Indian equities staged a dramatic rebound by early afternoon, weathering Trump’s surprise tariff move and tracking a global market rally. Investors digested sectoral swings, commodity price surges, and sharp currency and crypto movements as July wrapped with high volatility.
Indian Stock Market Pulse
Sensex and Nifty, after opening sharply lower on Donald Trump’s fresh 25% tariff on Indian exports, made a determined recovery by 2 PM IST. Nifty climbed above 24,900, erasing a more than 200-point morning drop. Sensex, down over 600 points at open, swung back to stand over 200 points higher intraday. However, the broader indices stayed pressured, with Nifty Midcap lower by about 0.46% and Smallcap down 0.29%.
Sectoral Moves and Stock Action
FMCG and financials led the bounce: Hindustan Unilever and Jio Financial Services featured among top gainers after robust earnings. The Nifty FMCG index outperformed, boosted by strong numbers and defensive buying.
Energy stocks, including Reliance Industries, lagged, reflecting apprehensions around tariffs and commodity market swings.
Ambuja Cement surged after reporting a 50.8% year-on-year profit jump in its Q1, while TVS Motors spiked past 1.8% on a nearly 35% rise in net profit.
Adani Enterprises, Asian Paints, and Reliance slipped more than 1% each. Meanwhile, volume action was centered in names like HEG, Kaynes Technology, Zen Tech, and Navin Fluorine.
Banking stocks turned positive by midday, with the Nifty Bank index rebounding over 600 points from session lows.
International Stock Market Overview
US indices rallied on tech earnings. In pre-market trading, S&P 500 futures gained 1.1% and Nasdaq 100 rose 1.5% thanks to upbeat results from Meta and Microsoft, which both pledged large investments in AI. The Dow Jones futures edged up 0.4%.
European benchmarks such as the Stoxx 600 rose 0.5%, led by Shell and Rolls-Royce after strong earnings.
Asian markets underperformed, with the MSCI Asia Pacific Index slipping 0.4% as traders reacted to US tariffs and growth concerns.
Trade deal fatigue showed globally—Trump’s tariff actions no longer triggered sharp selloffs, and markets shrugged off new US-South Korea import duties.
Gold, Silver, and Commodities
Gold prices in India rallied again, with 24-carat gold quoted above 98,400 rupees per 10 grams nationally and even topping ₹101,600/10g in premium city markets like Delhi. Robust safe-haven demand and rupee weakness contributed to the surge.
Silver traded at ₹117,100/kg nationally, though international markets saw a slight dip to $36.97/oz. Both metals have delivered over 2–3% gains this month.
Crude oil prices edged up to 70.07 USD/bbl (Brent near 72.38 USD/bbl), continuing a monthly move higher, reflecting tight supplies and ongoing geopolitical risk.
The rupee weakened versus the US dollar, trading near 87.64/USD. The greenback’s global retreat was limited by Fed comments, while emerging market currencies adjusted to US policy and trade uncertainties.
Cryptocurrency Market Snapshot
Bitcoin traded at $118,445, registering modest 24-hour gains amid strong volumes. In rupee terms, BTC topped ₹1.02 crore on Indian exchanges.
The global crypto market cap edged up to $3.89 trillion, with altcoins posting mixed results. Ethereum was last seen around $3,863, while trading activity and news flow kept volatility high.
Market sentiment gauged by the Crypto Fear & Greed Index remained solidly positive, though notable swings in tokens like Pump.fun (+17%) and TRON (–4%) made headlines.
Currency Moves
The US dollar index steadied after a short-lived dip. The euro rose to $1.1441, while the British pound traded at $1.3252. Yen held near 149.5 to the dollar even as the Bank of Japan stood pat on policy.
The rupee slipped in the wake of Trump’s tariff move and mixed global signals but managed to largely avoid a sharper selloff seen in other emerging market peers.
Conclusion
July’s final trading day exemplifies the new normal: surges and slumps can flip on a dime amid competing global headlines. Indian equities showed impressive resilience, global markets stayed risk-on (for now), and commodities pivoted on safe-haven flows. Investors should brace for more choppiness as policy, profits, and politics intersect.
Source Names: CNBC TV18, NDTV Profit, Elite Wealth, NewsOnAir, Bloomberg, Reuters, Punjab Kesari, Trading Economics, Gold Price India, MoneyControl, ABP Live, Business Standard, The Hindu Business Line
