India's Nifty, Sensex suffer longest weekly losing streak in five years on trade, earnings fears
The Nifty 50 and the BSE Sensex dropped 0.95% each to 24,363.3 points and 79,857.79, respectively. For the week, they shed 0.8% and 0.9%, respectively. This would be their longest losing streak since April 2020.
Losses were broad-based, with 13 of 16 major sectors ending the week in the red. Small-cap and mid-cap indexes declined 1.4% and 1.1%.
IT and pharma indexes lost 0.7% and 2.8%, while financials and energy fell 1.2% and 1.4%, respectively.
Investor sentiment remained fragile amid ongoing uncertainty over a potential U.S.-India trade deal and underwhelming earnings.
On Thursday, U.S. President Donald Trump ruled out further talks until the tariff dispute is resolved. This followed a move to double tariffs to 50%, citing India's oil imports from Russia.
'Prolonged tariff tensions and relentless foreign selling—totaling $3.47 billion since early July—have injected a fresh wave of volatility and caution into Indian markets,' said Manish Goel, founder and MD at Equentis Wealth Advisory Services.
India stock benchmarks set to open higher on proposed Trump-Putin meeting
Among individual stocks, Adani Enterprises fell 7.4% this week, extending losses after posting disappointing quarterly results on July 31.
Textile exporters including KPR Mill, Gokaldas Exports, Vardhman Textiles, and Trident fell 4.2%-12.1% after the U.S. hiked duties on Indian imports.
In contrast, Hero MotoCorp surged 6.7% for the week, topping the Nifty 50 after a surprise earnings beat, aided by stronger exports.
On the day, LIC gained 3.2% on a quarterly profit rise.
Bharti Airtel dropped 3.3% on multiple block deals at a discount.
'Markets are also adjusting to the RBI's message that the economy should not expect too much incremental support from monetary policy measures for now,' said Sandeep Bagla, CEO of TRUST Mutual Fund.
The RBI held rates steady on Wednesday but flagged tariff-related risks to the economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
Yuyuan Tantian flags security, tech and environmental concerns in Nvidia H20 chip
Listen to article A social media account affiliated with state broadcaster CCTV said on Sunday that Nvidia's H20 artificial intelligence chips pose security concerns for China, after Beijing raised questions over possible backdoor access. The account, Yuyuan Tantian, published an article on WeChat saying the H20 chips were neither technologically advanced nor environmentally friendly. 'When a type of chip is neither environmentally friendly, nor advanced, nor safe, as consumers, we certainly have the option not to buy it,' the article concluded. Read: US licenses Nvidia to export chips to China Nvidia did not immediately respond to a request for comment. The H20 chips were developed by Nvidia for the Chinese market after the US imposed export restrictions on advanced AI chips in late 2023. The administration of US President Donald Trump banned their sales in April amid escalating trade tensions with China, but reversed the ban in July. China's cyberspace watchdog said on July 31 that it had summoned Nvidia to a meeting to ask whether the H20 chips contained any backdoor security risks — a hidden method of bypassing normal authentication or security controls. Nvidia later said its products had no 'backdoors' that would allow remote access or control. In its article, Yuyuan Tantian claimed Nvidia chips could perform functions including 'remote shutdown' through a hardware 'backdoor'. The account's comments followed criticism of Nvidia by People's Daily, which in a commentary this month said Nvidia must produce 'convincing security proofs' to ease Chinese users' concerns and regain market trust.
Business Recorder
4 hours ago
- Business Recorder
China wants US to relax AI chip-export controls for trade deal, FT reports
China wants the United States to ease export controls on chips critical for artificial intelligence as part of a trade deal before a possible summit between Presidents Donald Trump and Xi Jinping, the Financial Times reported on Sunday. Chinese officials have told experts in Washington that Beijing wants the Trump administration to relax export restrictions on high-bandwidth memory chips, the newspaper reported, citing unnamed people familiar with the matter. The White House, State Department and China's foreign ministry did not immediately respond to requests for comment on the report. HBM chips, which help perform data-intensive AI tasks quickly, are closely watched by investors due to their use alongside AI graphic processors, particularly Nvidia's. The FT said China is concerned because the U.S. HBM controls hamper the ability of Chinese companies such as Huawei to develop their own AI chips. Successive U.S. administrations have curbed exports of advanced chips to China, looking to stymie Beijing's AI and defence development. While this has impacted US firms' ability to fully address booming demand from China, one of the world's largest semiconductor markets, it still remains an important revenue driver for American chipmakers.
Business Recorder
4 hours ago
- Business Recorder
Field Marshal Munir attends CENTCOM change of command ceremony in US
Chief of Army Staff (COAS) Field Marshal Syed Asim Munir is on an official visit to the United States, where he has engaged in high-level meetings with senior political and military leadership as well as members of the Pakistani diaspora, the Inter-Services Public Relations (ISPR) said on Sunday. In Tampa, the COAS attended the retirement ceremony of outgoing Commander US Central Command (CENTCOM) General Michael E. Kurilla and the change of command ceremony marking the assumption of command by Admiral Brad Cooper. According to ISPR, the army chief lauded Gen Kurilla's leadership and his role in strengthening bilateral military cooperation. He also conveyed best wishes to Admiral Cooper, expressing confidence in continued collaboration to address shared security challenges. During the visit, COAS met with Chairman Joint Chiefs of Staff General Dan Caine to discuss matters of mutual professional interest and invited him to visit Pakistan. On the sidelines, he also interacted with chiefs of defence from friendly nations. In an interactive session with the Pakistani diaspora, the army chief urged expatriates to remain confident in the country's future and to contribute towards attracting investments. The diaspora, in turn, reaffirmed their commitment to supporting Pakistan's progress and development. This marks army chief's second official visit to the US in two months since the May standoff with India. The visit comes amid rising tensions between the US and India, which culminated this week when Trump said he'd impose a 50% tariff on Indian exports to the US — half of which includes a penalty for purchases of Russian oil. Even though Trump left some wiggle room to strike a deal, his vitriolic comments about India are upending a decades-long push by the US to court the world's most populous country as a counterweight to China. Trump this month slammed India as a 'dead' economy with 'obnoxious' trade barriers and little concern for Ukrainians killed in battles with Russia. While Modi and Trump haven't chatted since that June call, the Indian leader on Friday spoke with Russian President Vladimir Putin and invited him to visit later this year.
