India's stock benchmarks end flat as Reliance, trade jitters offset Eternal gains
The Nifty 50 fell 0.12% to 25,060.9 points, while the BSE Sensex ended 0.02% lower at 82,186.81 on the day.
The prospects of an interim trade deal between India and the U.S. before Washington's August 1 deadline have dimmed, with talks deadlocked over tariff cuts on key agricultural and dairy products, Reuters reported, citing two Indian government sources.
'Until there is clarity on India-U.S. trade deal, we are likely to continue seeing stock-specific action based on earnings,' said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.
HDFC Bank, ICICI Bank lead India's stock benchmarks higher, Reliance caps gains
Among 13 major sectors, financials was the only one to avoid losses, remaining close to flat, thanks to gains in top two lenders, HDFC Bank and ICICI Bank.
HDFC Bank and ICICI Bank rose 0.3% and 0.4%, respectively, extending their post-earnings gains from Monday.
The broader, more domestically focused mid-and small-caps fell 0.6% and 0.3%, respectively.
Eternal jumped 10.3% and hit record high intraday after the online delivery firm said margins in its quick commerce segment have likely bottomed out, indicating easing competition and a potential turnaround.
The stock lent the biggest boost to the benchmarks, and also lifted its rival Swiggy's shares by 5.7%.
Reliance Industries was the biggest drag on the benchmarks, losing 1.1%, as weakness in its oil-to-chemicals and retail businesses continued to weigh, extending the previous session's 3.2% drop.
Among other stocks, exchange operator BSE, and brokerages Nuvama Wealth Management and Angel One gained as the markets regulator said trading curbs on U.S.-based Jane Street have been lifted.
Media firm Zee Entertainment Enterprises fell 5.7% after posting a 14% drop in its consolidated total income due to lower advertisement revenue.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
a minute ago
- Business Recorder
Indian benchmarks shares track global rally on US-Japan trade deal boost
India's equity benchmarks rose on Wednesday, tracking other Asian markets as the United States' surprise trade deal announcement with Japan boosted hopes of agreements with other trading partners. The Nifty 50 rose 0.63% to 25,219.9 points and the BSE Sensex added 0.66% to 82,726.64. MSCI's broadest index for Asia-Pacific stocks outside Japan advanced 1.4%, while Japan's Nikkei 225 gained 3.5%. Stocks in Europe too surged as traders kept an eye on the EU-U.S. trade talks scheduled for later in the day. On the other hand, the prospects of an interim trade deal between India and the U.S. before Washington's August 1 deadline have dimmed, with talks deadlocked over tariff cuts on key agricultural and dairy products, Reuters reported, citing two Indian government sources. 'The gains in Indian market today have come on the back of a global rally. While there was anticipation of an interim deal between U.S. and India, it does not look like it will materialize before the August 1 deadline,' said VK Vijayakumar, chief investment strategist at Geojit Investments. Fifteen of the 16 major sectoral indexes logged gains. Heavyweights financials and information technology stocks rose 0.8% and 0.3%, respectively. India's stock benchmarks end flat as Reliance, trade jitters offset Eternal gains HDFC Bank and ICICI Bank rose 0.9% and 1%, respectively, marking their third day of gains after reporting upbeat earnings on Saturday. The broader small-caps ended flat, while mid-caps rose 0.3%. Real estate index fell 2.6%, with Lodha Developers and Oberoi Realty sliding 7.5% and 3.1%, respectively, following large block deals. Among other stocks, PNB Gilts surged 8.2% as its quarterly profit tripled on the back of gains made from securities. Tata Consumer Products slipped 2.1%, and Dr Reddy's Laboratories gained 0.6% ahead of their earnings.
Business Recorder
a minute ago
- Business Recorder
India central bank net bought $1.76 billion in forex market in May
MUMBAI: The Reserve Bank of India (RBI) bought a net of $1.76 billion in the foreign exchange market in May, data released on Wednesday as part of the central bank's monthly bulletin showed. The RBI said it purchased $9.1 billion and sold $7.3 billion during the month. In April, the central bank had sold a net of $1.66 billion. The Indian rupee had declined by over 1% in May, pressured by persistent uncertainty over U.S. trade policies, an armed conflict between India and Pakistan, and likely dollar-buying interventions by the central bank. India to issue climate risk disclosure rules for banks in the next few months, sources say The RBI's net outstanding forward sale stood at $65.2 billion as of end-April, compared with a net sale of $72.6 billion at the end of the previous month, the data showed. The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The rupee closed little changed at 86.4075 per U.S. dollar on Wednesday.
Business Recorder
an hour ago
- Business Recorder
PM Shehbaz discusses regional situation with British High Commissioner
Prime Minister Shehbaz Sharif discussed on Wednesday the regional situation in South Asia and the Middle East with British High Commissioner to Pakistan, Jane Marriott, who called on him at the Prime Minister's House. In a statement, the Prime Minister's Office (PMO) said that the PM conveyed his warm wishes for His Majesty King Charles III and Prime Minister Keir Starmer and said he looked forward to his meeting with the UK leadership later this year. 'He welcomed the UK Government's recent decision to resume PIA flights to and from the U.K., which he said would go a long way in alleviating the hardships faced by the British Pakistani community as well as enhancing people-to-people exchanges,' said the press release. The PM also appreciated the role of Marriott in this regard. While discussing Pakistan-UK relations, the PM expressed satisfaction at the positive trajectory of bilateral cooperation and said that the recently held trade talks between the two countries would lead to mutually beneficial opportunities for both sides. 'Pakistan is cooperating closely with the UK at the UN Security Council,' the PMO quoted the premier as saying. The PM also expressed his appreciation for the UK's role in de-escalation of tensions during the Pakistan-India stand-off. PM Shehbaz reiterated that Pakistan was ready for a meaningful dialogue with India on all outstanding issues, said the statement. Moreover, Marriott thanked the premier for receiving her and briefed him about her recent visit to London, where she had extensive consultations on enhancing Pakistan-UK bilateral ties. 'She lauded the government's economic performance in the last year and a half, under the vision and leadership of the Prime Minister, which had brought about a significant improvement in all key macro-economic indicators. She also shared with the Prime Minister, the UK's perspective on regional developments in South Asia and the Middle East.'
