Gold hits near two-week low after US, EU agree to tariff deal
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The Hindu
13 minutes ago
- The Hindu
Stock markets open higher tracking rally in L&T
Benchmark equity indices Sensex and Nifty began the trade on an optimistic note on Wednesday (July 30, 2025) amid heavy buying in infrastructure major Larsen and Toubro. The 30-share BSE Sensex climbed 256.57 points to 81,594.52 in opening trade. The 50-share NSE Nifty went up by 69.3 points to 24,890.40. From the Sensex firms, Larsen and Toubro jumped over 4% after the infrastructure major reported a 29.8% rise in consolidated net profit at ₹3,617.19 crore during the June quarter, driven by strong overseas order growth. Bharti Airtel, Asian Paints, NTPC and Bajaj Finserv were also among the gainers. However, Tata Motors, Hindustan Unilever, Eternal and Infosys were among the laggards. Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,636.60 crore on Tuesday (July 29, 2025), according to exchange data. In Asian markets, Japan's Nikkei 225 index and Hong Kong's Hang Seng traded lower while South Korea's Kospi and Shanghai's SSE Composite index quoted in positive territory. The U.S. markets ended lower on Tuesday (July 29, 2025). U.S. President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country. Mr. Trump spoke to reporters on Tuesday (July 29, 2025) on Air Force One on his way back to Washington from Scotland and was asked about the trade deal with India. 'No, it's not,' Mr. Trump said when asked if the deal with India is finalised. He was also asked about reports that India is preparing to face higher U.S. tariffs between 20-25%, to which he replied, 'I think so.' "The technical bounce back in Nifty by 140 points yesterday is unlikely to continue in the unfavourable near-term market scenario. Such bounce backs happen in an oversold market. "The major drag on the market continues to be the negative news on the India-US trade front. President Trump's comment that 'India may have to pay 20-25 per cent tariff' is very negative from the short-term market perspective," V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said. Sustained FII selling in the cash market for the seventh consecutive trading day is another headwind for the market, Vijayakumar said adding that spike in Brent crude to $72 is another negative. Global oil benchmark Brent crude dipped 0.01% to $72.50 a barrel. On Tuesday (July 28, 2025), the Sensex jumped 446.93 points or 0.55% to settle at 81,337.95. The Nifty climbed 140.20 points or 0.57% to 24,821.10.
The Hindu
13 minutes ago
- The Hindu
Rupee slips 24 paise against U.S. dollar in early trade
The rupee slipped below the 87 per dollar level against the U.S. dollar in early trade on Wednesday (July 30, 2025) as rising crude oil prices and uncertainty over the India-U.S. trade agreement kept investor sentiments muted. Forex traders said month-end dollar demand from importers and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange market, the rupee opened on a negative note and touched an early low of 87.15 against the American currency, registering a fall of 24 paise over its previous close. On Tuesday (July 29), the rupee declined to an over four-month low level and closed 21 paise weaker at 86.91 against the U.S. dollar. Brent oil prices rose 0.11 per cent to $72.59 per barrel, as potential supply shortages came into focus after U.S. President Donald Trump again reiterated that he would start imposing measures on Russia, including a 100 per cent tariff on its secondary oil buyers if Russia did not end the war in 10-12 days. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.11 per cent to 98.77. "Trump said that India faces tariffs to the extent of 20-25 per cent, which is much more than India and markets were anticipating, thus taking the rupee beyond 87 levels after a weak close at 86.81 on Tuesday," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. Mr. Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country. Asked if the deal with India has been finalised, he said, 'No, it's not,'. He was also asked about reports that India is preparing to face higher US tariffs between 20-25 per cent, to which he replied, "I think so." Meanwhile, in the domestic equity market, Sensex advanced 126.27 points or 0.16 per cent to 81,464.22, while Nifty rose 45.90 points or 0.18 per cent to 24,867.00. FIIs offload over ₹4,600-cr worth equities Foreign institutional investors (FIIs) offloaded equities worth ₹4,636.60 crore on a net basis on Tuesday (July 29), according to exchange data. A U.S. team will visit India on August 25 for the next round of negotiations for the proposed bilateral trade agreement between the two countries. Though the team is coming at the end of next month, both sides remain engaged to iron out differences for an interim trade deal before August 1, which marks the end of the suspension period of tariffs imposed by on dozens of countries, including India (26 per cent). The prospects for an interim deal may look dim as U.S. Trade Representative Jamieson Greer has said that more negotiations will be needed with India on a trade pact. However, officials are not ruling out the possibility of a last-minute breakthrough. Indian exporters may face an additional duty of 16 per cent - on top of the existing 10 per cent, if the August 1 deadline is not extended further or an interim deal is not reached between the two countries.
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Business Standard
13 minutes ago
- Business Standard
Mid, smallcap indices can dip up to 9% from here; analysts turn cautious
Historically, the combination of narrowing earnings differential, high valuations and prolonged outperformance, Nuvama said, has led to a large period of underperformance for SMIDs (2018-19) Listen to This Article The rally in the small-and midcap indices (SMIDs) is showing signs of fatigue amid a sharp rebound from April lows in the backdrop of tepid earnings growth and high valuations, suggest analysts. These indices, technical charts hint, may drop up to 9 per cent from the current levels. Nifty/SMIDs have bounced 12 per cent / 20 per cent from April low amid earnings downgrades and continuing economic slowdown. This, said analysts at Nuvama Institutional Equities, has led to an unprecedented wedge between growth and valuation—with the BSE 500 median PE at 40x, while trailing median earnings growth is just 9
