ET Market Watch: TCS earnings, Sebi crackdown among 4 reasons why markets tanked
Hi, you're listening to ET Markets Radio. I'm 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.Markets ended deep in the red this Friday, and there wasn't just one reason. There were four. Let's break them down.First up: TCS earnings.India's largest IT company posted its Q1 numbers, and they didn't impress.Yes, net profit was up 6% year-on-year to ₹12,760 crore.But revenue in constant currency terms actually fell 3.1%.The result? TCS shares closed 3.5% lower.That weakness bled into the entire IT pack, Wipro, HCL Tech, LTIMindtree, Persistent Systems, Infosys, all down.Nifty IT fell 1.8%.Factor two: Trump's tariff tantrum.The US President announced a 35% tariff on imports from Canada.And hinted at 15 to 20% blanket tariffs on other major trade partners.That rekindled fears of a global trade war, and global markets responded with caution.US and Eurozone futures slipped around 0.4%.Third, oil prices are up.Crude climbed after Trump teased an announcement on Russia, sparking fears of new sanctions.Brent touched $68.83 a barrel. WTI rose to $66.81.That's adding to inflation fears — and markets don't like that.And fourth — SEBI's crackdown.India's market regulator is investigating over 200 companies for alleged pump-and-dump operations.Searches were conducted at over 80 locations. Data was seized from 150 mobile devices and 100 computers.The companies in question are said to have manipulated share prices through coordinated social media campaigns.That's made investors extra cautious, especially in smallcaps and midcaps.Put it all together, and here's the picture:The Sensex ended 690 points lower.Nifty fell 205 points.Most sectors bled, IT, Auto, Realty, Consumer Durables, down up to 1.8%.That's your quick wrap on today's market action.We'll be back tomorrow with more.Until then, stay informed, stay sharp.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
18 minutes ago
- Indian Express
Harvard to transgender rights: The many lawsuits against Donald Trump
Donald Trump, the first convicted felon elected president of the US, has spent much of his career in courtrooms. From his days as a real estate mogul to his time in the White House, Trump has faced lawsuits over everything from personal misconduct to sweeping policy changes. These legal fights involve everyday people, advocacy groups, and even entire states, all challenging actions they see as unfair or unlawful. While serious federal cases—like those accusing him of tampering with the 2020 election or mishandling classified documents at his Mar-a-Lago estate—were dropped in late 2024, many other lawsuits remain active. Some of the most personal lawsuits against Trump come from women who say he harmed them and then lied about it. E. Jean Carroll, a former magazine columnist, won two major cases against him. In 2023, a New York jury decided Trump sexually abused her in a department store dressing room in the 1990s and defamed her by calling her claims a hoax on social media. She was awarded $5 million. In 2024, another jury found Trump liable for further defamation, granting her nearly $84 million. Trump is appealing both rulings, and the cases could end up at the Supreme Court. Another woman, Summer Zervos, a former contestant on Trump's reality show The Apprentice, also sued him in 2017 for defamation. She claimed Trump sexually assaulted her and then publicly denied it, damaging her reputation. Her case has moved forward after a court rejected Trump's attempt to dismiss it, but it's still unresolved. Trump's knack for making bold public statements has also landed him in court for defamation in other contexts. In 2024, the Central Park Five, five men wrongfully convinced of rape in 1989, sued him for claiming they were guilty despite their exoneration years ago. Similarly, Peter Strzok and Lisa Page, former FBI officials, sued Trump in 2023, saying he targeted them for political reasons. After their private text messages criticising Trump were made public, he attacked them, leading to professional and personal fallout. A judge allowed the case to move forward, even requiring Trump to give a deposition. Trump's tough immigration policies have led to lawsuits from individuals caught in their crosshairs. In 2025, Kilmar Armando Abrego Garcia, a Maryland man, became a symbol of these policies' human cost. He was deported to a prison in El Salvador without a hearing, even though a court had ordered he not be sent there. Another case involves Rumeysa Ozturk, a Turkish graduate student in Massachusetts. In 2025, she was arrested by federal agents after co-writing an essay criticising Israel in a student newspaper. Ozturk spent six weeks in detention, describing it as a terrifying ordeal meant to silence her. She sued, arguing her arrest violated her free speech rights, and a judge ordered her release while her case continues. Trump's policies also include a massive travel ban affecting 19 countries, like Afghanistan, Haiti, and Venezuela, with strict limits on entry. He's also ended asylum access at the southern border and paused the US Refugee Admissions Program, moves that advocacy groups say violate the Constitution. Courts have temporarily blocked some of these actions, but legal scholars warn that a 2018 Supreme Court ruling makes challenging them tough. One of Trump's most controversial moves was an attempt to end birthright citizenship, which grants US citizenship to anyone born on American soil. His executive order aimed to stop children of undocumented or temporary residents from becoming citizens. An expectant mother, backed by immigrant rights groups and several states, sued, saying the order violates the Constitution's Fourteenth Amendment, which guarantees citizenship by birth. Courts have put the policy on hold, and a major lawsuit led by the A.C.L.U. is moving forward as a class action. The Supreme Court has weighed in on procedural issues but hasn't decided the policy's fate. Trump has taken aim at transgender Americans, issuing orders that cut federal support for gender-affirming care for people under 19 and declare that only two sexes—male and female—exist in federal policy. He also banned transgender individuals from serving in the military, calling them a 'disruption.' States, advocacy groups, and transgender people have sued, arguing these rules violate constitutional rights and anti-discrimination laws. Federal judges have blocked parts of these orders, but the Supreme Court allowed the military ban to move forward while lawsuits continue. Trump's legal troubles in education go back to his business days and extend to his current policies. In 2018, he settled a $25 million lawsuit over Trump University, a program that promised to teach real estate secrets. Over 5,000 students, including Tarla Makaeff, said they were misled by false promises and pressured into paying thousands for worthless seminars. Makaeff, a small business owner, shared how she lost her savings chasing Trump's 'guru' advice, only to find the courses were a sham. Today, Trump's administration faces new lawsuits over education policy. A group of 24 states and Washington, D.C., sued after he froze $6 billion in federal grants for schools, hitting programs for migrant students, English learners, and after-school activities. Harvard University is also fighting back, suing over Trump's threat to cut $9 billion in federal funding because the school wouldn't meet demands to ensure 'viewpoint diversity.' Harvard's leaders say this is an attack on academic freedom, sparked by Trump's criticism of campus protests over the Gaza conflict. Trump's business dealings have long drawn legal fire. In 2022, New York Attorney General Letitia James sued Trump, his adult sons, and aide Allen Weisselberg, accusing them of lying about property values to get better tax deals and loans. In 2024, a judge ordered Trump to pay $355 million plus interest. Trump's team hit back, accusing James of mortgage fraud and asking the Justice Department to investigate her, but no charges have been filed. Trump's push to reshape the federal government has led to lawsuits from workers and institutions. He brought back a rule called 'Schedule F,' which makes it easier to fire career federal employees, potentially for political reasons. Federal workers, many with decades of service, say they're being targeted for their expertise or opinions. Labor unions and others have sued, claiming this violates their rights. Trump also tried to shut down the Department of Education, led by Education Secretary and former WWE wrestler Linda McMahon, but a judge stopped it, saying it oversteps his power. Teachers' unions have rallied, arguing that closing the department would gut public schools. Trump's economic and environmental moves have also sparked lawsuits. Twelve states, including New York and Arizona, sued in 2025 to stop his tariff policies, which they say have thrown the economy into disarray. On the environment, 22 young people sued over Trump's orders to boost oil, gas, and coal industries, arguing these policies harm their health by worsening climate change.
&w=3840&q=100)
First Post
18 minutes ago
- First Post
What Nato chief doesn't know about Russian oil and Europe's dependence on it
Nato chief Mark Rutte has now asked India and China to put pressure on Vladimir Putin to end the war in Ukraine after US President Donald Trump has threatened Russia with 'biting tariffs' on oil and gas. But Trump's threat to impose tariffs if Russia does not end the war within 50 days will hurt Europe too. Here's why read more US President Donald Trump's threat to impose tariffs on Russia is being praised by some. Trump, who has seemingly grown disgruntled with Vladimir Putin in recent weeks, has given Russia a 50-day deadline to end the war with Ukraine. Trump has also announced that he will provide Ukraine weapons via North Atlantic Treaty Organisation (Nato) – which will finance the deal. Meanwhile, Nato Secretary General Mark Rutte, who met Trump at the White House, has taken aim at India and China over buying Russian oil. STORY CONTINUES BELOW THIS AD But what did Rutte say? And what does he not know about Russian oil and Europe's dependence on it? Let's take a closer look at why secondary tariffs over Russian oil will be bad news for Europe What did Rutte say? Rutte on Wednesday warned countries that continue to buy oil and gas from Russia. This includes India, China and Brazil. India has saved billions of dollars buy purchasing crude oil from Russia since 2022. Trump has threatened to impose 'biting' secondary tariffs of 100 per cent on exports of Russian oil unless Moscow and Kyiv reach a peace deal in 50 days. Republican Senator Lindsey Graham, a staunch Trump backer, had unveiled such a bill last week. Graham called the proposal, which would reportedly allow Trump to impose tariffs as high as 500 per cent, a 'slegdehammer' that would help Trump end the war in Ukraine. 'As for sanctions, the bill which will not only be against Russia, but will also target countries like China and India that buy Russian energy products that finance Putin's war machine," Graham said. India has saved billions of dollars by purchasing Russian crude oil – which is facing sanctions from the West – in the last financial year. Reuters Rutte has now called on leaders these countries to act. 'My encouragement to these three countries, particularly is, if you live now in Beijing, or in Delhi, or you are the president of Brazil, you might want to take a look into this, because this might hit you very hard,' Rutte said after a meeting with US Senators. STORY CONTINUES BELOW THIS AD He said that they ought to pressure Putin to reach a peace agreement with Ukraine. 'So please make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks, because otherwise this will slam back on Brazil, on India and on China in a massive way,' Rutte added. However, such a bill, if passed and signed into law, would also be bad for Europe. Why tariffs over Russian oil will be bad for Europe In the aftermath of the Ukraine war, the West imposed sanctions on Russian oil and gas. Several states including some in the EU have done their best to wean themselves off Russian oil. In May 2022, Russian gas comprised 45 per cent of the EU's imports. That figure has dropped to 19 per cent in 2024. The EU imported 150 billion cubic metres of Russian oil in 2021. That figure has dropped to 52 billion cubic metres in 2024. While the bloc also has plans to completely stop the import of Russian gas by 2027, many nations still remains dependent on Russian gas and refined oil. STORY CONTINUES BELOW THIS AD This is mostly routed through other nations. Slovakia and Hungary, who are pro-Moscow, still import Russian gas via pipeline. Fuga Bluemarine crude oil tanker lies at anchor near the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia. They have opposed the ban on Russian gas. These nations aren't alone either. When it comes to fossil fuels in 2024, France, Austria, Spain, Greece and Italy also replenished Russian coffers. 'Although Russian fossil fuel exports to the West have decreased, glaring loopholes in the sanctions' regime persist', a report from the report from the Center for the Study of Democracy (CSD) stated in December. In 2024, Russia still comprised 18 per cent of the EU's natural gas imports. The European Union also spends more on Russian oil and gas than it gives financial aid to Ukraine. Though Europe gave $22 billion to Ukraine in 2024, it bought $25 billion worth of fossil fuels from Russia that same year. Trump's announcement comes in the backdrop of Europe's fuel inventories already being at a three-year low. Many European countries have already seen inflation and energy prices spike – resulting in a cost of living crisis. STORY CONTINUES BELOW THIS AD Experts say reducing Europe's dependence on Russia is no mean feat. As Pawel Czyzak, researcher at the UK-based energy think tank Ember, told DW, 'It has been very difficult for Europe to exit Russian energy fully'. They say it could make Europe plans to build up its fuel supplies ahead of winter more difficult. Meanwhile, Norway, which is Europe's top gas provider is set to cut the supply next month over planned maintenance. Trump's deadline would come at the same time as this work 'which could introduce fresh uncertainty for European gas markets heading into autumn,' Rabobank strategist Florence Schmit was quoted as saying by Bloomberg. It remains to be seen if the EU can stick together when it comes to Russian oil and gas. 'Worried about delay' Meanwhile, Republican US Senator Thom Tillis praised Trump for announcing the steps, but said the 50-day delay "worries" him. He said he was concerned that 'Putin would try to use the 50 days to win the war, or to be better positioned to negotiate a peace agreement after having murdered and potentially collected more ground as a basis for negotiation. STORY CONTINUES BELOW THIS AD 'So we should look at the current state of Ukraine today and say, no matter what you do over the next 50 days, any of your gains are off the table,' he added. Rutte said Europe would find the money to ensure Ukraine was in the best possible position in peace talks. He said that under the agreement with Trump, the U.S. would now 'massively' supply Ukraine with weapons 'not just air defense, also missiles, also ammunition paid for by the Europeans.' US President Donald Trump has taken a harsher line on Vladimir Putin recently. Reuters File Asked if long-range missiles for Ukraine were under discussion, Rutte said: 'It is both defensive and offensive. So there's all kinds of weapons, but we have not discussed in detail yesterday with the president. This is really being worked through now by the Pentagon, by the Supreme Allied Commander in Europe, together with the Ukrainians.' Russia's Dmitry Medvedev, responding to Trump's remarks, said Moscow 'didn't care'. Medvedev dismissed the threat of a tariff on Russian oil as a 'theatrical ultimatum'. STORY CONTINUES BELOW THIS AD But Medvedev added that Trump's remarks were very 'serious', and that Russia 'needed time to analyse what was said in Washington'. With inputs from agencies
Indian Express
18 minutes ago
- Indian Express
Stocks to Watch on Thursday, July 17: Indian Hotels, NTPC, NLC India, Tech Mahindra, ITC Hotels, HDFC Bank and more
Stocks to Watch on July 17: Shares of several companies will remain in focus on Thursday (July 17) including IHCL, NTPC, NLC India, Tech Mahindra, ITC Hotels, among others. On Wednesday, benchmark stock indices Sensex and Nifty closed marginally higher in a rangebound trade on Wednesday as investors stayed on the sidelines amid weak global market trends and tariff-related uncertainty. Rising for the second day in a row, the 30-share BSE Sensex edged up 63.57 points or 0.08 per cent to settle at 82,634.48. During the day, it hit a high of 82,784.75 and a low of 82,342.94. The 50-share NSE Nifty ended 16.25 points or 0.06 per cent higher at 25,212.05. Among Sensex firms, Mahindra & Mahindra, Tech Mahindra, State Bank of India, Infosys, Adani Ports and ITC were the major gainers. However, Eternal, Sun Pharma, Tata Steel, Tata Motors, Bajaj Finance and Bharat Electronics were among the major laggards. Tata Group hospitality firm Indian Hotels Company Ltd has acquired over 3.3 lakh equity shares through a rights issue in wholly-owned arm ELEL Hotel and Investment Ltd for over Rs 165 crore. ELEL Hotel and Investment Ltd holds the leasehold rights for the land parcel at Bandstand Bandra, under which Taj Bandstand is proposed to be developed, Indian Hotels Company Ltd (IHCL) said in a regulatory filing. Shares of NTPC will remain in focus after the government permitted state-run firm to invest up to Rs 20,000 crore for renewable energy capacity addition to achieve 60 GW capacity by 2032. The earlier approved prescribed limit for NTPC was Rs 7,500 crore. The government on Wednesday allowed state-run NLC India to invest Rs 7,000 crore in its subsidiary NIRL to enhance renewable energy capacity in the country. The decision will help NLC India to add 10.11 GW renewable energy capacity by 2030, taking it to 32 GW by 2047. IT services firm Tech Mahindra on Wednesday posted a 33.9 per cent rise in consolidated net profit for the April-June quarter to Rs 1,140.6 crore. The Pune-headquartered firm had logged a net profit (attributable to owners of the company) of Rs 851.5 crore in the year-ago period, according to a regulatory filing. Revenue from operations for the first quarter of FY26 came in 2.65 per cent higher at Rs 13,351.2 crore, as against Rs 13,005.5 crore in the year-ago period. ITC Hotels Ltd on Wednesday reported a 53 per cent jump in consolidated net profit at Rs 133.71 crore in the first quarter ended June 30, 2025 on the back of higher revenue. The company had posted a consolidated net profit of Rs 87.16 crore in the first quarter last fiscal, ITC Hotels said in a regulatory filing. Consolidated revenue from operations in the first quarter stood at Rs 815.54 crore as against Rs 705.84 crore in the corresponding period a year ago, it added. State Bank of India (SBI) on Wednesday said it will raise up to Rs 20,000 crore via issue of bonds to domestic investors in current fiscal year. In a regulatory filing, SBI said its board has 'accorded approval for raising funds in INR by issue of Basel III compliant Additional Tier 1 and Tier 2 Bonds, up to an amount of Rs 20,000 crore to domestic investors during FY26, subject to GOI approval wherever required'. HDFC Bank said its board in its meeting on July 19 will decide on issuing bonus shares and special interim dividend. In a regulatory filing on Wednesday, HDFC Bank said its board would also consider the proposals of declaration of a special interim dividend on the equity shares of the bank, for the financial year 2025-26; and issue of bonus shares, subject to approval of shareholders of the bank. Indian Overseas Bank revised its Marginal Cost of Funds-based Lending Rates (MCLR) by 50 basis points across all tenors with immediate effect. According to PTI, the Asset Liability Management Committee (ALCO) of the bank, at its meeting held on July 14, reviewed the bank's MCLR and decided to reduce it with effect from July 15. Accordingly, the revised MCLR for the overnight tenure has been reduced to 8.15 per cent from the existing 8.25 per the one-month tenure, the MCLR has been revised to 8.40 per cent from the earlier 8.50 per cent, PTI reports. (With PTI Inputs)
