Indian shares fall as earnings weigh on IT
Investors remained on watch for trade talks with the United States amid an imminent free-trade agreement with the UK.
The Nifty 50 settled 0.63% lower at 25,062.1 points while the BSE Sensex lost 0.66% to 82,184.17.
Eleven of the 16 major sectors fell, with IT and consumer shares leading the losses with 2.2% and 1.1% declines, respectively.
India's broader smallcaps and midcaps lost 1.1% and 0.6%.
'Domestic factors drove the market on the day,' Aamar Deo Singh, senior vice president at Angel One, said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Indian rupee set to deepen losses as India braces for higher US tariffs
MUMBAI: The Indian rupee is poised to weaken past the psychologically important 87-per-dollar level on Wednesday after U.S. President Donald Trump pointed to a likely 20%-25% tariff on Indian exports to the U.S., compounding pressure from sustained portfolio outflows. The 1-month non-deliverable forward indicated the rupee will open in the 87.11-87.13 range versus the U.S. dollar, its weakest level in four months. It had closed at 86.8150 on Tuesday. India is preparing to face higher U.S. tariffs, likely between 20% and 25%, on some of its exports, as it holds off on fresh trade concessions ahead of Washington's August 1 deadline, Reuters reported post market-hours on Tuesday. Speaking to reporters, Trump pointed to similar level of tariffs but said that the deal has not been finalised yet. New Delhi plans to resume the trade negotiations when a U.S. delegation visits next month, aiming to finalise a comprehensive bilateral deal by September or October, a government official told Reuters. Trump's remark will cause a 'knee-jerk reaction,' with traders likely reading it as a negative cue, a trader at a state-run bank said, adding that while India was expected to crack one of the first deals, it now appears to be a laggard. Regional peers like Indonesia and Vietnam and the U.S.'s bigger trading partners like Japan and the European Union have already finalised trade deals with Washington in July. It's 'quite likely' the Reserve Bank of India may step in to support the rupee if the early losses extend, the trader said. On the day, the dollar index was a tad lower at 98.7, while most Asian currencies nudged higher. The Federal Reserve's monetary policy decision is due during U.S. market hours later in the day.
Business Recorder
an hour ago
- Business Recorder
Indian equity benchmarks set for muted open ahead of Fed policy decision
India's equity benchmarks are set for a muted start on Wednesday as caution ahead of the U.S. Federal Reserve's policy decision and delay in India-U.S. trade deal overshadow better-than-expected earnings from infrastructure major Larsen & Toubro. The Gift Nifty futures were trading at 24,825 points as of 7:50 a.m. IST, indicating that the Nifty 50 will open near Tuesday's close of 24,821.1. While the Fed is expected to keep rates unchanged later in the day as it sifts through mixed economic data, comments from Chair Jerome Powell will be closely watched for economic and inflation outlook. Higher U.S. interest rates make emerging market equities like India less attractive for foreign investors, who have been on a selling spree in India this month. Foreign investors sold shares worth 46.37 billion rupees ($532.49 million) on Tuesday, as per provisional data. They have sold Indian shares worth $1.61 billion so far this month. Uncertainty over India's interim trade deal with the U.S. ahead of President Donald Trump's August 1 deadline has been weighing on investor sentiment. India is preparing to face higher U.S. tariffs — likely between 20% and 25% — on some of its exports as a temporary measure, as it holds off on fresh trade concessions ahead of Washington's August 1 deadline, two Indian government sources said. Among stocks, Larsen & Toubro will be in focus after it beat quarterly profit estimates on Tuesday, boosted by rising overseas contracts.
Express Tribune
4 hours ago
- Express Tribune
PM: Trump's remarks reopen Modi's wounds
Prime Minister Shehbaz Sharif said on Tuesday that every time US President Donald Trump talks about stopping the Pakistan-India war, Indian Prime Minister Narendra Modi's "wounds are reopened". "US President Donald Trump has repeatedly stated that we stopped the war. When the US president says that we stopped the Pakistan-India war, Modi's wounds are reopened," he said while inaugurating Pak Business Express and newly upgraded passenger facilities at the Lahore Railway Station. During his address, PM Shehbaz also paid tribute to Pakistan's Armed Forces for their resilience in the four-day conflict with India, which he described as "short but highly dangerous." He praised the military's technical superiority, the Air Force's internal innovations, and the Army's use of Al Fatah missiles. "India believed Pakistan could only rely on nuclear deterrence, but conventional warfare supremacy has shattered that myth," he said, reaffirming his commitment to the nation's security. He added that our nuclear assets are guarantors of national security, and the enemy does not dare to look at us with an evil eye. The premier further noted that Pakistan and China were moving forward on new avenues of development, with full coordination underway for the second phase of the CPEC. He emphasized that bilateral ties between the two countries were stronger than ever and continued to serve as a cornerstone for regional growth and cooperation. He added that efforts were also underway to rebuild and strengthen relations with the United States. Speaking at the inauguration ceremony, the premier expressed delight over the visible transformation of the historic railway station, which he visited after a long interval. "From a warm welcome to well-mannered receptionists, renovated CIP lounges, upgraded passenger waiting rooms, and a fully refurbished train with modern European-style dining and sleeper berths, the change is truly gratifying," he said. Losses decline The prime minister termed the substantial decline in power distribution companies' (Discos) losses as a highly encouraging development and the first of its kind in decades. He chaired a meeting of the Cabinet Committee on Energy at the PM House, a Prime Minister's Office news release said. The premier stated that this financial improvement would greatly facilitate the privatization of these power companies. "The reduction in losses marks a turning point for the energy sector, making the road to privatization smoother and more realistic," he remarked. According to a briefing by the Power Division, total losses in power distribution companies have decreased by Rs193 billion, with an overall improvement of Rs242 billion reported. IGC Prime Minister Shehbaz Sharif on Tuesday reiterated government's strong commitment to implementing the decisions taken during the Intergovernmental Commission (IGC) and stressed the importance of the timely follow-up to translate the agreements into tangible outcomes. The move came as a high-level delegation from the Kyrgyz Republic led by Deputy Chairman of the Cabinet of Ministers Edil Baisalov called on the premier in the federal capital.
