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Time of India
13 minutes ago
- Time of India
Sensex falls over 100 pts, Nifty below 24,700 amid US trade deal jitters
Indian equity benchmarks experienced a decline for the fourth consecutive session, influenced by uncertainties surrounding a delayed interim trade agreement with the U.S. and continuous foreign fund outflows. Weak corporate earnings further contributed to the downward pressure. Investor sentiment remains fragile amidst geopolitical and economic concerns, with specific stocks like Bharat Electronics and Infosys facing losses. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Experts View Global Markets Tired of too many ads? Remove Ads FII/DII Tracker Indian equity benchmarks opened lower for the fourth consecutive session on Tuesday, weighed down by uncertainty over a delayed interim trade deal with the United States, continued foreign fund outflows, and weak corporate 9:24 am, the BSE Sensex was down 117 points, or 0.15%, at 80,73, while the Nifty50 declined 36 points, or 0.15%, to 24, portfolio investors (FPIs) offloaded Indian equities worth Rs 6,081 crore ($700.92 million) on Monday, as per provisional data — their biggest single-day selling since May 30. The sharp outflow has heightened concerns about near-term market sentiment remains fragile ahead of the August 1 deadline set by U.S. President Donald Trump for progress on a trade agreement, with fears growing over potential geopolitical and economic repercussions from further early trade, Bharat Electronics (BEL), Eternal, Infosys, ICICI Bank, TCS, and HDFC Bank were among the top laggards on the Sensex, falling up to 2.5%. Meanwhile, Reliance Industries, Adani Ports, Tata Motors, and Power Grid opened in the the sectoral front, the Nifty IT index slipped 0.4%, weighed down by losses in Infosys, Wipro, and Coforge. In contrast, Nifty Metal, Realty, and Oil & Gas indices gained over 0.5%, offering some support to the the broader market, the Nifty Midcap 100 edged up 0.1%, while the Nifty Smallcap 100 declined 0.4%, reflecting mixed sentiment across individual stocks, Waaree Energies surged over 4% after the company reported an 89% YoY jump in consolidated net profit for Q1 FY26, coming in at Rs 745 crore compared to Rs 394 crore in the same period last year."There are more headwinds than tailwinds for the market now. The major issue weighing on markets is that the expected trade deal between India and the US has not happened so far and the probability of a deal before the August 1 deadline is becoming lower. President Trump's success in reaching deals with Japan and EU, which were advantageous for the US, may further make the US position harder on deal with India," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments."Sustained FII selling is impacting the market despite the DII buying. It is better to remain in a wait and watch mode," Vijayakumar Matalia, Derivative Analyst at Choice Broking, said, "After a negative opening, Nifty can find support at 24,600 followed by 24,500 and 24,300. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000."Asia shares eased on Tuesday while the euro nursed its losses as investors pondered the downside of the U.S.-EU trade deal and the reality that punishing tariffs were here to stay, with unwelcome implications for growth and Nikkei eased 0.8%, while Chinese blue chips fell 0.1%.European shares steadied after Monday's sell-off. EUROSTOXX 50 futures edged up 0.2%, while FTSE futures and DAX futures both added 0.1%. S&P 500 futures nudged up 0.1%, while Nasdaq futures added 0.2%.The selling from Foreign institutional investors (FIIs) extended for the sixth day as they sold equities worth Rs 6,082 crore on July 28, while Domestic institutional investors (DIIs) bought equities worth Rs 6,764 crore on the same day.
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Business Standard
13 minutes ago
- Business Standard
Rupee hits four-month low on strong dollar, FPI selloff; opens at 86.83/$
The Indian Rupee extended its fall on Tuesday to hit a four-month low as the dollar gears up to post the best month this year amid a persistent selling of domestic equities by global funds. The domestic currency opened 16 paise lower at 86.83 against the dollar on Tuesday, the lowest since March 17 this year, according to Bloomberg. The local unit has depreciated 1.2 per cent so far this month and 1.4 per cent in this calendar year so far. Persistent dollar demand from foreign portfolio investors (FPIs) has weighed heavily on the currency, analysts said. FPIs have sold Indian equities for the sixth straight session in the secondary market, according to data from NSE. On Monday, FPIs offloaded stocks worth ₹6,082.47 crore, the biggest selloff since May 30 this year. In the last six sessions, global funds have sold stocks worth ₹19,635.38 crore in the secondary market. While there were some inflows linked to stake purchases in IDFC First Bank, these were insufficient to offset the broader sell-off, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "The rupee's opening today remains weak, and it may slide further toward the one-month low of 86.90 this week." Although the Reserve Bank of India (RBI) appears to be intervening intermittently, it is allowing a gradual depreciation of the currency, Bhansali said. "Meanwhile, equities have not offered any support, with the Nifty declining consistently over the past four sessions from its peak near 25,200." Meanwhile, the dollar steadied on Tuesday after climbing the most since May in the previous session on optimism over the trade deal between the US and the European Union (EU). The dollar index is poised for the best month this year, with the measure of the greenback against a basket of six major currencies, up 0.01 per cent at 98.64. Equity markets in Asia edged lower while currencies remained mixed, with the week expected to be volatile with the inflation, trade, and economic data coming along with the Federal Reserve's interest rate decision. The Fed is expected to hold rates steady this Wednesday, according to Bloomberg.
Hans India
13 minutes ago
- Hans India
Sensex, Nifty edge up after mild early losses; realty stocks gain
Mumbai: The Indian stock market entered the green territory on Tuesday after a flat opening amid mixed global cues. At 9.29 am, Sensex was nearly unchanged adding just 1.69 points at 80,892 points. Nifty was up 16 points or 0.06 per cent at 24,696. Amid mixed global cues, the Indian indices at the opening bell opened lower with Nifty around 24,600. 'After a negative opening, Nifty can find support at 24,600 followed by 24,500 and 24,300. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000,' said Hardik Matalia from Choice Equity Broking. A sustained move above 25,000 is crucial for any meaningful pause in the ongoing selling pressure. As long as the index trades below the 25,000 mark, the short-term outlook remains weak, and a 'sell-on-rise' strategy is advisable, he added. In the opening trading session, Nifty realty were leading the market, while Nifty IT declined 0.32 per cent. Nifty Bank ended almost flat down 0.01 per cent. In the Nifty pack, JSW Steel, Jio Financial, IndusInd Bank, Reliance Industries, and Shriram Finance emerged as the top gainers. On the contrary, Eternal fell with 1.64 per cent drop, followed by Infosys, SBI Life Insurance, Wipro, and Bharat Electronics. Analysts said that the major issue weighing on markets is that the expected trade deal between India and the US has not happened so far and the probability of a deal before the August 1 deadline is becoming lower. In US markets, while the Dow Jones slipped 0.14per cent, the Nasdaq edged up 0.33 per cent. The S&P 500 ended nearly flat with a marginal gain of 0.02 per cent. In Asia, sentiment remained broadly subdued as investors awaited the outcome of the ongoing U.S.-China trade talks. Japan's Nikkei 225 fell 0.91 per cent, and Hong Kong's Hang Seng Index declined 0.93 per cent. South Korea's Kospi advanced 0.59 per cent. China's markets were nearly flat in the morning session. Foreign Institutional Investors (FIIs) continued their selling streak for the sixth day, signaling persistent pressure on the broader market sentiment. FIIs sold equities worth Rs 6,082 crore yesterday, while Domestic institutional investors (DIIs) bought equities worth Rs 6,764 crore.
