The Indian stock market witnessed a strong intraday rebound on August 7, with the Nifty 50 index recovering more than 250 points from the day’s low of 24,344.15 to trade at 24,597.90—up 7.70 points or 0.031% by 3:05 PM. The recovery came despite early weakness triggered by U.S. President Donald Trump’s executive order doubling tariffs on Indian exports to 50%.
The Sensex also pared losses sharply, down just over 200 points after plunging more than 600 points in early trade. Broader indices outperformed, with the Nifty Midcap 100 surging nearly 800 points from intraday lows to trade flat.
What fueled the recovery?
Traders pointed to a sharp improvement in sentiment led by a Put-Call Ratio (PCR) of 0.7, indicating excessive pessimism and likely short covering. Additionally, visible call writing and the presence of built-up shorts in the system suggested the market was ripe for a reversal. India VIX also cooled during the session, easing volatility fears and encouraging long positions.
Top gainers of the session:
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Mahindra Logistics Rights: ₹31.15 ▲ ₹4.24 (▲15.76%)
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Diligent Media Corp: ₹5.67 ▲ ₹0.78 (▲15.95%)
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Lincoln Pharmaceuticals: ₹605.55 ▲ ₹74.40 (▲14.01%)
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BLB Ltd: ₹16.98 ▲ ₹1.98 (▲13.20%)
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Shakti Pumps: ₹888.70 ▲ ₹101.55 (▲12.90%)
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Izmo Ltd: ₹406.00 ▲ ₹46.00 (▲12.78%)
Stocks like ITI, Eternal, GNFC, Kirloskar Oil Engines, and PVR Inox also saw strong volumes, reflecting aggressive participation.
Investors are closely watching upcoming Q1 earnings from Titan, LIC, Biocon, HPCL, and Godrej Consumer Products. Despite global headwinds, the sharp bounce in Indian equities signals underlying strength, especially in the mid and small-cap space.
