Stock Market Today: Another Black Friday Risk Looms
Stock Market on Tuesday! (Image credit X.com)
Global Cues Turn Sharply Negative Tracking Trump Tariff Flip Flop
By S Jha
New Delhi, March 7: The stock market may come under a spell of selloff on Friday. The global cues turned sharply negative. US President Donald Trump’s trade tariff is now wearing out investors.
Overnight, the US bourses went under heavy selling. The Dow Jones tumbled over 400 points. Nasdaq cracked in a big wat. Later Trump signed an Executive Order to officially create Bitcoin reserve. This move is also seen an equity negative signal.
Japan’s Nikkei is also trading with sharp losses on Friday. China’s Hang Sang is also trading lower. After two days of sharp gains, Chinese stock market is also trading lower.
Nifty rallied over 200 points in Thursday’s session. From the low of 21999, the 50-share index raced to 22555 in Thursday’s session. This marked swift gains of 550 points in short spell of time.
StockEdge in a post-market commentary on Wednesday had noted that 22500 may act as a resistance for Nifty. The 50-share index marginally closed above the resistance on Thursday. But negative global cues may bring pressure on Nifty on Friday.
CNBC in a report said that “concerns mounted on Thursday afternoon after Treasury Secretary Scott Bessent argued in favor of tariffs”. Investors are questioning how far the White House would be willing to go in making compromises on the embattled policy over the long term, added the broadcaster.
“Investors appeared fatigued by the barrage of statements and changes to tariff policy in recent days,” said CNBC. The Trump administration is making several flip flops of tariffs, which left the investors panicking.
“Markets continue to take a sigh of relief as it traded positive for the third consecutive trading session, uplifting investor sentiments. At its weekly expiry, Nifty 50 was able to reclaim the key level of 22500, infusing in positivity,” said StockEdge in a post-market commentary, posted on its Telegram channel.
The Kolkata-based investors’ forum said that “up move was supported by strength in the overall markets with all the sectoral indices trading positive today”. But a sharp reversal may not be ruled out, for stock market has sharply seen selloffs on Fridays for unexplained reasons. Traders apparently don’t wish to carry positions over the weekend, fearing uncertain global events.
(Disclaimer: This article makes no recommendation for any kind of trades in the stock market)
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