Stock Market Alert: Nifty, Sensex Make a Jittery Start Amid Tariff Threat; Will RBI MPC Boost Market Mood?

Stock Market Update: Nifty and Sensex opened on a cautious note on Wednesday, August 6, as the investors remained apprehensive about the US President Donald Trump-led tariffs on Indian imports. Meanwhile, all eyes will be on the Reserve Bank of India's monetary policy committee (MPC) meeting and repo rate decision, set to be announced on Wednesday.

Nifty 50 opened 8.2 points lower at 24,641 points, whereas Sensex started with a 15-point loss at 80,695 points.

Bank sector stocks, including AU Bank, HDFC Bank, etc, remained under pressure during the stock market opening, but regained momentum in the first fifteen minutes of the opening.

Stock Market Opening

While Nifty and Sensex opened lower on Wednesday, but made some recovery by 9:30 am. Nearly all the broad market indices remained in red. Bullish sentiment prevailed in certain sectoral indices like Nifty Financial Services, Nifty Media, Nifty PSU Bank, Nifty Private Bank, etc.

Top Gainers, Top Losers

Adani Ports, SBI Life, JSW Steel, Shriram Finance, Trent, HDFC Life, etc were among the top Nifty 50 gainers on Wednesday's stock market opening. Whereas, Sun Pharma, Infosys, Dr Reddy's, Wipro, Eternal, Hero MotoCorp, etc, were among the top laggards on Nifty 50 today.

On BSE, nearly 74 stocks had touched upper circuit and 51 stocks had dipped to lower circuit. The overall market sentiment appeared to be grim because of lower advance to decline ratio. Nearly 1,315 stocks were advancing, whereas, 1,604 stocks were declining on BSE at 9:40 am.

The stock market is likely to react on the RBI MPC repo rate decision set to be announced by 10 am today. Investor focus will remain sharply on the RBI's monetary policy decision. The central bank's commentary on inflation, growth, and liquidity outlook could drive the next market move. Additionally, foreign portfolio outflows have weighed heavily on sentiment in recent sessions and will remain a key factor.

Wil Nifty 50 Retain Its 24,500 Mark?

" Nifty is expected to open on a flattish note and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate Support at 24570. If Nifty closes below that, further downside can be expected towards 24500-24440 mark. On the flip side 24740-24800 will act as strong resistance levels. Action: Nifty has an immediate Support at 24570 and on a decisive close below expect a fall to 24500-24440 levels," noted Nirmal Bang in its report.

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