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HinduBusinessLine
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Sensex, Nifty slide as trade tensions mount; GDP growth beats expectations at 7.4%
- The Sensex and Nifty declined, driven by escalating trade tensions and President Trump's steel tariff announcement, with Nifty ending 0.41% lower and Sensex down 270 points for the week.
- Individual stock movements saw Apollo Hospitals and Hindustan Unilever as top gainers while HDFC Bank and Reliance Industries were among the top losers.
- Bank Nifty offered support with a 0.63% gain, led by SBI's surge, while the PSU Bank index outperformed gaining over 4%.
- India's fourth-quarter GDP growth exceeded expectations at 7.4%, attributing the growth to higher government spending, robust industrial activity, and stability amidst tariff wars.
- Manufacturing, construction, and financial services sectors drove the strong GDP performance, with Private Final Consumption Expenditure increasing by 7.2% in FY25.
- Technical analysts caution on market volatility, with key support for Nifty at 24,363 and resistance at 25,116.
- August Brent oil futures rose amidst global tensions, while gold faced pressure from a stronger dollar reflecting uncertainties.
- Sector performance in May saw IT, Metal, Media, and Energy outperforming, with expectations of RBI's rate decision to support economic growth.
- Despite global headwinds, analysts are optimistic about India's long-term prospects, citing the country's stable economic outlook and robust domestic demand.
- Market participants anticipate continued foreign investments in India despite geopolitical concerns, with the Indian economy showing resilience.
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