Markets surge over 1.5% amid optimism over US-India trade deal
Agencies
Live Events
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Mumbai: Indian benchmark indices ended over 1.5% higher on Thursday, recovering from a weak opening, with the Nifty closing above 25,000 for the first time in seven months after US president Donald Trump claimed that India has offered to drop all tariffs on goods imported from the US, lifting investor sentiment.NSE's Nifty rose 395.2 points or 1.6% to close at 25,062.1. The index ended above the 25,000 level for the first time since October 15. BSE's Sensex rose 1200.18 points or 1.5% to end at 82,530.74. Both indices had fallen as much as 0.7% earlier in the day. "After Donald Trump's comments today (Thursday), investors are hoping that a US-India trade agreement will be signed soon, which will remove an overhang on the market," said Aamar Deo Singh, senior VP, research, Angel One. "The continued foreign institutional flows are also good news for India." Trump said on Thursday that India had offered a no-tariff trade deal for US goods, a claim that is yet to be confirmed by New Delhi. Foreign portfolio investors net bought shares worth ₹5,393 crore on Thursday, taking their total purchase tally for May to ₹17,142 crore. In April, they were buyers to the tune of ₹3416 crore. Domestic institutions were sellers to the tune of ₹1,668 crore on Thursday.Elsewhere in Asia, Japan fell 1%, China and South Korea declined 0.7% each, Hong Kong fell 0.8%, and Taiwan dropped 0.2% after the optimism around the US-China trade relations showed signs of fizzling out. At home, the broad market indices underperformed the benchmarks, with the Nifty Midcap 150 and Nifty Small-cap 250 advancing 0.7% each. Nifty's Volatility Index or VIX-the market's fear gauge-eased 1.9% to 16.9 levels on Thursday, pointing to lower risk perception among option traders. The index has fallen by over 24% in the last five trading sessions. Technical indicators are showing a likely slowdown in the bullish momentum."Given the geopolitical uncertainties, some profit-booking at higher levels would be advisable," said Mehul Kothari, deputy VP, technical research at Anand Rathi Shares and Stock Brokers. The Nifty may face resistance in the zone of 25,000-25,300, he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
19 minutes ago
- Economic Times
Fresh triggers could take Nifty to 25,300–25,500: Analysts
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Time of India
23 minutes ago
- Time of India
Satcom permit may force Starlink to share information on illegal kits seized
Elon Musk 's Starlink's satcom permit from the Indian government will make it mandatory for the company to share information, including details of users or owners of satellite kits seized in the country, particularly in the North-East region in the past few months, information the US company was unwilling to share earlier. India's security agencies have pointed out the misuse of Starlink devices in Indian territory, especially in the border areas, officials said. But the Musk company hasn't been cooperating in sharing details of those devices. Officials said Starlink asked the security agencies to put their requests either via the US law enforcement or international protocols. This had forced the Ministry of Home Affairs (MHA) to write to the Department of Telecommunications (DoT) in March to investigate the matter, officials aware of the details told ET. The DoT is yet to submit a report to the MHA. But officials say, now that a satcom license has been given to Starlink, it will have no choice but to share those details. Else, the company could be issued a show cause notice and even face revocation of license. An ET query sent to SpaceX, parent of Starlink, remained unanswered. ETtech Live Events Various ministries coordinate when it comes to national security. Since commercial satellite communication services, particularly through low earth orbit (LEO) operators like Starlink, is a new phenomenon, its impact is yet to be ascertained. However, the security agencies have seized some terminals that were active in the Indian territory in the Northeast region and sought details of the owners. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The DoT was asked to investigate the matter and take preventive measures to safeguard national interests. Experts believe that the situation may become more complicated as Bhutan and Bangladesh are now commercially offering Starlink services and the terminals may be smuggled into Indian territory as geofencing the exact location of the international border will have limitations. Security is topmost priority when it comes to satcom and so far, none of the three licensees-Bharti group-backer Eutelsat OneWeb, Reliance Jio-SES and Starlink-have got security clearances, hobbling commercial services. While Eutelsat OneWeb and Jio-SES joint ventures have got trial spectrum and conducted demonstrations for security requirements, Starlink is yet to be given such airwaves. The US company was given a Global Mobile Personal Communication by Satellite permit only last week. Officials said while the Jio-SES demonstrations are almost over, it is expected to take more time for Eutelsat-OneWeb. Both OneWeb and Jio-SES have satcom permits and nods from space regulator IN-SPACe for over two years. In contrast, Starlink is yet to receive the nod from the regulator.
Mint
29 minutes ago
- Mint
Nykaa has big plans for house of brands business
Beauty and personal care retailer Nykaa expects its house of brands business to grow significantly and drive profitability over the next three years, co-founder Adwaita Nayar said. The company is betting on its bouquet of home brands in the cosmetics, personal care and apparel segments to lead the charge. Together, Nykaa's house of brands business across fashion and cosmetics has hit a gross merchandise value (GMV) run rate of ₹2,100 crore, Nayar said in an interview. 'It has more than doubled in size in two years," said Nayar, an executive director on the listed company's board and chief executive officer (CEO) of Nykaa Fashion. Also read | Nykaa to expand rapid delivery service to more metros as quick commerce takes off FSN E-Commerce Ventures Ltd, which operates as Nykaa, has acquired three brands—Dot & Key, Earth Rhythm and GICA brands—and built nine others in-house. 'We've been slowly trying to fill the white spaces. We got brands in make-up—like Nykaa Cosmetics and Kay Beauty. We got brands in skincare like Earth Rhythm. We've slowly started building Wanderlust, which is our bath and body brand. We've just started building our perfume business. We have Indian wear, western wear, lingerie and sportswear," Nayar said. Nykaa has been building its brand capabilities over the last few years by hiring key talent, setting up processes and capabilities, working on the product research and development and distribution, Nayar said. Founded by her mother Falguni Nayar in 2012, Nykaa began as an e-commerce platform to curate beauty and wellness products, eventually expanding into fashion and offline retail to become a prominent omnichannel beauty and lifestyle destination. Also read | Nykaa to continue investing in beauty business to drive customer acquisition Dot & Key, which Nykaa acquired when it had annual sales of ₹40 crore, has grown 14-fold over the last four years. It expects some of its own brands like Nykaa Cosmetics, Kay Beauty, Nykd and Twenty Dresses to lead the charge. Nykaa Cosmetics is a ₹350 crore gross margin merchandise business. 'Slowly, steadily, we want to build great customer brands in each of these," she said. Apart from selling online through its website and app, Nykaa has a network of around 237 stories across 70 cities. For fashion, the company currently relies solely on its online channels and does not have an offline presence, Nayar said. Nykaa's offline business continues to be profitable, driving its overall growth. Long-term bet Another new line of business that the group is expecting to boom over the long term is its Superstore business, where Nykaa acts as a distributor for its own as well as other brands. Currently, the firm has a network of around 270,000 retailers across 1,000 cities. Also read | Can Nykaa's house-of-brands strategy be its next growth driver? 'If the overall beauty business is around $21 billion in India, around $17 billion is offline, of which around $12 billion is unorganized. There is huge potential to grow this B2B (business-to-business) part," Nayar added. On 30 May, FSN E-Commerce Ventures reported a 193% jump in its consolidated net profit to ₹20 crore in the March quarter. The company earned a consolidated net profit of ₹7 crore in the same period a year earlier. Consolidated revenue grew 24% to ₹2,062 crore in Q4, against ₹1,668 crore a year before. The firm reported consolidated beauty operations sales of ₹1,895 crore in Q4, up from ₹1,520 crore a year earlier. Consolidated revenue from the fashion vertical grew to ₹161 crore in the March quarter from ₹145 crore a year ago. On Friday, the company's share price closed ₹196.63 a share on the National Stock Exchange, while the benchmark Nifty closed 1.02% up at 25003.05. Nykaa's market capitalization stood at ₹56,214.45 crore.
