New Delhi, July 31 -- A surprise 25% tariff imposed by the US on Indian exports, coupled with threats of penalties for buying Russian oil, rattled equity market investors early in the session on Thursday. However, strong buying helped the market stabilize, reflecting cautious optimism over tariff easing-a potential policy change that analysts call a 'Taco trade', shorthand for 'Trump always chickens out'.

The benchmark Nifty 50 opened 200 points lower and then recovered, but eventually ended the session 86 points lower than the previous close at 24,768.35. The day, the last Thursday of the month, also marked the expiration of the July derivatives series, leading traders to roll over positions amid the ongoing uncertainty.

"Today's marke...