Indian stock markets remained mostly flat as gains in consumer stocks like Godrej Consumer Products offset broader market losses. The ongoing uncertainty over the U.S. tariff stance under President Trump continues to weigh on investor sentiment, particularly with India being part of the BRICS bloc.
Indian equities traded largely flat on July 8, as modest gains in consumer stocks helped cushion broader market losses amid growing global trade uncertainty.
The Nifty 50 slipped 0.1% to 25,436.9 points and the BSE Sensex dipped 0.09% to 83,351.23 in early trading. Broader indices, including mid- and small-cap segments, also remained subdued.
Consumer stocks provided some support, rising 1.2% overall, led by Godrej Consumer Products Ltd, which surged 5% after the company projected double-digit revenue growth for the June quarter.
Meanwhile, investor sentiment remained cautious due to fresh trade signals from the United States. President Donald Trump announced that new trade agreements are nearing finalization and warned of higher tariffs to be formally notified by July 9, with implementation set for August 1.
Trump further cautioned that countries aligning with the “anti-American policies” of BRICS would face an additional 10% tariff, a move that impacts India, which is a BRICS member alongside Brazil, Russia, China, and South Africa.
Dadheech added that after a 15% rally since March, further market movement will hinge on both global trade resolutions and corporate earnings from the June quarter.
In other stock-specific news, Dhanlaxmi Bank climbed 3.4% after reporting a 15.8% increase in total business during the June quarter.
Shilpa Medicare rose 2% following a positive inspection outcome by the Brazilian health regulator, which found no major issues at one of its manufacturing facilities.
Both the Nifty and Sensex currently remain about 3% below their record highs reached on September 27, 2024, with market players now eyeing tariff developments and earnings reports for the next major directional cues.
