
Indian markets hold steady, close flat amid US tariff uncertainty
At the end of the trading session, Nifty ticked up by 0.0012 per cent at 25,461.30. The BSE's Sensex was up by 9.61 points, reaching 83,442.50.
'Market participants appeared reluctant to take aggressive positions, keeping the broader index range-bound. The sentiment was further dampened by global uncertainty, prompting a defensive approach across key sectors,' said Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity.
US President Donald Trump issued a strong warning to countries supporting what he termed were the anti-American policies of BRICS.
In a social media post, Trump stated that any country aligning itself with the 'Anti-American policies of BRICS' will face an additional 10 per cent tariff on goods. 'There will be no exceptions to this policy,' Trump wrote, adding, 'Thank you for your attention to this matter!'
Additionally, India and the US have been negotiating over a Bilateral Trade Agreement (BTA) before the critical July 9 deadline of the 90-day pause on tariff escalations.
Among the index constituents, Hindustan Unilever, Tata Consumer Products and Nestle India emerged as the top gainers, while BEL and Tech Mahindra were the major losers.
On the sectoral front, the Nifty FMCG and Nifty Oil and Gas Index closed in the green zone, while the Nifty Media and Nifty IT indices ended the day in the negative zone.
'The momentum indicators in the smaller time frames are rising from the oversold region, indicating a potential upside from the current level,' said Praveen Dwarakanath, Vice President of Hedged.in.
'The index can be volatile owing to the tariff-related news and the expiry of 10th July; however, a dip in the index can be used as an opportunity to go long,' he added.
Experts believe markets to remain in range bound till a clear picture of the US tariff comes out. (ANI)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Hindustan Times
26 minutes ago
- Hindustan Times
Why You Shouldn't Buy an iPhone Right Now
Apple devices, like fresh produce, are seasonal. Don't buy winter citrus in the summer. Or an iPhone. The latest and greatest crop typically comes out in September, which means it's a bad time to buy an Apple gadget right now. If you can hold off for just a couple of months, better trade-in deals and price drops await. Tariffs have thrown a wrench into all kinds of purchasing decisions, but I still think it's worth the wait, even if Apple does raise prices. Like most modern gadgets, iPhones have expiration dates. The newer the model, the longer you'll be able to get software updates. Apple never says much publicly about coming products, but The Wall Street Journal has reported that a slimmer iPhone model is on the horizon. And updates are due for the Apple Watch, AirTags and other accessories. Now, this year's Big Question: What about tariffs? The situation is constantly changing. Smartphones and other tech products were initially exempt, but President Trump threatened new fees for gadget imports in May and then said Apple needed to make a U.S. iPhone. So far, Apple has absorbed additional costs, but the Journal reported that the company is considering a price increase for its fall lineup. Prices for the standard iPhone and iPhone Pro models have remained $799 and $999, respectively, since at least 2020. The most significant update to this year's Apple gadgets may be to the price tag. So, what do we expect from the next iPhone? And the rest of Apple's lineup? Here are the devices that get my green, yellow and red light for safe summer shopping. iPhone iPhone 16 Pro A new iPhone 16? Not now. Apple's smartphone, released in September, gets a big red stop sign, since the next generation of models is imminent. I hear your groan. The past few years of iPhone updates haven't been that exciting. A 'dynamic island.' A USB-C port. One more button. This coming fall, however, we may see a different form factor, says Gil Luria, senior technology analyst at D.A. Davidson. He points to whispers of a super-thin iPhone 17 'Air' and a Pro Max with an even bigger screen. Still, 'we're talking a couple of millimeters,' Luria said. If you've been waiting for a flipping and folding iPhone, don't hold your breath. That likely won't come until next year, the Journal has reported. Before springing for a new device, first download the upcoming operating system, iOS 26, which also will land sometime this fall. An update can breathe new life—and functionality—into your old phone. Expect a fresh coat of Liquid Glass paint, improved group chats and a spam call auto-responder. It also includes some AI upgrades, but the previously announced Siri overhaul is still missing in action. Apple Watch Apple Watch Series 10 The Apple Watch, similarly, has seen only incremental improvements over the past few generations. Double tap. A slightly thinner, larger screen. Temperature. (I was actually excited about that last one.) Apple will continue to push health services in its next wearable, according to Francisco Jeronimo, vice president of data and analytics at IDC. The Journal reported that Apple is developing a wrist-based blood pressure measurement tool. The feature could debut this fall. Jeronimo also notes that the high-end Ultra model continues to sell well, but Apple needs to add features to the adventure smartwatch, such as the emergency satellite connectivity found in newer iPhones. AirTags Apple hasn't updated its popular tracker since 2021. And Ming-Chi Kuo, analyst at TF International Securities, says the company will launch a second-generation AirTag this year. The new tracker could include the longer-range second-generation Ultra Wideband chip found in newer iPhone and Apple Watch models. AirTag, Second-generation AirPods Pro AirPods Should you wait for new AirPods? Reports are mixed. The AirPods Pro, last updated three years ago, are due for a refresh. The earbuds have gotten new software tricks, such as a hearing-aid mode. In the upcoming iOS 26, you can press the AirPods stem to remotely trigger the camera. Kuo, a longtime source on Apple goings-on, says we might not see significant changes to the Pros until 2026. He predicts we won't see updates to the over-ear AirPods Max until 2027. Meanwhile Bloomberg's Mark Gurman reports that the Pro premium earbuds will see a new design and chip this year. Apple has been studying AirPods as a health device, and the company's recent Powerbeats Pro 2 earbuds include heart-rate monitoring. The fourth-generation AirPods landed last year with active noise cancellation, so you should be safe getting new regular 'Pods. iPad The basic iPad or step-up iPad Air models, which we recommend for most people, are safe to buy now. Both have new 2025 chips. The exception? A new top-of-the-line iPad Pro could be imminent. The latest Pro models are from May 2024, and a new version could get Apple's next-generation M5 chip. I, for one, am hoping for that iPad−speaker−home display combo, a la Amazon's Echo Show one day, but that's a far-off dream. 11-inch and 13-inch iPad Air, the MacBook Air (M4) Mac The popular MacBook Air is safe. It got a faster chip, improved webcam and double the RAM a few months ago. Apple updated the Mac Studio, a desktop machine aimed at pros, this year, too. The most-recent MacBook Pros, iMac, and Mac Mini releases were chip updates in October 2024. It's possible that they get M5 upgrades this fall, but it would be a minor spec bump. Write to Nicole Nguyen at Why You Shouldn't Buy an iPhone Right Now Why You Shouldn't Buy an iPhone Right Now Why You Shouldn't Buy an iPhone Right Now


India.com
34 minutes ago
- India.com
List of 10 largest banks in the world released, China dominates with top 4 positions followed by..., India is...
New Delhi: China is the second largest economy in the world. But if we look at the list of the 10 largest banks in the world in terms of assets, then China dominates it. China has four banks at the top of this list. The total assets of these four banks are around 23 trillion dollars. America and France have 2 banks each in the top 10 list, while Japan and Britain have one bank each. India's banks SBI and HDFC Bank are far behind in this list. Which are the 10 largest banks in the world by assets? Here is the list of 10 largest banks in the world by assets, top 4 are from China. According to Bloomberg, China's Industrial and Commercial Bank of China (ICBC) is at the top of this list with assets of 6.7 trillion dollars. It is the largest of the 'big four' banks in China, and the largest bank in the world by total assets. The Agricultural Bank of China (ABC), also known as AgBank, is one of the 'big four' banks in China, and the second largest bank in the world by total assets of $5.9 trillion. The China Construction Bank Corporation (CCB), headquartered in Beijing, is one of the 'big four' banks in China, and is the third largest bank in the world by total assets of $5.6 trillion. The Bank of China is one of the 'big four' banks in China. It is at number four in this list with the total assets of $4.8 trillion. In this way, there are four Chinese banks at the top four positions in the list of world's banks whose total assets are around $23 trillion which is more than China's GDP ($19.23 trillion). The total assets of these four Chinese banks are around $23 trillion which is more than China's GDP, which is about $20 trillion. Which are the other countries? In this list, America's JP Morgan Chase is at number five with assets of $4 trillion. Bank of America is at number six with assets of $3.3 trillion. Britain's bank HSBC is at number seven with assets of $3 trillion. France's BNP Paribas with $2.8 trillion and Credit Agricole Group with $2.7 trillion are at number eight and nine. Japan's Mitsubishi UFJ Financial Group is at number ten with $2.6 trillion. Where does India rank? India's largest public sector bank SBI ($547 billion) and HDFC Bank ($494 billion) are among the top 100. India's largest public sector bank State Bank of India (SBI) has total assets of $547 billion and HDFC Bank has assets of $494 billion. Both these Indian banks have made it to the top 100.


India Gazette
an hour ago
- India Gazette
Digital infrastructure transforms India's tax administration, refunds surge 474%
By Shailesh Yadav New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 per cent increase in gross direct tax collections during the same period, which rose from Rs 7,21,604 crores to Rs 27,02,974 crores. Perhaps most impressive is the speed of refund processing. The average time to issue tax refunds has plummeted from 93 days in 2013 to just 17 days in 2024 - an 81 per cent reduction that reflects the success of digital modernization efforts. The transformation is largely attributed to comprehensive digitization of tax processes. The introduction of end-to-end online filing systems, faceless assessments, and automated refund processing has eliminated traditional bottlenecks that previously delayed taxpayer services. 'The adoption of digital infrastructure including pre-filled returns, real-time TDS adjustments, and online grievance redress mechanisms has fundamentally changed how we serve taxpayers,' a senior CBDT official familiar with the modernisation program told ANI. The taxpayer base has also expanded significantly, with income tax returns filed growing from 3.8 crores in 2013 to 8.89 crores in 2024 - a 133 per cent increase that demonstrates growing formalisation of India's economy. The proportion of refunds relative to gross tax collections has risen from 11.5 per cent in 2013-14 to 17.6 per cent in 2024-25. 'Growing refunds reflect increased voluntary compliance and the deepening of advance tax payment mechanisms,' said another senior Income Tax offcial. 'As more taxpayers participate in formal tax processes and TDS coverage expands, excess remittances naturally become more common,' the official added. The surge in refunds and their faster processing carry significant economic implications. Quicker refund turnaround time improves cash flow for businesses and individuals, while the growth in refund volumes signals expanding participation in India's formal economy. The data suggests that India's tax ecosystem has achieved what officials describe as 'systemic maturity' - a state where efficiency, transparency, and taxpayer facilitation have become embedded principles rather than aspirational goals. (ANI)