The Indian stock market witnessed a sharp intraday turnaround on August 7, with the Nifty 50 index recovering more than 100 points from its day’s low of 24,344 to trade just below 24,550. The index had earlier plunged below the 24,400 mark following heavy sell-off triggered by U.S. President Donald Trump’s fresh executive order doubling tariffs on Indian exports to 50%.
The Sensex too pared losses significantly and was down by just over 200 points after plunging over 600 points in early trade.
The broader markets outperformed, with the Nifty Midcap 100 index surging nearly 800 points from intraday lows to trade flat, reflecting strong buying interest. Sectorally, the Nifty Pharma index turned positive, recovering from earlier weakness due to fears of a 250% tariff on pharma exports.
Top gainers during the session included:
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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, Kirloskar Oil, GNFC, and PVR Inox were among the top volume buzzers in the Nifty 500 pack.
Investors are also keeping a close eye on key earnings lined up today from Titan, LIC, Biocon, GCPL, and HPCL. Despite global headwinds, the recovery in Indian markets highlights underlying strength, particularly in the mid and small-cap segments.
