BIZ DESK
Benchmark equity indices closed with modest gains today July 8, recovering sharply in the final half-hour of trade. For most of the session, markets remained range-bound amid investor caution over the awaited clarity on the US-India trade deal.
The BSE Sensex rose 270 points (0.32%) to settle at 83,713, while the NSE Nifty-50 added 61 points (0.24%) to close at 25,523.
In the broader BSE market, the Mid-Cap index ended flat and the Small-Cap index slipped over 0.1%. Market breadth was negative, with 2,081 declining stocks versus 1,948 advancing and 138 unchanged.
Within the Sensex basket, 18 of 30 stocks advanced. Kotak Bank led the gains with a 3.6% surge, followed by Eternal (up 1.9%) and Asian Paints (up 1.7%). On the downside, Titan tumbled 6.1%, Trent lost 1.1%, and Axis Bank declined 0.8%.
Among sectoral indices on the BSE, 14 out of 21 ended in the green. Realty led with a 1% gain, followed by Bankex and Power, both up 0.7%. On the flip side, Consumer Durables fell 1.7%, Healthcare slipped 0.8%, and Telecom shed 0.5%.
At the NSE, 56 stocks touched 52-week highs, while 40 hit their 52-week lows, reflecting a cautious yet selectively positive sentiment across the board.
Latest Developments on US-India Trade Deal:
The ongoing discussions surrounding a US-India trade deal continue to influence market sentiment. US President Donald Trump stated on Monday that the US is “close to signing a trade deal” with India. This comes after he announced new reciprocal tariffs (25% to 40%) on 14 countries, primarily ASEAN nations, but notably, India was not on this initial list.
Reports suggest that India has offered substantial market access to US products in most sectors, while the US is expected to offer lower tariffs on labor-intensive Indian sectors like textiles and footwear. The US has also extended the suspension of reciprocal tariffs until August 1, providing more time for negotiations. While an interim trade deal is widely anticipated, a formal confirmation is still awaited, keeping investors cautious.
