India's equity benchmarks poised for flat open
June 12 (Reuters) - India's benchmark indexes are poised for a muted open on Thursday as investors weigh the U.S.-China trade deal, which lacks details and leaves the door open for potential tariff flare-ups.
The Gift Nifty futures were trading at 25,210.5 as of 7:44 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near its Wednesday's close of 25,141.4.
The Nifty rose for the last six consecutive sessions, trading at eight-month highs, buoyed by the Reserve Bank of India's (RBI) policy support and signs of progress in global trade negotiations.
However, sentiment in Asian markets was subdued on the day, mirroring Wall Street's overnight losses amid fresh geopolitical tensions and ambiguity in the U.S.-China deal.
U.S. President Donald Trump said a framework on tariff rates had been reached to revive the fragile trade truce with China. While this lifted investor hopes, the lack of specifics kept markets on edge.
Trump also announced a partial evacuation of U.S. personnel from the Middle East, calling the region "a dangerous place," and reiterated that the U.S. would not allow Iran to develop nuclear weapons.
Meanwhile, domestic institutional investors extended their buying streak to the 17th session on Wednesday, while foreign portfolio investors ended their three-day purchase run.
Investors now await the consumer inflation data for May, due post-market. A Reuters poll projects inflation to have eased to a six-year low of 3% on a favorable base and softening food prices, reinforcing the RBI's recent policy easing.
** Zydus Lifesciences (ZYDU.NS), opens new tab receives an establishment inspection report from the U.S. drug regulator for its Ankleshwar-based API manufacturing facility, indicating the end of the inspection
** Sterlite Technologies (STTE.NS), opens new tab enters agreement with BSNL for a network project valued at 26.31 billion rupees ($307.9 million)
** Tanla Platforms (TNSL.NS), opens new tab announces it will consider buyback of equity shares on June 16
($1 = 85.4420 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Exclusive: Foxconn sends 97% of India iPhone exports to US as Apple tackles Trump's tariffs
NEW DELHI, June 13 (Reuters) - Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50% and a clear sign of Apple's efforts to bypass high U.S. tariffs imposed on China. The numbers, being reported by Reuters for the first time, show Apple has realigned its India exports to almost exclusively serve the U.S. market, when previously the devices were more widely distributed to countries including the Netherlands, the Czech Republic and Britain. During March-May, Foxconn exported iPhones worth $3.2 billion from India, with an average 97% shipped to the United States, compared to a 2024 average of 50.3%, according to commercially available customs data seen by Reuters. India iPhone shipments by Foxconn to the United States in May 2025 were worth nearly $1 billion, the second-highest ever after the record $1.3 billion worth of devices shipped in March, the data showed. Apple and Foxconn did not respond to Reuters requests for comment. U.S. President Donald Trump on Wednesday said China will face 55% tariffs after the two countries agreed on a plan, subject to both leaders' approval, to ease levies that had reached triple digits. India is subject, like most U.S trading partners, to a baseline 10% tariff and is trying to negotiate an agreement to avert a 26% "reciprocal" levy that Trump announced and then paused in April. Apple's increased production in India drew a strong rebuke from Trump in May. "We are not interested in you building in India, India can take care of themselves, they are doing very well, we want you to build here," Trump recalled telling CEO Tim Cook. In the first five months of this year, Foxconn has already sent iPhones worth $4.4 billion to the U.S. from India, compared to $3.7 billion in the whole of 2024. Apple has been taking steps to speed up production from India to bypass tariffs, which would make phones shipped from China to the U.S. much more expensive. In March, it chartered planes to transport iPhone 13, 14, 16 and 16e models worth roughly $2 billion to the United States. Apple has also lobbied Indian airport authorities to cut the time needed to clear customs at Chennai airport in the southern state of Tamil Nadu from 30 hours to six hours, Reuters has reported. The airport is a key hub for iPhone exports. "We expect made-in-India iPhones to account for 25% to 30% of global iPhone shipments in 2025, as compared to 18% in 2024," said Prachir Singh, senior analyst at Counterpoint Research. Tata Electronics, the other smaller Apple iPhone supplier in India, on average shipped nearly 86% of its iPhone production to the U.S. during March and April, customs data showed. Its May data was not available. The company, part of India's Tata Group, started exporting iPhones only in July 2024, and only 52% of its shipments went to U.S. during 2024, the data showed. Tata declined to comment on the numbers. Indian Prime Minister Narendra Modi has in recent years promoted India as a smartphone manufacturing hub, but high duties on importing mobile phone components compared to many other countries means it is still expensive to produce the devices in India. Apple has historically sold more than 60 million iPhones in the U.S. each year, with roughly 80% made in China.
Reuters
an hour ago
- Reuters
Oil spike, risk off on Middle East flare up may drag rupee past 86/USD
MUMBAI, June 13 (Reuters) - The Indian rupee is expected to slip past 86 to the U.S. dollar at the open on Friday, hit by surging oil prices and sliding risk assets after Israel attacked targets in Iran. The 1-month non-deliverable forward indicated a open in the 86.02 to 86.10 range, versus 85.60 in the previous session. Brent crude soared 11%, U.S. equity futures plunged 1.8% and safe-haven demand boosted the struggling dollar. "The real concern for the rupee isn't just today's oil spike - it's the risk of a sustained rally if Middle East tensions deepen," a currency trader at a Mumbai-based bank said. According to the trader, the 86.00 to 86.10 zone is a major support for the rupee, though he warned that defending it "will be challenging". Israel said it targeted Iran's nuclear facilities, ballistic missile factories and military commanders on Friday, warning that it marked the beginning of a sustained campaign aimed at preventing Tehran from building an atomic weapon. Another report suggested that explosions were heard northeast of Iran's capital Tehran. The strikes by Israel came amid mounting tensions over U.S. efforts to halt Iran's production of atomic bomb materials. "Markets will carefully assess the risk of escalation," DBS Research said in a note. Safe-haven demand lifted the Japanese yen and the Swiss franc and helped the dollar index recover to the 98 handle. The 10-year U.S. yield dropped despite the jump in oil. Brent crude is potentially headed for its biggest one-day rise in over three years. Oil is a major component of India's import bill. A $10 barrel increase in crude can widen the current account deficit by up to 0.4% of GDP, economists estimate, and can add up to 35 basis points to headline consumer inflation. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.12; onshore one-month forward premium at 8.75 paise ** Dollar index up at 98.05 ** Brent crude futures up 11.3% at $77.2 per barrel ** Ten-year U.S. note yield at 4.33% ** As per NSDL data, foreign investors sold a net $15.4 mln worth of Indian shares on Jun. 11 ** NSDL data shows foreign investors sold a net $296 mln worth of Indian bonds on Jun. 11
Reuters
an hour ago
- Reuters
South Korea President Lee promises to help companies minimise difficulties from competing globally
SEOUL, June 13 (Reuters) - South Korean President Lee Jae-myung said on Friday that his government would help companies expand and minimise difficulties from competing globally. His comments were made at a meeting with business leaders including Samsung Electronics ( opens new tab Chairman Jay Y. Lee.
