Indian indices rebound from recent lows, end sharply higher on Monday
Analysts attributed the rally to a rebound from recent lows, easing geopolitical tensions ahead of the upcoming US–Russia summit, and a return of foreign institutional inflows. Sentiment was also supported by expectations of policy continuity and optimism over corporate earnings.
Tata Motors, Eternal, Trent, SBI, UltraTech Cement, and L&T were among the top gainers, while Bharat Electronics, Bharti Airtel, and Maruti ended in the red. SBI stood out with a rise of about 2.45 per cent, boosted by stronger-than-expected quarterly results and heavy trading volumes.
Market breadth was positive, with 2,252 stocks advancing, 1,192 declining, and 173 unchanged on the BSE. As many as 122 shares touched a 52-week high and 161 fell to a 52-week low. A total of 300 stocks hit their upper circuit, while 266 slipped to the lower circuit.
The sharp rise follows six consecutive weeks of market losses triggered by concerns over US tariffs, global trade tensions, and muted earnings momentum. While Monday's rebound signals renewed investor confidence, market experts cautioned that traders remain watchful of potential headwinds from US trade policy shifts, global growth trends, and domestic macroeconomic factors.
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Business Standard
an hour ago
- Business Standard
Trump tariff turbulence: Tiruppur knitwear lifeline stretched thin
The clatter of knitting machines is the pulse of Tiruppur, each metallic click and hum carrying the livelihoods of nearly 1.2 million people, directly or indirectly tied to the textile and apparel trade. The faintly sweet scent of cotton in the air, sometimes replaced by the pungent tang from dyeing units, is as much a part of daily life as the morning tea. But lately, the streets wear a different mood. The industry's outward resilience masks an undercurrent of unease. In this corner of Tamil Nadu, more than 12,500 kilometres from the Oval Office, the trade moves in Washington are sending tremors through shop floors. Relatively high 50 per cent US tariffs on Indian goods threaten orders, revenues, and hundreds of thousands of jobs. 'Tiruppur is like a phoenix — we will rise from the ashes,' say exporters in almost unison. It is a familiar refrain in a town that has survived crises before: The closure of dyeing units in 2010–11, the GST blues of 2017, the Covid-led collapse of 2019, raw material shortages, wars. 'Even if we lose 50 per cent of our US revenue, that's about ₹6,000 crore. With trade deals with the European Union and the United Kingdom, we can replace it,' says K M Subramanian, president of the Tiruppur Exporters' Association and promoter of KM Knitwear, as devotional chants of Om Namah Shivaya play softly in his office, giving a sense of clam. But that calm confidence isn't infectious: Many believe the next six months will decide survival — if the 50 per cent tariff stays. Tiruppur, the knitwear capital of India, along with nearby Coimbatore, accounted for 69 per cent, or around ₹44,747 crore, of India's total knitwear exports worth ₹65,178 crore in 2024-25. Of that, the US market, based on industry estimates, claimed over ₹13,000 crore. Now, with the Donald Trump administration's higher tariff move, exporters expect US shipments to halve, crippling a sector where more than 80 per cent of companies are the micro, small, and medium enterprises (MSMEs) with an annual revenue of less than ₹100 crore. Hence, one could see two worlds in one city: One where companies are holding their breath for an 'Indian trump card' to solve the tariff war; the other betting on diversification and the new openings in the EU and UK. Inside the modest, paint-peeling office of the Tiruppur Exporters and Manufacturers Association (Teama), president M Muthurathinam voices the bleaker view. 'There are MSMEs that are 100 per cent dependent on the US. They will be wiped out. Diversion of orders will take six months to a year; we need incentives to survive,' he says. Teama's membership, comprising mostly small companies with less than ₹10 crore turnover, has fallen from 1,200 before Covid to around 700 now. Retail giants -- Walmart, Target, Amazon, TJX, Kohl's, Gap, H&M -- have told Indian suppliers to pause shipments until tariff details are clear. 'We're seeing not just holding of orders but also cancellations. One of my US customers, too, has dropped orders for summer 2026,' says N Thirukkumaran, chairman of Esstee Exports India. Around 700,000 people depend directly on the sector here, and another half-million indirectly, including 300,000 migrant workers from Odisha, Uttar Pradesh, West Bengal, Jharkhand, and Bihar. Industry groups are pushing for a special jobs package. For US brands, too, relocating sourcing isn't easy. Bangladesh and Vietnam can't instantly absorb large orders. 'Tiruppur works on wafer-thin margins,' says R Senthil Kumar of Premier Agencies. They are around 5 per cent in the US market, versus up to 25 per cent in Europe, according to Teama. Subramanian notes that brands have long-established supply chains here. 'Shifting will disrupt sourcing from Japan, Vietnam, and elsewhere. US customers will end up paying more.' For some, the damage has already been done. G R Senthilvel of Polo Castle shut his unit and sold ancestral property to clear ₹2.25 crore in debt after years of setbacks -- demonetisation, introduction of GST, rising costs, and global slowdown. 'We need an immediate package from the government, support from the banking sector, and handholding to find new markets like the EU, UK, or even Africa,' says Senthilvel. Africa, many agree, offers promise but comes with banking risks, outside of South Africa and a few others. MSMEs need a one-year breathing space with packages, tax breaks, and relaxed banking rules, demands Senthil Kumar of JM Knits and Weaves. 'Without six months' stability, we won't survive.' Some have sidestepped the storm by focusing inward. S Sathasivam's Horse Club unit thrives in the domestic market, which brought in about ₹35,000 crore last financial year. But even here, cotton price hikes are pushing a shift to polyester. 'It's a huge crisis for hubs like Tiruppur. We need price control on raw materials,' he says. As the road out of town grows quieter, the rhythmic thump of knitting machines fades, but the 1.2 million heartbeats they power seem to echo in unison: 'Tiruppur needs a stitch in time'.
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Business Standard
an hour ago
- Business Standard
IT companies' valuation hits 5-year low amid selloff by investors
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India Today
an hour ago
- India Today
Nepal PM KP Sharma Oli likely to visit India next month: Report
Nepali Prime Minister KP Sharma Oli is likely to pay an official visit to India from September 16-17, Foreign Ministry sources said in Kathmandu on Monday.A wide range of issues, such as trade, tourism, information technology, connectivity, hydropower and border, will be discussed during the visit, they Foreign Ministry is currently working towards finalising the agenda and itinerary for the proposed high-level visit, said the Foreign Minister's Press Advisor Ek Raj On Monday, Foreign Minister Arzu Rana Deuba, who would be part of Oli's delegation, said that direct flights between Nepalgunj and Delhi will be on "top" of her agenda during the upcoming visit to India."Direct air connectivity between Nepalgunj, a Western Nepal city, and New Delhi will be my top agenda," Deuba said at a meeting with political leaders, lawmakers and industrialists at the Ministry of Foreign Affairs."If this happens, it will certainly change the face of Western Nepal," she said, adding that the government has already done the necessary groundwork to strengthen the necessary infrastructure in the area for the people from around 25 districts of Western Nepal will benefit from the proposed direct flight between Nepalgunj and Delhi, Deuba can be the gateway to Kailash-Mansarovar situated in Tibet if we start direct flights between Nepalgunj and Delhi, she proposed flight between the two cities will benefit the people of both countries, she pointed shares a border of over 1,850 km with five Indian states – Sikkim, West Bengal, Bihar, Uttar Pradesh and Nepal relies heavily on India for the transportation of goods and is also important for India in the context of its overall strategic interests in the region, and the leaders of the two countries have often noted the age-old 'Roti Beti' relationship.- EndsMust Watch
