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Deccan Herald
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- Deccan Herald
'Calling it dead economy can only come from position of arrogance': Priyanka Chaturvedi hits back at Trump's remark
Not that one needs to say it there's enough legitimate data available to know that Indian economy is in the top 5 of the world and one of the fastest growing economies. Calling it a dead economy can only come from a position of arrogance or ignorance. Thank you for your attention…
Economic Times
a few seconds ago
- Economic Times
Rupee suffers worst monthly drop since 2022 on tariff blow, portfolio outflows
The Indian rupee suffered its worst monthly drop in nearly three years on Thursday, weighed down by U.S. tariff concerns and persistent portfolio outflows, with traders and analysts seeing little relief for the currency in the near term. ADVERTISEMENT The rupee fell to an over five month low of 87.74 following U.S. President Donald Trump's threat of a 25% charge on Indian exports, alongside an unspecified penalty, starting August 1. It closed at 87.5950 down 0.2% on the day. The currency was down 2% for the month, its worst fall since September 2022. The Reserve Bank of India likely intervened to support the rupee on Wednesday and Thursday, traders said, but noted that the intervention was not too aggressive. The rupee could risk a fall below its all-time low of 87.95 if there are no positive developments around U.S.-India trade negotiations, traders said. Foreign outflows added to the pressure, with overseas investors net selling Indian stocks worth $2 billon in July. ADVERTISEMENT Economists at QuantEco said they expect the rupee to weaken towards 89.50 levels by March on a recovery in dollar sentiment and elevated global geo-economic and geopolitical uncertainties. India's equity benchmarks, the Nifty 50 and BSESN , fell as much as 0.9% in early trading, but pared losses to close about 0.3% lower. ADVERTISEMENT Meanwhile, Asian currencies fell on Thursday, bogged down by weak Chinese economic data and the approaching August 1 U.S. tariff deadline. The dollar index was flat at 99.8 after rising nearly 1% in the previous session. Later in the day, the focus will turn to U.S. personal consumption expenditure (PCE) inflation data to gauge the path of benchmark policy rates in the world's largest economy. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
India Today
a few seconds ago
- India Today
Sensex ends 296 points lower, Nifty below 24,800; HUL up 4%
Benchmark stock market indices closed lower on Thursday, dragged by a decline in energy, metal, and pharma sector stocks as investor sentiment was dampened by US imposing a 25% tariff, beginning on August S&P BSE Sensex was down by 296.28 points to end at 81,185.58, while the NSE Nifty50 lost 86.70 points to close at 24, Nair, Head of Research, Geojit Investments Limited, said that following a turbulent start driven by fresh tariff threats, the Indian market started on a pessimistic note."However, domestic market attempted a strong recovery but by the end of the day it closed with marginal losses, on a monthly expiry day. Investors gravitated toward domestically oriented, non-discretionary players, especially FMCG, which offered attractive valuations, demand outlook and relative insulation from tariff risks," he stock market ended in the red on Wednesday, with several heavyweights dragging the indices worst hit was Tata Steel, which dropped by 2.20%. It was followed by Sun Pharmaceutical Industries, down 1.69%, Adani Ports and Special Economic Zone, which slipped 1.50%, Reliance Industries, down by 1.39%, and NTPC, which fell by 1.37%.Among the top five gainers on the BSE Sensex were Hindustan Unilever, which rose by 3.48%, followed by Eternal at 1.40%, ITC at 1.01%, Kotak Mahindra Bank at 0.96%, and Power Grid Corporation of India at 0.64%.The Nifty Midcap100 index dropped by 0.93%, while the Nifty Smallcap100 fell by 1.05%, showing pressure in the broader markets. Meanwhile, the India VIX, which indicates market volatility, rose by 3.01%.Among sectoral indices, most ended in the red. Nifty Oil & Gas fell the most with a 1.48% drop, followed by Nifty Pharma which lost 1.31%. Nifty Metal declined 1.22%, Nifty Healthcare Index was down 1.07%, and Nifty Consumer Durables slipped 0.73%.Nifty PSU Bank and Nifty Realty were also lower by 0.82% and 0.58% respectively. Nifty IT fell 0.51%, Nifty Auto was down 0.38%, Nifty Private Bank slipped 0.13%, and Nifty Financial Services 25/50 declined 0.19%. On the other hand, Nifty FMCG gained 1.44%, and Nifty Media ended slightly higher with a 0.10% rise."Overall, the market reflected a cautious yet selective approach. Market continues to hold high hopes for a more favourable tariff outcome in the near-term," said Nair. (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends advertisement
