Indian shares dip; benchmarks hit month-low as earnings, outflows weigh
The Nifty 50 (.NSEI), opens new tab and the BSE Sensex (.BSESN), opens new tab 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 (.NIFTYIT), opens new tab, oil and gas (.NIFOILGAS), opens new tab and consumer goods (.NIFTYFMCG), opens new tab topping sectoral losses.
The IT index slid 4.1%, dragged by lacklustre earnings. Infosys (INFY.NS), opens new tab fell 4.4% amid concerns over weak client spending and tepid Q1 commentary.
The broader small-cap (.NIFSMCP100), opens new tab and mid-cap (.NIFMDCP100), opens new tab indexes logged weekly losses of 3.5% and 1.9%, respectively.
The FMCG index <.NIFTYFMCG> lost 3.4%, also pressured by disappointing results from Nestle India (NEST.NS), opens new tab and Colgate Palmolive India (COLG.NS), opens new tab.
Oil and gas (.NIFOILGAS), opens new tab lost 3.5%, dragged by 5.7% drop in heavyweight Reliance Industries on concerns over softness in retail and oil-to-chemicals business.
Financials (.NIFTYFIN), opens new tab defied the broader trend, rising about 1% for the week on robust quarterly earnings from HDFC Bank (HDBK.NS), opens new tab and ICICI Bank (ICBK.NS), opens new tab.
"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 (ETEA.NS), opens new tab posted its best week on record, rising 20.5% on strong quarterly results.
On the day, Bajaj Finance (BJFN.NS), opens new tab slid 4.7% on asset quality concerns in the MSME segment, while Cipla (CIPL.NS), opens new tab jumped 3% after a strong profit beat.
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Scotsman
21 minutes ago
- Scotsman
Sunday's News in Pictures: Donald Trump announces US-EU trade deal at Turnberry after day of golf
It was a busy day at Turnberry in South Ayrshire yesterday, with US President Donald Trump enjoying a day of golf before announcing a trade deal with the EU. Ahead of sitting down for a discussion with European Commission president Ursula von der Leyen, Mr Trump played a few rounds of golf with his family, where he was seen blowing kisses to supporters. It was later that day that he spoke with Ms von der Leyen to announce a trade deal between the EU and the US. Today, Mr Trump is set to meet one-on-one with UK Prime Minister Sir Keir Starmer at Turnberry, before they are expected to travel to a private engagement at Trump International in Menie. Here are some pictures from the historic day at Turnberry. 1 . US President Donald Trump shakes hands with European Commission President Ursula von der Leyen US President Donald Trump with European Commission President Ursula von der Leyen after agreeing on a trade deal between the two economies following their meeting at Turnberry | AFP via Getty Images Photo Sales 2 . US President Donald Trump shakes hands with European Commission President Ursula von der Leyen after agreeing on a trade deal between the two economies AFP via Getty Images Photo Sales 3 . US President Donald Trump (R) and European Commission President Ursula von der Leyen at Turnberry Trump told reporters after: "We have reached a deal. It's a good deal for everybody." The EU chief also hailed it as a "good deal". | AFP via Getty Images Photo Sales 4 . Staff and family, Bettina Anderson, Donald Trump Jr. and Eric Trump U.S. look on as President Donald Trump and President of the European Commission Ursula von der Leyen announce a US-EU trade deal The US-EU trade deal was announced after a meeting at Trump Turnberry golf club on July 27, 2025 in Turnberry, Scotland. | Getty Images Photo Sales
Reuters
an hour ago
- Reuters
European stocks gain, euro dips after US-EU strike trade deal
LONDON, July 28 (Reuters) - Europe's major stock markets made modest gains while the euro fell in early trading on Monday as investors greeted a trade agreement between the United States and European Union with cautious relief. The STOXX 600 (.STOXX), opens new tab opened 0.7% higher and the euro was down 0.3% against the dollar at the start of what looks set to be a pivotal week in U.S. President Donald Trump's global trade war. The framework deal, which European Commission President Ursula von der Leyen described as the best the bloc could get, will impose a 15% import tariff on most EU goods and see the EU spend $600 billion on U.S. investments while opening up some important parts of its market. "The deal is better than the 30%-50% tariff rates threatened over the last couple of months, although it is probably as bad as the universal tariff rates being discussed late last year," ING analyst Chris Turner said. While the U.S.-EU deal averts a more damaging standoff between the two blocs, which account for almost a third of global trade, a number of European capitals complained it was lopsided in favour of Washington. Other major economies are still scrambling to finalise deals ahead of Trump's August 1 deadline. Talks between the U.S. and China taking place in Stockholm on Monday are expected to extend their trade truce for another 90 days, while Europe's deal comes hot the heels of one struck with Japan last week. MUFG FX strategist Derek Halpenny said the EU deal was ultimately, "good news from a financial markets perspective as it reduces uncertainty further still ahead of 1st August, which is now looking like an insignificant date." Prashant Newnaha at TD Securities meanwhile called it "a big win for the U.S." given the forced purchases of U.S. energy and military equipment and "zero tariff retaliation by Europe". Germany's exporter-heavy DAX (.GDAXI), opens new tab, France's CAC 40 (.FCHI), opens new tab, Italy's FTSE MIB (.FTMIB), opens new tab and Spain's IBEX (.IBEX), opens new tab were all up between 0.4% and 0.8% after the first hour of trading, while S&P 500 and Nasdaq futures , pointed to fresh record highs on Wall Street when it resumes. The euro had initially strengthened when Asian markets reopened, but it steadily dropped into the red as the dollar nudged higher across the board. /FRX Euro area government bond yields, which are a proxy for borrowing costs, also edged down. Germany's 10-year yield , the euro area's benchmark, was 0.5 basis points lower at 2.71%, after rising more than 10 basis points at the end of last week when the European Central Bank curbed talk of imminent rate cuts. Overnight in Asia, MSCI's broadest index of regional shares (.MIAP00000PUS), opens new tab ended 0.3% weaker with Japan's Nikkei falling back more 1% after it hit a one-year high last week. The Australian dollar , often seen as a proxy for global risk appetite, was at $0.657, hovering around the near eight-month peak it had scaled. In an action-packed week, traders are also waiting for interest rate decisions from both the U.S. Federal Reserve and Bank of Japan, monthly U.S. non-farm payrolls and earnings from megacap companies Apple (AAPL.O), opens new tab, Microsoft (MSFT.O), opens new tab and Amazon (AMZN.O), opens new tab. While the Fed and the BOJ are expected to maintain rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine the impact of tariffs on inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have increased, with Trump repeatedly lashing out at Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. In commodities, oil prices rose after the U.S.-EU trade agreement. Brent crude futures and U.S. West Texas Intermediate crude both rose 0.5%. Gold prices dribbled down 0.1% to $3,334 an ounce - their lowest in nearly two weeks on reduced appetite for traditional safe havens.
The Independent
an hour ago
- The Independent
Swinney to press Trump on Scotch whisky tariffs exemption
Scotland's First Minister has vowed to press President Donald Trump to exempt Scotch whisky from US trade tariffs. John Swinney said the 'uniqueness' of whisky made in Scotland justified the exemption from the 10% tariff applied on UK exports into the US. The First Minister, who is due to hold talks with Mr Trump during his ongoing visit to Scotland, said the tariffs were currently costing the local whisky industry £4 million a week. 'Tariffs are very important for the Scottish economy and obviously scotch whisky is a unique product,' he told BBC Breakfast. 'It can only be produced in Scotland. It's not a product that can be produced in any other part of the world. So there's a uniqueness about that, which I think means there is a case for it to be taken out of the tariffs arrangement that is now in place. 'Obviously the trade deal with the United States provides a degree of stability for economic connections with the United States, but the application of tariffs is increasing the costs for the Scotch whisky industry. 'So one of my objectives will be to make the case to President Trump that Scotch whisky should be exempted from those tariffs. 'It's a product that is uniquely produced in Scotland, and it's a product that is much welcomed and supported within the United States. And I think there's a really good case for exempting Scotch whisky, and this is an opportunity that I have to put that case to President Trump on behalf of the Scotch whisky industry, which is a significant part of the Scottish economy. 'And the tariffs just now are costing the industry about £4 million each week, so it's a very significant burden on the industry. It would help growth and development within the Scottish economy if we could secure that deal. And, obviously, I'll be using every opportunity I have to try to put that across to President Trump.' Mr Trump's five-day visit to Scotland is largely a private one that has seen the president play golf at his course at Turnberry in Ayrshire ahead of opening a new course at his property in Aberdeenshire on Tuesday. Mr Swinney said the final cost of the policing the visit has yet to be worked out. 'Obviously, we're working very closely with Police Scotland and the Scottish Police Authority about the arrangements for this visit,' he said. 'The security arrangements have gone well since President Trump arrived on Friday, and that's as it should be, because we've got an obligation to make sure that when we have major international visitors, when they come to Scotland, that they are protected and able to go about their activities. Pressed to reveal the bill, Mr Swinney added: 'All of that will be worked out and we'll address that with Police Scotland and the Scottish Police Authority, and we're talking to the United Kingdom government about these questions, but it's important that we have a secure policing operation. 'It's also important that members of the public who wish to express their point of view, who want to protest about the visit or about other issues, are able to go about their exercise of their democratic right to protest. That's exactly what they've been able to do since Friday, and that's the way it should be.'
