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Eternal, private banks lift Sensex 150 pts higher, Nifty over 25,100

Eternal, private banks lift Sensex 150 pts higher, Nifty over 25,100

Economic Times4 days ago
Indian benchmark indices Sensex and Nifty50 opened higher on Tuesday, buoyed by strong earnings from top private lenders and Eternal (Zomato). Investors also remained cautious ahead of a potential trade deal with the US, with the August 1 deadline approaching.
ADVERTISEMENT The BSE Sensex was trading 193 points, or 0.24%, higher at 82,393. The Nifty50 was up 43 points, or 0.17%, trading at 25,134 around 9:20 am.
From the Sensex pack, Eternal, Trent, Tata Steel, BEL, ICICI Bank, and HDFC Bank were among the top gainers, while Infosys, UltraTech Cement, Sun Pharma, and Kotak Bank opened in the red.
Eternal hit the 10% upper circuit after reporting a 70% year-on-year jump in Q1 revenue from operations to Rs 7,167 crore, driven by strong growth in its quick commerce and food delivery segments.On the sectoral front, Nifty Metal, Private Bank, and Oil & Gas indices opened higher, while Auto, FMCG, Pharma, Realty, and Consumer Durables traded in the red. In the broader markets, the Nifty Smallcap100 rose 0.36%, while the Nifty Midcap100 was flat.Among individual stocks, Afcons Infra jumped 4% in early trade after the company announced it had emerged as the lowest bidder for a Rs 6,800-crore railway project in the Republic of Croatia.
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"Today's outlook remains optimistic, with bullish sentiment bolstered by positive Wall Street gains and optimism surrounding the US-India trade deal. However, concerns persist over FII selling and pressures on Fed Chair Jerome Powell, raising questions about the Federal Reserve's independence," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Devarsh Vakil, Head of Prime Research, HDFC Securities, said, "Nifty has been respecting the 50-day EMA support, currently placed at 24938 levels, while on the higher side, 25255 could offer immediate resistance."
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Asian share markets held their ground near a four-year peak on Tuesday, buoyed by Wall Street's closing record high ahead of a slate of corporate earnings while investors took stock of tariff negotiations between the U.S. and its trading partners.MSCI's broadest index of Asia-Pacific shares outside Japan hit its highest level since October 2021 in early Asian hours but was last little changed. The index is up nearly 16% this year.
ADVERTISEMENT Overnight, the S&P 500 and the Nasdaq notched record-high closes on Monday, lifted by Alphabet and other megacaps ahead of a burst of earnings reports this week.
On July 21, Foreign Institutional Investors (FIIs) remained net sellers for the third consecutive session, offloading equities worth Rs 1,681 crore. In contrast, Domestic Institutional Investors (DIIs) continued their buying streak for the 11th straight day, purchasing shares worth Rs 3,578 crore.
ADVERTISEMENT Oil prices declined on Tuesday as concerns about the brewing trade war between major crude consumers, the U.S. and the European Union will curb fuel demand growth by lowering economic activity weighed on investor sentiment.Brent crude futures fell 52 cents, or 0.75%, to $68.69 a barrel by 0325 GMT. U.S. West Texas Intermediate crude was at $66.69 a barrel, down 51 cents, or 0.76%. Both benchmarks settled slightly lower on Monday.
The Indian rupee rose 5 paise to 86.26 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.08% to 97.93 level.
(With inputs from agencies)
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UK deal ‘gold standard' for FTAs; will retaliate if UK CBAM hurts India's interest: Commerce Minister Piyush Goyal
UK deal ‘gold standard' for FTAs; will retaliate if UK CBAM hurts India's interest: Commerce Minister Piyush Goyal

Indian Express

timea minute ago

  • Indian Express

UK deal ‘gold standard' for FTAs; will retaliate if UK CBAM hurts India's interest: Commerce Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Saturday said the India-UK trade deal can serve as a gold standard for India's trade negotiations with other partners, as it opens India's doors for business while protecting sensitive sectors. He added that India will retaliate if the UK's carbon tax, set to come into effect on January 1, 2027, harms India's interests. 'Our effort is that the Indian industry gets preferential access over our competition, and I think this [UK FTA] can become a gold standard to ensure that India protects its sensitive sectors and opens the doors, particularly in highly labour-intensive sectors, and allows high-quality goods, technology and other products to come to India,' the minister said at a press briefing here. Goyal said most of India's free trade agreements (FTAs) are with countries that do not compete with India on anything, and that under the deal, the UK will be sending products which are in short supply in India. 'In every respect, this is an agreement which opens far greater opportunities for India than any other agreement,' the minister said. On concerns that the UK's Carbon Border Adjustment Mechanism (CBAM) could negate the tariff concessions India has received under the trade deal, Goyal said: 'Currently there is no CBAM in effect. So it cannot be addressed in the FTA. But India is a sovereign country, and if our export interests are hurt, we will react and retaliate, or 'rebalance'. I can assure everyone that no unilateral measure will go away without a proportionate response,' he said. 'There is a lot of opposition to CBAM in the EU as well, as the EU's cost of manufacturing and housing will become costlier, and so the sufferer will be the industry in the EU,' Goyal reiterated. A government official had said that India and the UK have arrived at a diplomatic understanding on CBAM, and that India will 'rebalance' the negative effect of CBAM by taking countermeasures. It has communicated its concern over CBAM in a 'note verbale'. However, the rebalancing measure is not part of the legal text, which has raised concerns over India's ability to address the CBAM issue legally. The Indian Express had reported on May 6 that CBAM was a major point of contention between the two countries and had been holding up the agreement. India had proposed a 'rebalancing mechanism' provision within the deal which would require the UK to compensate Indian industry for losses incurred due to the regulation. The paper reported that the 'rebalancing mechanism' article had been inserted into the 'general exceptions' chapter of the negotiating text between the two countries. This would have enabled India to claim compensation for its losses and ensure the UK does not raise a dispute against India at the World Trade Organisation (WTO). However, the UK likely did not agree to the same. Goyal said India and the UK plan to address the issue of critical minerals together, stating that 'concentration of certain supply chains in certain geographies' is a common problem, and both countries plan to work jointly on this. The India-UK Vision 2035, a document outlining the broader collaborative goals of the free trade agreement between the two, stated that both countries will work together to develop cutting-edge technology and research, building on the Technology Security Initiative. This will focus on future telecoms, artificial intelligence and critical minerals, laying the ground for future collaboration on semiconductors, quantum, biotechnology and advanced materials. To further cooperation in critical minerals, the two countries will also establish a UK-India Critical Minerals Guild to 'transform financing standards and innovation', according to a joint statement by the two. India has protected all sensitive sectors, including dairy, rice and sugar, in the free trade agreement with the UK, Commerce and Industry Minister Piyush Goyal said on Saturday. The pact will help boost exports of labour-intensive products like footwear, textiles, and gems and jewellery, he added. 'We have protected all the sensitive sectors of India… we have not opened those areas for the UK… Zero compromise and extensive benefits make it a phenomenal free trade agreement (FTA),' Goyal said. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More

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