ET Market Watch: RBI's bold move sends markets soaring; Nifty breaks out
Transcript
Hi, you're listening to ET Markets Radio, I am your host Neha V Mahajan. Welcome to a fresh episode of ET Market Watch -- where we bring you the latest news from the world of stock markets every single day. Let's get to it:
Indian markets surged on Monday as bulls took charge across sectors.
Headline Moves:
Sensex jumped 256 points to close at 82,445. Nifty hit an 8-month high at 25,103
Bank Nifty scaled a record intraday high and crossed 57,000 for the first time ever!
Why the Optimism?
RBI surprised markets with a 50 bps repo rate cut
Also slashed CRR by 100 bps to boost liquidity
Add to that, strong US jobs data
And progress in US-India trade talks—a perfect recipe for a rally
Banks Lead the Charge
Private banks were the stars:
RBL Bank up 7%
Bandhan Bank +6%
Axis Bank, Bajaj Finance, Kotak Mahindra also posted solid gains
Big Stock Movers:
MCX soared 7% after getting approval to launch India's first electricity derivatives
Hyundai Motor India hit a fresh lifetime high—₹1,986, crossing even its listing day peak
Broader Market Buzz:
Midcaps and Smallcaps outperformed:
Nifty Midcap 100 rose 1.1%
Nifty Smallcap 100 gained 1.6%
Global Cues Positive
Asian markets closed in the green
Global stocks hit a record high
Investors are now watching out for US inflation data due Wednesday—which could move the Fed's needle.
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Time of India
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- Time of India
Himachal Pradesh to open areas near India-China border for tourists
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Himachal Pradesh will open areas near India-China border , including strategically important Shipki La pass , for tourists.A beginning will be made on Tuesday with Shipki La, which is a high-altitude mountain pass that has been an old trade route between India and Tibet. It has an Army post and the border is manned by Indo-Tibetan Border Police (ITBP). So far, it was open for local residents and for limited trade between India and Tibet. Now, working with defence personnel and ITBP, Himachal Pradesh government has decided to ease restrictions and open up Shipki La Pass for tourists and adventure Indian resident will be able to visit this pass after furnishing an Aadhaar card. The Army will restrict the number of tourists per day. The initial plan is to allow 30 tourists per hour and 210 tourists a day. The tourists will be allowed to go till the border check post and come back. No photography of the strategic posts will be to ET, Himachal Pradesh chief minister Sukhvinder Singh Sukhu said, "We have been working with defence ministry for the last one and a half years to open up border areas for tourism in a restricted manner. We will first open Shipki La pass. Earlier, a permit was required for this area. This will be a big step for people of Kinnaur as we expect more tourist footfalls because of this."Tourists will be able to see the Chinese checkout and even roads within Chinese territory as at this spot the Indian checkout is at a higher level. Sukhu said, "This is just the first step. We will open more areas along India-China border." Himachal government is working towards opening Kaurik and Rangrik areas in Spiti La is in picturesque Kinnaur district at 4,000 m above sea level and is mostly snow covered and inaccessible during winter months. The state has now decided to use the summer months to open up the area for tourism.
Time of India
32 minutes ago
- Time of India
India looking for other magnet sources after China's curbs on rare earth metals
India is in talks with China on ensuring the supply of permanent magnets derived from rare earth minerals but is also working on 'alternate sources' for the critical components, commerce and industry minister Piyush Goyal said. He said the government is in constant touch with Indian industry to speed up the development of local sources. China, which controls 90% of the supply of rare earth magnets, has imposed curbs on supplies. These magnets are essential inputs in the manufacturing of cars, electric vehicles and renewable energy equipment, among others. 'There is a concern... our embassy is in dialogue with them (China)... commerce and industry ministry is also working,' Goyal said, adding that the government had already begun work on developing alternate sources. 'Hope Good Sense Prevails' Goyal was speaking to reporters after his interaction with local industry in Bern. "In a way, it's a wake-up call for all those who have become over-reliant on certain geographies. It's a wake-up call for the whole world that you need trusted partners in your supply chain,' the minister said. Auto industry and other industry bodies have represented the matter to the government seeking an early resolution of the problem. China had in April mandated special export licences for seven rare earth elements and related magnets. It is seeking an undertaking that permanent magnets it supplies will not be re-exported to the US, nor will they find applications in the defence industry. ET reported on June 4 that nine auto component manufacturers have received endorsement from the Chinese embassy in India for importing critical rare earth magnets, but supply has not resumed as the neighbouring country's commerce ministry has not given its nod. "Obviously, there are issues around the stopping of permanent magnets from China to India, which will affect our auto sector, particularly, and several white goods and other sectors. Some companies have put in their applications, and we hope that good sense prevails and they get their approvals for permanent magnets," the minister said. The Centre is also looking to Indian Rare Earths Ltd to speed up the development of domestic resources, Goyal said. Asked if the government will consider a production-linked incentive scheme for these magnets, Goyal said he had discussed the matter with the auto industry and was confident of resolving the matter. "They are in dialogue with our innovators, startups and they say they will take care of any funding requirement or pricing correction that may need to encourage faster rollout and growth of this sector," Goyal said. On alternative sources, the minister said these could also be some technologies that India is developing. "The government, the industry and startups and innovators are all working as a team and we are confident that there may be a problem in the short run but we will emerge winners in the mid to long runs," he said. (The reporter is in Bern at the invitation of the ministry of commerce & industry)
Time of India
an hour ago
- Time of India
ICRISAT scientists develop heat tolerant pigeon pea cultivar for year round cultivation
1 2 Hyderabad: In a significant advancement for Indian agriculture, scientists at the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) on Monday announced the development of ICPV 25444—a first-of-its-kind pigeon pea cultivar that can withstand high summer temperatures and mature in just 125 days. The heat-tolerant, photo- and thermo-insensitive cultivar has been successfully tested in Telangana, Karnataka, and Odisha in India, demonstrating yields of 2 tons per hectare. The new pigeon pea cultivation will enable the crop to be grown not only during the traditional rainy (kharif) season but also in the extreme heat of summer, where temperatures reach up to 45°C. According to ICRISAT, until now, pigeon pea in the country was limited to specific seasons due to its sensitivity to photoperiod and temperature. However, the new cultivar, which is currently under field trials, marks a turning point as it allows pigeon pea to be an all-season crop, opening new possibilities for Indian farmers. While India currently produces 3.5 million tons of pigeon pea annually, it falls short of the 1.5 million tons needed to meet domestic demand, said ICRISAT, adding that this results in $800 million worth of imports each year. Developed over a year, the breakthrough was achieved by the team led by Dr Prakash Gangashetty, senior scientist-Pigeonpea breeding. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Good News: You May Be Richer Than You Think Undo "This breakthrough in developing a summer-adapted pigeon pea cultivar is a shining example of what science can achieve when driven by urgency and purpose. By transforming pigeon pea into an all-season crop, our scientists have delivered a timely solution with the potential to address pulse shortages and climate challenges facing farmers across India," said Dr Himanshu Pathak, Director General, ICRISAT. MSID:: 121732176 413 |
