Stock Market News: Sensex Sheds More Than 700 Points, Nifty Closes Below 25,000 Mark Amid Trade Tariff Imposition

The stock market ended lower on August 28 as the market reacted to the imposition of trade tariffs on Indian imports to the US. Sensex finished the session lower at 80,080.57, down by 705.97 points or 0.87 per cent, and the Nifty closed at 24,500.9, down by 211.15 points or 0.85 per cent. Notably, the market has extended declines for the second straight day on August 28.

Shriram Finance and HCL Technologies Lead Losers

Shares of Shriram Finance Ltd and HCL Technologies led the losers among the constituents of the Nifty 50 index, closing lower by 3.94 per cent and 2.85 per cent, respectively, on the NSE. Shares of Power Grid Corporation of India Ltd, Tata Consultancy Services Ltd and Tata Consumer Products Ltd finished the session lower by as much as 2.04 per cent. On the other hand, shares of Titan Ltd and Coal India Ltd bucked the trend to close higher by up to 1.06 per cent.

Nifty Bank and Nifty IT Finish Lower

The market saw broad-based selloffs on August 28. The Nifty Bank and Nifty IT indices declined the most, ending the session lower by 1.16 per cent and 1.25 per cent, respectively. On August 28, the Nifty SmallCap 100 and the Nifty MidCap 100 closed the session lower by 1.45 per cent and 1.27 per cent, respectively.

Global Markets on August 28

On August 28, Asian indices closed the session higher on August 28. The Nikkei 225 closed in the green up by 0.63 per cent, the KOSPI closed higher by 0.29 per cent, and the Shanghai Composite ended 1.13 per cent higher. However, the Hang Seng ended the session lower by 0.75 per cent. The US market indices finished the session. US market indices finished higher with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 finishing the session higher by 0.32 per cent, 0.21 per cent and 0.24 per cent, respectively.

Primary Market Action On August 28

Shares of Mangal Electrical Industries Ltd made their D-street debut on August 28. The public issue of Oval Projects Engineering Ltd also opened for subscription today. On the other hand NIS Management IPO and Globtier Infotech IPO closed for subscription.

Market Outlook

The share market is expected to factor in several developments in the upcoming sessions, such as announcements from the GST Council meeting and signals from the Reserve Bank of India regarding future interest rate adjustments.