Markets fall in initial trade dragged by Kotak Bank, trade deal uncertainty
Mumbai, Jul 28 (PTI) Benchmark equity indices Sensex and Nifty declined in early deals on Monday dragged down by heavy selling pressure in Kotak Mahindra Bank and uncertainty related to the India-US trade deal.
Persistent foreign fund outflows and weak trends in Asian markets also hit investors' sentiment.
The 30-share BSE Sensex dropped 369.58 points to 81,093.51 in early trade. The 50-share NSE Nifty declined 104.3 points to 24,732.70.
From the Sensex firms, Kotak Mahindra Bank tumbled nearly 7 per cent after the company on Saturday reported a consolidated net profit of Rs 4,472 crore for the June quarter, and flagged stress on the retail commercial vehicle portfolio due to adverse macroeconomic conditions.
The profit in the year-ago period was Rs 7,448 crore, but it had included gains of over Rs 3,000 crore on its stake sale in the general insurance arm, while the net profit for the March quarter stood at Rs 4,933 crore.
Tata Consultancy Services, Bharti Airtel, Infosys and Eternal were also among the laggards.
However, Tata Motors, Bajaj Finserv, UltraTech Cement and Power Grid were among the gainers.
Vijayakumar further added that the sharp cut in the IT index has been dragging the market down, and there is no respite in this in view of the 2 per cent cut in its global workforce announced by TCS.
FII selling of Rs 13,552 crore in the cash market last week has added to the weakness in the market, he said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index traded lower while Hong Kong's Hang Seng quoted in positive territory.
The US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,979.96 crore on Friday, according to exchange data.
Global oil benchmark Brent crude climbed 0.29 per cent to USD 68.64 a barrel.
On Friday, the Sensex tanked 721.08 points or 0.88 per cent to settle at over a month's low of 81,463.09. The Nifty dropped 225.10 points or 0.90 per cent to a month's low of 24,837. PTI SUM SUM ANU ANU
view comments
First Published:
July 28, 2025, 10:15 IST
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
6 minutes ago
- India.com
France denounces US-European Union trade deal, French PM calls it..., Emmanuel Macron...
(Image: President Donald Trump shakes hands with European Commission chief Ursula von der Leyen in Turnberry. Pic: Reuters) New Delhi: France has criticized Sunday's, July 28 trade deal between US President Donald Trump and European Union (EU) President Ursula von der Leyen. French Prime Minister François Bayrou called it a dark day for the EU. What did France say over US-EU trade deal? François Bayrou said the EU had bowed to President Trump's increasing tariff pressure. He wrote on X: 'It is sad when a coalition of independent countries, formed to protect their common values and interests, buckles under pressure.' At the same time, French Minister of European Affairs Benjamin Haddad said that this situation is not good and the EU should take countermeasures. French Trade Minister Laurent Saint-Martin said, 'Trump only understands the language of power. If we should have taken countermeasures earlier, the deal might have been better.' However, French President Emmanuel Macron has remained silent on the matter. What is the response of Italy and Germany? German Chancellor Friedrich Mertz and Italian Prime Minister Giorgia Meloni welcomed the agreement. European Trade Commissioner Maros Sefcovic called it a 'big step' as it averted a trade war between the USA and Europe. Under the agreement, most goods going from Europe to the US will face a 15% tariff, three times the current 4.8%. However, the 30% tariff was avoided after Trump's threat of August 1. How much of Europe's goods will face 15% tariff? According to the details of the agreement, 70% of goods from Europe will be subject to 15% tariff. This includes cars, medicines and electronics. However, some agricultural products such as aircraft parts, some chemicals, semiconductor equipment and cork will not be subject to tariffs. There will be no tariff on drugs yet, and if there is one in the future, it will not be more than 15%. The EU will buy energy worth 750 billion dollars or about 64 lakh crore rupees from America in the next three years. Along with this, the EU will invest 600 billion dollars i.e. 51 lakh crore rupees in America.
Economic Times
36 minutes ago
- Economic Times
Sops for small companies SPICEd up
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: The MSME (Micro, Small & Medium Enterprises) ministry has simplified the process for availing incentives under a scheme that supports reduction of material wastage to promote green practices among micro and small enterprises (MSEs).The ministry, after reviewing the Scheme for Promotion and Investment in Circular Economy (SPICE), has created a technology portal which lists 116 technologies eligible to receive subsidy under the scheme, said an official aware of the development. The measure is important as the government aims to enrol 3400 MSEs under the scheme by encourages the adoption of circular economy technology among MSEs by subsidising a part of the technology acquisition enterprises from eleven sectors such as plastic, rubber, and electronic waste, are eligible to apply for a subsidy under the scheme. They need to apply to banks or participating financial institutions (PFIs) to claim a subsidy. Under the scheme, the maximum project cost admissible is Rs 50 lakh, with a 25% subsidy on the cost of plant and machinery only."As part of the technology portal, the ministry has identified 116 technologies eligible for subsidies under SPICE," said the detailed listing of technologies was important as earlier banks would reject applications due to lack of proper information on these.
Time of India
an hour ago
- Time of India
Exide bets on innovation, expansion to boost exports
1 2 Kolkata: Storage battery major Exide Industries is focusing on innovation and expansion across geographies in a bid to enhance exports in the medium term. In the last fiscal, exports contributed around 8% to the company's turnover. "We have come out with a lot of innovative products targeted for exports which we have never done in the past," said Avik Roy, managing director and CEO, at the 78th annual general meeting. "We have entered new countries to make our business more resilient and distributed and not dependent on one or two geographies," Roy added. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata When a few shareholders asked the management its export expansion plans, Roy said, "In the medium-term your company aims to increase the share of export business and will actively take initiatives to achieve this objective." Roy said. The company said it has so far invested around Rs 3,700 crore in the first phase of the lithium-ion cell manufacturing project in Bengaluru. "We will probably invest another Rs 600-700 crore in this this we see that the requirement for the phase I of the 6 gigawatt hour will be met. At the end of this fiscal year we are likely to start the trial production commercially. We will see the utilisation of the 6 gigawatt hour factory, and then we will gradually plan for phase II," Roy said.
