Eternal, private banks lift Sensex 150 pts higher, Nifty over 25,100
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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Hindustan Times
4 minutes ago
- Hindustan Times
Committed to fair, balanced deal, says India after Trump announces 25% tariffs
India remains intensely engaged with the US to clinch the comprehensive bilateral trade agreement by autumn 2025 despite President Donald Trump's announcement of 25% tariffs plus penalties starting August 1, people aware of the matter said on Wednesday. Piyush Goyal, India's commerce and industry minister, during a Bloomberg Television interview in London, UK, on Thursday, July 24, 2025. (Bloomberg) In a brief statement, the commerce ministry said it had 'taken note' of Trump's statement and was studying its implications while reaffirming India's commitment to a 'fair, balanced and mutually beneficial' trade deal that protects farmers, entrepreneurs and small businesses. 'The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs,' the ministry said, adding that it 'will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK.' Indian officials and experts pushed back against Trump's characterisation of excessive trade barriers, arguing that his focus on goods trade deficit ignores the broader economic relationship where the US earns tens of billions more annually from services, education, and defence deals, and cited New Delhi's recent free trade agreements with developed economies such as Australia and the UK to demonstrate India's willingness to open up its market with protections for its vulnerable populations . People familiar with the negotiations said New Delhi expects Washington to follow Trump's announcement with a formal letter that would be analysed and responded to appropriately. The Indian negotiating team – which has held five rounds of in-person discussions with its American counterparts -- will in the meantime continue talks for a balanced deal, they added. One of the people aware of the matter pushed back against Trump's characterisation of India as maintaining excessive trade barriers, citing the recently signed free trade agreements with other developed economies including Australia and the United Kingdom where tariffs on most items were slashed. 'Hence, President Trump's generalisation that Indian tariffs are far too high, is not correct,' the person said. 'FTAs are win-win, and not one-sided.' The person highlighted Trump's focus on goods trade surplus while ignoring broader economic ties, saying: 'President Trump has said in a post on Truth Social – 'We have a massive trade deficit with India!!!' – which is just one side of the picture. Bilateral economic relationship is not only goods trade, it also includes trade in services, investments and other significant contributions to the US economy made by Indians.' According to government data, India had a $41.18 billion trade surplus with the US in 2024-25, exporting goods worth $86.51 billion and importing $45.33 billion of American merchandise. However, the people cited above argued this represented only a part of the bilateral relationship. The US gains significant revenue from financial, digital and e-commerce services, fees from students studying in America and defence deals, a second person explained. 'Such cooperation in services and contributions of Indians in American businesses have immense potential for further growth through BTA and other strategic cooperation, provided the US is not fixated with tariffs, and particularly with India's sensitive sectors, which are vital for the survival of millions of Indian subsistence farmers,' the person added. Ajay Srivastava, founder of Global Trade Research Initiative, said the US 'quietly rakes in $80-85 billion every year from India through education, digital services, financial operations, intellectual property royalties, and arms sales.' 'These massive earnings don't show up in the narrow goods trade statistics. When you factor them in, the US isn't running a deficit with India at all, it's sitting on a $35-40 billion surplus,' Srivastava added. The second person aware of the matter said India was negotiating a comprehensive bilateral trade agreement that included not just goods but 'other key sectors such as services, investments, non-tariff barriers, IPRs and customs facilitation.' 'We hope that a successful deal would help in balancing bilateral economic cooperation and prompt the Trump administration to remove reciprocal and punitive tariffs,' the person said. Industry leaders expressed concern about the tariff announcement's timing amid ongoing negotiations. Medical Technology Association of India chairman Pavan Choudary called Trump's move 'economically shortsighted and strategically misguided.' 'As a sovereign nation, India makes independent choices in defence and energy based on national interest and long-term strategic priorities. Attempting to punish these decisions through coercive trade measures is not only inappropriate but also counterproductive,' Choudary said. Agneshwar Sen, trade policy leader at EY India, warned the 25% tariff could directly affect key sectors including marine products, pharmaceuticals, textiles, leather and automobiles where bilateral trade had been 'especially robust.' However, Sen remained optimistic about ongoing negotiations, noting both countries were 'positively engaged' with the US team expected in India on August 24 for the sixth round of talks. 'I am confident that, considering our shared interests and history of cooperation, the two sides will be able to address these contentious issues constructively,' he said. Opposition slams Modi government Opposition parties criticised the government over the developments . Congress general secretary Jairam Ramesh said Prime Minister Modi should 'take inspiration from former prime minister Indira Gandhi and stand up to the president of the United States.' 'All that 'taarif' between him and 'Howdy Modi' has meant little,' Ramesh said, referring to Modi's 2019 rally with Trump in Houston. 'Mr Modi thought that if he kept quiet on the insults that the US President has hurled on India... India would get special treatment at the hands of President Trump. Clearly that has NOT happened.' Rashtriya Janata Dal MP Manoj Jha said his party was 'not very happy that it has happened under the rule of Prime Minister Modi,' while Communist Party of India MP P Sandosh Kumar described the tariffs as 'another insult to India.' DMK leader Tiruchi Siva demanded the prime minister answer questions about the tariffs in Parliament, saying lawmakers had 'not been taken into confidence.'
Economic Times
4 minutes ago
- Economic Times
Trumpland: What if the world turned US trade war back on America?
AI image Tariff' Trump has announced a 25% levy on Indian goods entering US starting tomorrow, coupled with a penalty for India's continued oil and defence purchases from Russia. Prefixing his announcement on Truth Social with 'while India is a friend', the US president has sought to punish India for asserting sovereign choices in trade and foreign policy. With friends like this, who needs friends? The irony is poetic: the self-declared custodian of free trade is now its most protectionist offender. Economics is built around the principle of movement: of goods, capital, labour and data. This isn't just ideology, it's the physics of prosperity. Yet, the US, once the world's most vocal advocate for free markets, is, in the form of Trumpland, its most disruptive force. From semiconductor export bans and weaponised sanctions to unilateral tariffs and extraterritorial dictates, Trumpland has turned the global economy into a minefield of exceptions, exclusions and coercion. So, here's the question that can now be asked aloud: what if the rest of the world sanctioned the US? What if countries collectively paused the flow of rare earths, APIs, industrial machinery, telecom infrastructure, even data? Could the US survive the very conditions it imposes on others? In 2024, US goods imports hit a record $3.3 tn, while exports reached $2.1 tn, pushing goods trade deficit to $1.2 tn, a 14% increase from the previous year. Even after including services like finance and travel, total trade deficit stood at $918 bn, up 17%, the second highest on record. Trade gap with China grew to $295 bn, a clear sign of ongoing reliance. Beyond China, the US remains critically dependent on imports for over 221 essential goods, including microchips and battery components, with foreign sourcing levels between 90% and 100%. China supplies 70% of rare earths, and dominates the global graphite supply chain. Other key materials like lithium and cobalt are also heavily imported from countries like Chile, Canada and Argentina. In total, just four trading partners — China, the EU, Mexico and Canada — each account for more than 10% of US import value. These are not discretionary purchases, but foundational components of American industry. The US is not merely part of global supply chains, but also structurally dependent on them, never mind all that talk of decoupling and University's Budget Lab assessed that the US' 2025 tariff surge has raised its average effective tariff rate to 22.5%, the highest since 1909. This policy shift has led to a 2.3% rise in consumer prices, costing the average household $3,800 annually. Lower-income families are hit hardest, with those in the second income decile losing $1,700 a GDP growth is expected to drop by 0.9 percentage points in 2025. Long-term output is projected to remain 0.6% smaller, a permanent loss of around $180 bn a year. Exports have declined by 18.1%. Prices for essentials have spiked, with apparel up 17%, food nearly 3% higher, and new cars costing an extra $4,000 on from protecting the economy, Trump tariffs are eroding household income, slowing growth and adversely affecting America's economic Walter Scheidel explains in his 2017 book, The Great Leveler, entrenched systems rarely reform themselves through negotiation alone. Meaningful redistribution often follows rupture rather than consensus. So, what might rupture look like today? Imagine the world's major exporters including Europe, China, India, Asean and Latin America agreeing to a coordinated pause in shipments to the US. No semiconductors, no APIs, no telecom equipment. In a matter of weeks, American production lines would slow, inflation would surge, and financial markets would be rattled. It would serve as a powerful reminder that the US economy is not insulated by exceptionalism. It operates on the consent and cooperation of the rest of the world. This isn't about restoring balance. It's a call to deliberately hit the US economy where it hurts, to expose the double standards that define today's global order. In any functioning market, domestic or global, rules matter not only because they enable exchange but also because they constrain abuse. Participation in global trade is characterised by the principle of mutualism and benefits will flow only as long as responsibilities are this fundamental point, the US' economic bullying undermines not just the trust but the very ethos of the current global economic system. The world, India included, now faces a pivotal question. Should it continue to accommodate this exception, or begin to act as a collective? A coordinated stand by global exporters, in defence of systemic integrity, would affirm that globalisation is not the privilege of a single actor but the shared project of many. If the international order is to survive, it must demonstrate that no participant is above its rules. Trumpland may yet learn that the system the US helped create can continue to evolve without its dominance. And that the invisible hand, if constrained long enough, may simply withdraw its reach from the United States. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Regulators promote exchanges; can they stifle one? 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Indian Express
4 minutes ago
- Indian Express
‘A robust platform to empower young entrepreneurs': CM inaugurates CM YUVA Conclave
CHIEF MINISTER Yogi Adityanath on Wednesday inaugurated the CM YUVA Conclave and Expo-2025 in Lucknow. The CM YUVA Yojna has been launched under the Mukhyamantri Yuva Udyami Vikas Abhiyan. Adityanath said that over 68,000 youths have so far received interest-free and collateral-free loans amounting to Rs 2,751 crore under the scheme. The state government is offering 10 per cent margin money assistance to support budding entrepreneurs further. Highlighting the potential of Uttar Pradesh's youths, he said, 'CM YUVA Yojana is not just a financial aid programme, but a robust platform providing mentorship, market access and essential resources to empower young entrepreneurs.' He directed officials to ensure that at least 50 youngsters from each district visit the exhibition so they can gain firsthand knowledge about various government schemes, startup resources and market opportunities. He also inaugurated the exhibition and launched 'UP Mart', a portal for machinery suppliers, aimed at easing access to essential tools and equipment for startups. Also, 17 MoUs were signed in the CM's presence to boost entrepreneurship in the state. Underscoring the unique features of the scheme, Adityanath noted that it addresses the key challenges faced by aspiring entrepreneurs— lack of capital, training, and guidance. 'This is not just a scheme —it's a movement. A golden opportunity for every youth who has a dream but lacks resources,' he said. Addressing university Vice-Chancellors and youths at the CM YUVA Conclave, Chief Minister Yogi Adityanath expressed concern over the growing disconnect between academic institutions and society. 'Our institutions are becoming isolated islands, increasingly cut off from the people and government schemes. This disconnect is dangerous,' he said. He pointed out that due to lack of information, many young people fall prey to fraudulent schemes, get burdened by debt and are often left with no choice but to migrate in search of opportunities. 'But now, this cycle will end,' he asserted. The CM highlighted several initiatives launched to revive Uttar Pradesh's traditional industries, including handicrafts, cottage industries, and the MSME sector. 'Today, there is no licensing requirement for the first 1,000 days of starting a new enterprise in the state. We are also providing an insurance cover of ₹5 lakh to support young entrepreneurs,' he said. Reflecting on the 2017 Lok Kalyan Sankalp Patra of the BJP, prepared under the guidance of Prime Minister Narendra Modi, the Chief Minister said that a commitment was made to promote traditional industries through a dedicated scheme. Acting on this, a statewide survey was conducted post-2017, which revealed that every district had unique traditional enterprises. However, due to corruption, lawlessness, and large-scale migration, these industries had nearly collapsed. The CM said that the One District One Product (ODOP) scheme has helped boost Uttar Pradesh's exports from Rs 86,000 crore to over Rs 2 lakh crore. 'Earlier, Chinese products flooded the markets during festivals. Today, locally made ODOP items are finding a place in every household,' he added. He also announced that products from Uttar Pradesh would be prominently featured at an International Trade Show scheduled from September 25 to 29, 2025, at the India Expo Centre in Noida. 'The Buyer-Seller Meet held at this event has become a massive platform for showcasing the state's potential. No one would have imagined such innovation and enterprise from UP just a few years ago. From four lakh participants in the first year to five lakh in the second, the show is pushing forward our vision of taking local products to the global stage,' he said.
