Indian shares dip; benchmarks hit month-low as earnings, outflows weigh
The Nifty 50 and the BSE Sensex fell 0.5% and 0.4%, respectively, for the week dragged by a 0.9% drop on Friday to close at 24,837 points and 81,463.09 points, respectively. This was their fourth consecutive weekly decline.
Eleven of the 16 major sectors declined for the week, with information technology, oil and gas and consumer goods topping sectoral losses.
The IT index slid 4.1%, dragged by lacklustre earnings. Infosys fell 4.4% amid concerns over weak client spending and tepid Q1 commentary.
The broader small-cap and mid-cap indexes logged weekly losses of 3.5% and 1.9%, respectively.
The FMCG index lost 3.4%, also pressured by disappointing results from Nestle India and Colgate Palmolive India.
Oil and gas lost 3.5%, dragged by 5.7% drop in heavyweight Reliance Industries on concerns over softness in retail and oil-to-chemicals business.
Financials defied the broader trend, rising about 1% for the week on robust quarterly earnings from HDFC Bank and ICICI Bank.
Indian shares fall as earnings weigh on IT
'Foreign investors remain uneasy about India's lofty valuations and the underwhelming earnings season hasn't helped,' said Santosh Meena, head of research at Swastika Investmart. 'The stalled U.S.-India trade deal only deepens market uncertainty.'
Foreign investors have been sellers in India in nine of the previous 10 trading sessions.
Negotiations between India and the U.S. have been hampered by deadlock over tariff cuts,
dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline.
Zomato-parent Eternal posted its best week on record, rising 20.5% on strong quarterly results.
On the day, Bajaj Finance slid 4.7% on asset quality concerns in the MSME segment, while Cipla jumped 3% after a strong profit beat.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 hours ago
- Business Recorder
US cancels India trade talks scheduled for August, NDTV Profit says
A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been canceled, delaying talks on a proposed bilateral trade agreement, Indian business and financial news network NDTV Profit reported on Saturday, citing people familiar with the matter. Missed signals, lost deal: How India-US trade talks collapsed
Express Tribune
4 hours ago
- Express Tribune
Air Canada workers picket airports after flight attendants strike over wages
People hold placards as a strike begins after the union representing Air Canada's 10,000 flight attendants failed to reach an agreement with the airline, at Montreal-Pierre Elliott Trudeau International Airport in Dorval, Quebec, Canada August 16, REUTERS Hundreds of Air Canada employees formed picket lines outside major Canadian airports and business leaders sought government intervention on Saturday, hours after unionized flight attendants walked off the job over a wage contract dispute. The strike, which started just before 1 a.m. EDT (0500 GMT), forced Canada's largest airline to cancel all of its 700 daily flights, affecting more than 100,000 travelers who had to find alternative flights or stay put. The airline said in a statement on Saturday that it has started locking out thousands of flight attendants in response to the strike action. The carrier had offered a 38% increase in total compensation for flight attendants over four years, with a 25% raise in the first year, which the Canadian Union of Public Employees said was insufficient. CUPE, representing more than 10,000 Air Canada flight attendants, confirmed the work stoppage in a social media post. It is the first strike by Air Canada flight attendants since 1985. Wesley Lesosky, president of the Air Canada component of CUPE, said in a press conference in Toronto that, as of Saturday morning, there were no bargaining sessions scheduled between the two sides, which have held on-and-off negotiations for months. Read More: Canada sheds 40,800 jobs as tariffs dent hiring "We are here because Air Canada forces us to work for free for hours and hours every day, and we are here because we are not going to accept it anymore," he said. Outside Toronto Pearson International Airport - the country's busiest - hundreds of cabin crew waved flags, banners and picket signs. Union officials called on members to assemble outside all of the country's major airports, including in Toronto, Montreal, Calgary and Vancouver. Montreal-based Air Canada said the suspended flights included those operated by its budget arm, Air Canada Rouge. The stoppage would affect about 130,000 customers a day, the carrier said in a statement. Flights by Air Canada's regional affiliates - Air Canada Jazz and PAL Airlines - will operate as usual. Wage dispute The dispute between the union and the airline centers on wages. Attendants are currently paid only when their plane is moving. The union is seeking compensation for time spent on the ground between flights and when helping passengers board. A US judge kept his block on President Donald Trump's buyout plan for federal employees in place on Monday. The union has said Air Canada offered to compensate flight attendants for some work that is now unpaid but only at 50% of their hourly rate. A source close to the negotiations told Reuters the union is looking for parity on wages with Canadian leisure carrier Air Transat, where flight attendants approved a contract last year that provided for total compounded increases of 30% over five years, making them the highest paid in the industry in Canada. Air Canada did not confirm if such a proposal had been put forth by the union. "What we're asking for is not unreasonable. It is not a high demand. It is not that far off other competitors such as Air Transat. It is realistic and it is deserved," Lesosky from CUPE said. The impact of a strike will ripple far beyond Canada. Air Canada is the busiest foreign carrier servicing the U.S. by number of scheduled flights.
Express Tribune
9 hours ago
- Express Tribune
Chinese FM to visit India to resolve border dispute
China's Foreign Minister Wang Yi attends the 15th East Asia Summit Foreign Ministers' meeting during the 58th Association of Southeast Asian Nations (ASEAN) Foreign Ministers' meeting and related meetings at the Convention Centre in Kuala Lumpur on July 11, 2025. Photo: Reuters Chinese Foreign Minister Wang Yi will visit India from Monday to Wednesday, China's foreign ministry said in a statement on Saturday, for talks about a disputed border in the Himalayas. This is only the second such meeting since a deadly clash in 2020 between Indian and Chinese troops at the border. Relations between the two Asian giants have been thawing since an agreement last October on patrolling their Himalayan border, easing a five-year standoff that had hurt trade, investment and air travel. Indian Prime Minister Narendra Modi is set to meet Chinese President Xi Jinping at the end of the month when he travels to China - his first visit in seven years - to attend the summit of the Shanghai Cooperation Organisation, a regional security bloc. Also Read: India seeks to normalise ties with China India and China share a 3,800 km (2,400 miles) border that is poorly demarcated and has been disputed since the 1950s. The two countries fought a brief but brutal border war in 1962, and decades of talks have made limited progress. Relations between the two countries boosted in recent weeks amid new tensions in India-US ties after decades of progress, analysts said, as Trump imposed a 50% tariff on Indian exports to the United States - one of the highest levels among Washington's strategic partners. The United States and China, meanwhile, previous week extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods. China and India have already agreed to resume direct flights suspended since 2020 and are discussing easing trade barriers, including reopening border trade at three Himalayan crossings.
