Sensex falls over 200 pts, Nifty below 24,700 as Trump revives tariff threat over Russian oil imports
Sensex
and
Nifty
, opened marginally lower on Tuesday, as investor sentiment turned cautious following renewed tariff threats from U.S. President Donald
Trump
over the country's continued imports of Russian oil.
The BSE Sensex slipped 213 points, or 0.26%, to 80,806, while the NSE Nifty declined 37 points, or 0.15%, to 24,685.
Productivity Tool
Zero to Hero in Microsoft Excel: Complete Excel guide
By Metla Sudha Sekhar
View Program
Finance
Introduction to Technical Analysis & Candlestick Theory
By Dinesh Nagpal
View Program
Finance
Financial Literacy i e Lets Crack the Billionaire Code
By CA Rahul Gupta
View Program
Digital Marketing
Digital Marketing Masterclass by Neil Patel
By Neil Patel
View Program
Finance
Technical Analysis Demystified- A Complete Guide to Trading
By Kunal Patel
View Program
Productivity Tool
Excel Essentials to Expert: Your Complete Guide
By Study at home
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Japanese Insole: I Was Losing So Much Weight I Had to Stop Using It
KenkoSlim
Undo
The decline followed remarks from Trump late Monday, in which he vowed to impose "harsh tariffs" on Indian goods if re-elected, citing New Delhi's purchases of discounted Russian crude. India's government dismissed the criticism as 'unjustified' and pledged to defend its economic interests, signalling an escalation in trade tensions between the two countries.
Foreign portfolio investors have extended their selling streak to 11 consecutive sessions through Monday, according to provisional exchange data. The persistent outflows come ahead of the Reserve Bank of India's policy decision due Wednesday, where the central bank is widely expected to hold rates steady.
On the 30-stock Sensex pack, shares of Infosys, Reliance Industries, ICICI Bank, BEL, Hindustan Unilever and HDFC Bank led the laggards, slipping between 0.4% and 1%.
Live Events
The Oil & Gas sector slipped 0.4% in early trade, dragged lower by a more than 2% decline in Hindustan Petroleum Corp Ltd (HPCL), which led sectoral losses.
Meanwhile, the IT and FMCG sectoral indices were also trading 0.3% lower.
In contrast, the broader Nifty Smallcap 100 index rose 0.4%, defying the downtrend, while the Nifty Midcap 100 index traded largely unchanged.
Expert Views
The latest tweet from President Trump that he will 'substantially raise U.S. tariffs on India' for buying Russian oil is a serious threat,' said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, adding that "If he walks his talk, the India-U.S. relations will further strain and the impact on India's exports to the US can be worse than thought earlier. India's GDP growth and corporate earnings in FY26 also will be impacted."
Vijayakumar noted that equity valuations remain elevated and do not appear to have priced in such a scenario. 'India's response, with facts, that 'targeting India is unjustified and unreasonable' sends a message that India will not be making undue concessions and compromises. This means, the market is in uncharted territory in the near-term.'
A sharper escalation, Vijayakumar added, could push the Nifty below the key support level of 24,500. 'Investors may wait and watch for the developments to unfold. Moving some money to fixed income also can be thought of,' he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
a few seconds ago
- Indian Express
Agriculture a stumbling block in talks, but India-US trade in sector sees surge
Even as agriculture, along with purchase of Russian oil, has emerged as a key sticking point in the trade talks between India and the United States, here's an interesting fact: Trade in farm produce between the two countries is actually booming and poised to touch a new record this year. During January-June 2025, India's imports of agricultural products from the US were, at $1,693.2 million, a whopping 49.1% more than the $1,135.8 million for the same six months of the last calendar year. India's agricultural exports to the US, too, were up 24.1%, from $2,798.9 million in January-June 2024 to $3,472.7 million in January-June 2025 (see chart). With US President Donald Trump doubling the tariff on import of goods from India to 50 per cent on Wednesday, the impact remains to be seen, but the trends so far suggest two-way farm trade at least surpassing previous highs. If the current growth rates hold, India's agricultural exports to the US could top $7.7 billion, and that of the US to India could be over $3.5 billion in 2025. The US's exports to India have been led by tree nuts — mainly almonds and pistachios — which were valued at $1.1 billion-plus in 2024, and registering further 42.8% annual growth during the first six months of this year. The other three big-ticket items are ethanol, soyabean oil and cotton. Ethanol exports from the US to India, worth over $420 million last year, are basically for manufacturing alcohol-based chemicals, medicines and other industrial uses. The US wants India to open up imports of ethanol also for fuel use, i.e. blending with petrol and diesel. India has been resisting that, just as much as it is not allowing imports of genetically modified (GM) maize and soyabean. US farmers mostly grow only GM maize (corn) and soyabean. India currently permits imports of non-fuel ethanol and oil, produced from GM corn and soyabean respectively, but not the whole grain and oilseed as such. Although the trade negotiations between the two sides are stuck due to India not yielding on GM crops, US exports of both corn-derived ethanol and soyabean oil to India have posted strong growth. The huge jump in soyabean oil exports from the US this year is likely to be sustained by India's move, on May 31, to slash its import duty from 27.5% to 16.5%. Cotton exports from the US have also been growing on the back of India turning into a net importer of the natural fibre. India's agricultural exports to the US are somewhat more diversified. While seafood (primarily frozen shrimp) has been the top item, there are others as well — from spices and essential oils to basmati rice, processed fruits & vegetables and baked foods — that have been doing well, with annual shipment value exceeding $200 million each. It's not clear how much of all these exports would be affected, especially with the new Trump tariff. Take seafood, where India's exports of $2,483.8 million in 2024 was just behind Canada ($3,956.9 million) and Chile ($3,030.1 million), and ahead of Indonesia ($1,907.9 million), Vietnam ($1,790.4 million) and Ecuador ($1,616.4 million). As of now, the 50% tariff on India is above that of all these competitors: Chile (10%), Ecuador (15%), Indonesia (19%), Vietnam (20%) and Canada (35%). While seafood exports from India have remained buoyant, growing by 32.5% year-on-year in January-June, sustaining that may not be easy as the tariff differentials bite. But the fact that agriculture trade per se between India and the US is booming should be some consolation in the present situation where talks are at a standstill.
Time of India
a few seconds ago
- Time of India
Won't be Trumped
GOI has called out Trump's extra tariffs for what they are. He was wrong to think hegemony will work Three weeks from now, India will be the most heavily tariffed seller in the US market besides Brazil. Yesterday, through an executive order, Trump imposed an additional ad valorem duty of 25% on India for 'directly or indirectly importing Russian Federation oil', taking the total to 50%. GOI probably saw this coming from the time Trump's tone changed from friendly to brusque a week ago. Where he had talked up the chances of a trade deal with India on July 8 – 'We are close to making a deal with India' – on July 30 he slapped a 25% import duty along with the threat of an unspecified penalty. Now, the suspense is over. It's impossible to fathom Trump's logic. From the start, China was the presumed target of his tariff war. US runs its largest goods trade deficit with Beijing – worth $295bn in 2024. At one point, Trump raised tariffs on China to 145%, but China's retaliation with a rare earths supply freeze made him see reason. Now, China is tariffed at 30%. If Russian oil triggers Trump, China and Türkiye are also big buyers, yet they have not been 'penalised'. It may be that Trump's acting in frustration. He had boasted he would end the Ukraine war within 24 hours of taking office, but six months have passed and Putin remains defiant. Perhaps, Trump believes stopping oil revenues will bring Putin to the table. And since he seems unable to touch China for now, India possibly seems like a softer target to him. But this is a huge mistake. For almost 80 years, India has refused to be cowed by hegemons. Yesterday, it termed Trump's action 'unfair, unjustified and unreasonable' and made it clear it will 'take all actions necessary to protect its national interests'. As TOI has said before, the current discount on Russian oil is so little that India saves not more than $2bn a year. It could easily pivot to West Asian oil, but the resultant increase in crude prices would hurt all. Besides, if India chooses to pivot, it won't be on Trump's terms. While negotiations with US will continue, Indian exporters are under pressure, so deals with other countries must be prioritised. India should also look beyond goods exports – tourism, for instance – to increase forex earnings. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
Time of India
11 minutes ago
- Time of India
Retailers bank on discounts, cashbacks & EMIs to drive consumer durable sales this festive season
Pune: Consumer durable brands and retailers are pinning hopes on increased rural demand and discretionary spending during the upcoming festive season, expecting a 12-15% jump in sales of large appliances, gadgets and kitchen essentials, fuelled by discounts and attractive financing options. Wanowrie resident Santosh Sawla, who delayed buying a new fridge and kitchen appliances for a while, said, "With the festive season around the corner and great discounts on offer, I am finally ready to make the purchase." Reshma Gupta, who moved to Pune recently, said she had been eyeing a new TV and sound system since moving to Vimannagar. "But, I was waiting for the festive sales to kick in. Now that the discounts are out, I am excited to make the purchase," she said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Retailers like Vijay Sales are luring customers with up to 60% discounts on consumer durables and electronics, coupled with bank partnerships that offer instant discounts, cashbacks and EMI options. Vijay Sales' MD Nilesh Gupta said, "We are anticipating a 10-12% sales growth during this early festive period, driven by strong demand across all categories and a notable trend towards premium products." Croma is also bullish on sales this festive season, driven by pent-up consumer demand, new product launches and attractive offers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dog The Bounty Hunter's Stunning Transformation Reportingly Undo With tier-II and smaller cities showing strong growth, customers are keen to upgrade their devices through exchange offers. A Croma spokesperson said, "We are offering up to 50% discount on electronics and appliances, with standout deals on smartphones, TVs, AI laptops as well as refrigerators, washing machines and kitchen appliances. " Panasonic expects a surge in demand across its product range with the festive season kicking off from Onam. Fumiyasu Fujimori, MD of Panasonic Marketing India, said, "Smart, connected and energy-efficient appliances are in high demand, with inverter ACs dominating our sales and smart ACs accounting for nearly 45% of that segment. To drive sales, we will be offering attractive financing options, extended warranties and cashbacks across categories, making premium appliances more accessible to customers. " "While the year began on a tepid note, the market has now picked up. We are expecting good sales this festive season. There is a drive towards premium products, and we are seeing good demand for 55-inch TVs," Devita Saraf, chairperson, Vu Televisions, said. Eureka Forbes expects this Independence Day to mark the start of a strong festive cycle, especially in the home and wellness segment. "To make festive upgrades more accessible, we've launched a range of attractive offers this Independence Day, including up to 25% discount on select water and air purifiers, no-cost EMIs and easy financing options across categories. We are also offering cashback benefits on purchases through select cards and wallets," Anurag Kumar, chief growth officer, Eureka Forbes, said. Kamal Nandi, business head and EVP at appliances business of Godrej Enterprises Group, said, "We have an extensive product line-up with advanced technologies powered by AI and design-led innovations this festive season. Offers include attractive cashbacks running up to Rs 12,000 and extended warranties going up to 5 years. We are also offering comprehensive warranty on AC, front load washing machines and deep freezers. "
