. At 8:15 AM, the GIFT Nifty index was trading 174 points, or 0.7%, lower at 24,680, indicating a sharp gap-down opening for the Indian share market.

The tariff will have little impact on India’s H2 FY26E earnings recovery trajectory, as high-weightage sectors such as financials, consumption, and technology are unaffected, Emkay Global said in a report. “There may be a short-term selloff as the markets are already fragile with weak earnings momentum (1QFY26 numbers are tepid) and little valuation comfort, with most indices trading at LTA+ PER,” it said.

The main sectors that may get affected are textiles, auto ancillaries, chemicals and, possibly, oil market companies (OMCs), if Russian crude imports are stopped.

The BSE Sensex and NSE Nifty plunged up to 1% in pre-opening trading on Thursday as sentiment was dented after U.S. President Donald Trump slapped a 25% tariff and penalty on Indian exports.

On Wednesday, Donald Trump said India would pay a tariff of 25% and a "penalty" for indulging in business with Russia. Trump's statement comes as the two countries failed to reach an agreement on bilateral trade, despite five rounds of talks, though talks are still on.

Tracking mixed cues from U.S. stocks, Asian markets witnessed selling pressure on Thursday as caution prevailed ahead of the August 1 tariff deadline. Investors also digested the U.S. Federal Reserve’s latest policy decision and kept a close watch on ongoing trade negotiations between the U.S. and China.

Hong Kong’s Hang Seng was the worst performer in the region with a 1.6% loss, followed by China’s Shanghai Composite, which plunged 1%. Among others, Singapore’s Straits Times, Australia’s ASX 200 declined 0.6% and 0.2%, respectively.

On the other hand, Japan’s Nikkei 225 was up 0.9%, Taiwan’s Weighted Index added 0.3%, while South Korea’s Kospi was trading marginally lower.

Indian share market opened sharply lower on Thursday after U.S. President Donald Trump imposed a 25% tariff and penalty on Indian exports, with benchmark indices BSE Sensex and NSE Nifty falling up to 0.8% each.

At the time of reporting, the 30-share Sensex was at 80,870.38, down 612 points or 0.75%, and the Nifty50 slipped 183 points, or 0.73%, to 24,668.

The 25 % tariff on India plus an unspecified penalty for energy and defence-related purchases from Russia is very bad news for Indian exports and thereby on the growth prospects of the Indian economy in the short run. Since trade negotiations with India are continuing, perhaps, the 25 % tariff may come down eventually, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

But certainly, there is a short-term hit to Indian exports and GDP growth. This short-term hit will reflect in the stock market, too, in the short-term, he said.

"From the investor perspective it is important to understand that the 25 % tariff will come down after the negotiations which start in mid-August. The 25% tariff imposed on India is far higher than the rates reached in trade deals with other countries. This is the typical Trumpian strategy to get better deals from India in other areas  and finally settle at a tariff rate around 20 % or less."

He said that the Nifty is unlikely to go below the support level of 24500. Investors can buy the dip focusing on domestic consumption themes, particularly segments like leading private sector banking names, telecom, capital goods, cement, hotels and select autos which have done well in Q1.

According to SBI Securities, India's annual export to US is worth ($85-90 billion; 2.0% of GDP). Hypothetically, assuming 50% of the exports are likely impacted then the impact can be to the tune of approx $40 bn, which is 1% of GDP. At the same time, some products will also find way to new markets and hence total impact can be hardly to the tune of 0.5% of GDP, that too if the exports are impacted for full year.

Here are key sectors and stocks that are likely to face pressure amid tariff imposition:

Textiles

(Exposure in North America as a % of FY24 revenue)

1. Gokaldas Exports: ~80% of revenue generated from North America market.

2. Kitex Garment: Around 70% of revenue from US market.

2. Welspun Living: 60-65% revenue from US market. Leading exporter of home textiles to U.S. mass-market retailers like Walmart, Costco.

3. KPR Mill: Exports to North America account for ~21% of total exports.

4. Vardhman Textiles: 30-35%/40-45% of total Yarn/Fabric exports to the US

5. Indo Count Industries: Among top three U.S. bed-linen suppliers; ~97.5% export revenue, largely to the U.S.

 Pharma

 (Exposure in North America as a % of FY24 revenue)

 Kindly note, there is no clarity whether Pharma is also part of this tariff or its exempted. More clarity will emerge soon.

1. Natco Pharma : 68.0%

2. Dr Reddy’s: 48.6%

3. Aurobindo Pharma: 48.2%

4. Zydus Lifesciences: 44.4%

5. Biocon : 41.3%

6. Lupin : 35.5%

7. Sun Pharma : 32.1%

8. Cipla : 30.0%

9. Glenmark Pharmaceuticals : 26.2%

10. Ajanta Pharma : 23.2%

 Auto

1. M&M - Major chunk of Tractor exports to USA

2. Bharat Forge - 40% of total revenue from Americas. But company has 2 manufacturing facilities in USA

3. Balkrishna Industries - 15% of Tyre volumes

4. Ramkrishna Forgings- Significant order book from North America.

5. JK Tyres - Mexican subsidiary to be impacted. Exports significant volumes to USA from Mexico

6. Steel Strip Wheels 63% of total export volumes to USA

7. Samvardhan Motherson- Major supplier of components to USA

8. Garware Hi Tech Films: 45% of the revenue is from US

In addition, companies such as Sansera Engg, Alicon Castalloy, Happy Forging, CEAT, VST Tillers have orderbooks or foraging into the US market

 Cables & Solar panels:

1. RR Kabel: 7 to 8% of total revenue and 10% of export

2. ⁠Polycab: 2% of total revenue but 1/3rd of export sales

3. ⁠Waaree Energies: 17% of revenues. Also has plant in US so quickly they mitigate the tariff risks by ramping-up US manufacturing.

Gems and Jewellery/Others

Goldiam 90% revenue from USA

Pokarna 82%

Avanti 77%

Shares of Brigade Hotel Ventures made a weak debut on the domestic bourses on Thursday, listing at a 9% discount to the initial public offering (IPO) price.

Brigade Hotel shares opened at ₹82 on the BSE, down 8.9% from the issue price of ₹90, giving the company a market capitalisation of ₹3,114.71 crore. On the NSE, the stock opened at 9.89% lower at ₹81.10 per share.

India's largest FMCG company, HUL, announced its Q1 results for the current financial year. It's consolidated net profit surges 5.96% to ₹2,768 crore in Q1FY26. The total income rose by 5% year-on-year to ₹16,715 crore in Q1FY26. 

HUL shares rise 2% to ₹2,484.90 on the NSE after strong profit performance.

HUL leads the Nifty 50 after posting robust performance in its Q1FY2026 results. Following the lead, Jio Financial Services, and PowerGrid make it to the top three. Major losers that are dragging the scrip down are Adani Enterprises (-1.95%), Wipro (-1.60%), and Reliance Industries (-1.54%).

The Trump administration announced sanctions against “entities that have traded in Iran's petroleum”, which affect at least six India-based companies.

These companies are Alchemical Solutions, Global Industrial Chemicals, Jupiter Dye Chem, Persistent Petrochem, Kanchan Polymers, Persistent Petrochem.

Other companies that are affected by these sanctions are based in China, Indonesia, Turkiye, and the United Arab Emirates (UAE).

The markets rebounded sharply after opening in the red today. As of 12.50 PM today, the Nifty 50 index has recovered over 200 points, while the Sensex inched up close to 50 points after falling over 600 points earlier today.