Market Wrap, August 7: Indices recover from day’s low; NIFTY50 ends at 24,596, SENSEX rises 79 points; Hero MotoCorp jumps over 4%

The Indian stock market recovered from its day’s low in the last hour of trading and closed with marginal gains on Thursday, August 7, on reports of Russian President Vladimir Putin and Donald Trump meeting in the coming days.

Amid the anxiety over the new level of tariffs, the Kremlin said Thursday that a meeting between presidents Donald Trump and Vladimir Putin has been agreed in principle and will happen in the “coming days”.

Indian market sentiment was dented on Wednesday as US President Donald Trump slapped an additional 25% tariff on goods coming from India as a penalty for New Delhi's continued purchase of Russian oil. The move is likely to hit sectors such as textiles, marine and leather exports.

The 50-share index NIFTY50 closed at the 24,596.15 level, advancing 21.95 points, or 0.09%. During the intraday period, the index had hit an intraday low of 24,344.15 and a high of 24,634.20.

The broader market and the sectoral gauges witnessed a strong rebound at the end of the session.

According to exchange data, on Wednesday, the foreign institutional investors (FIIs) sold shares worth ₹4,999.10 crore, while the domestic institutional investors (DIIs) bought equities worth ₹6,794.28 crore on a net basis.

Globally, stocks in Asia traded higher, tracking the US markets as investors looked past President Donald Trump’s threat of a 100% tariff on chip exports.

Japan's Nikkei gained 0.56%, Hong Kong's Hang Seng was seen up 0.35%, South Korea's KOSPI rose 0.92%, and the Shanghai Composite settled 0.16% up on Thursday.

On Wall Street, stocks settled higher on Wednesday, led by a rally in the Nasdaq, as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge.

The Dow Jones Industrial Average surged 81.38 points, or 0.18%, to end at 44,193.12; the S&P 500 rose 45.87 points, or 0.73%, to 6,345.06; and the Nasdaq Composite jumped 252.87 points, or 1.21%, to end at 21,169.42.

As many as 3,062 stocks traded on the NSE on Thursday. Out of this, 1,424 advanced and 1,554 stocks declined, while 84 scrips remained unchanged.

This indicates that the market breadth was in favour of declines.

A total of 36 stocks hit their 52-week highs, while 101 stocks touched their one-year lows. Besides, 51 stocks hit their upper circuit limits, and 87 touched their lower circuit bands on Thursday.

NSE-listed firms' market capitalisation stood at ₹442.37 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 11.69 levels, falling 2.27%.

The Nifty Smallcap 100 index gained 0.17% to end at 17,692.65 levels, while the Nifty Midcap 100 index closed 0.33% up at 56,938.30 levels.

Except for Nifty Oil and Gas (-0.19%) and Nifty Realty (-0.13%), all the other sectors ended with gains.

Nifty Media (0.99%) gained the most, followed by Nifty IT (0.87%), Nifty Pharma (0.75%), Nifty Consumer Durables (0.39%) and Nifty PSU Bank (0.29%).

On the NIFTY50 index, 31 stocks advanced while 19 declined on Thursday.

Hero MotoCorp took the lead among gainers, rising 4.7%, followed by Tech Mahindra (1.99%), JSW Steel (1.94%), Eternal (1.46%) and Wipro (1.18%).

On the flip side, Adani Enterprises was the biggest losing stock, falling 2.36%. Adani Ports (-1.43%), Grasim (-0.86%), Hindustan Unilever (-0.77%) and Trent (-0.76%) were the other top losers on the 50-share index.