Stock markets end flat after volatile session as investors await outcome of U.S.-Russia talks
Extending gains to the second day, the 30-share BSE Sensex climbed 57.75 points or 0.07%, to settle at 80,597.66. During the day, it rallied 211.27 points or 0.26% to 80,751.18.
The 50-share NSE Nifty rose by 11.95 points or 0.05%, to 24,631.30. Among Sensex firms, Eternal, Infosys, Asian Paints, HDFC Bank, Bajaj Finserv and Titan were the major gainers.
However, Tata Steel, Tech Mahindra, Adani Ports and Bharat Electronics were among the laggards.
The Trump-Putin meeting could have significant implications for energy markets, potentially leading to an easing of sanctions against Moscow.
Meanwhile, S&P upgraded India's sovereign credit rating to 'BBB' with a stable outlook after a gap of nearly 19 years, citing robust economic growth, political commitment for fiscal consolidation and 'conducive' monetary policy to check inflation.
'India remains among the best-performing economies in the world... The quality of government spending has improved in the past five to six years,' S&P Global Ratings said.
The impact of U.S. tariffs on the Indian economy will be 'manageable', S&P said, adding that a 50% tariff on U.S. exports (if imposed) will not pose a 'material drag' on growth.
'India is relatively less reliant on trade and about 60% of its economic growth stems from domestic consumption,' it said.
In Asian markets, South Korea's Kospi settled in positive territory, while Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
Equity markets in Europe were trading mostly higher. The U.S. markets ended higher on Wednesday (August 13, 2025).
Wholesale price inflation declined to a 2-year low of (-) 0.58% in July, as deflation in food and fuel kept WPI in the negative zone for the second consecutive month, government data released on Thursday (August 14, 2025) showed.
Global oil benchmark Brent crude climbed 0.53% to $65.92 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,644.43 crore on Wednesday (August 13, 2025), while Domestic Institutional Investors (DIIs) bought stocks worth ₹5,623.79 crore, according to exchange data.
On Wednesday (August 13, 2025), the Sensex climbed 304.32 points or 0.38%, to settle at 80,539.91. The Nifty edged up by 131.95 points or 0.54%, to 24,619.35.
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The Hindu
4 minutes ago
- The Hindu
Why are thousands of small and marginal farmers in Maharashtra rejoicing about India-U.K. FTA?
In Nilwande village, 50 kilometres away from Nashik city, 35 years old Chhaya Thete wakes up early morning to send her two children to a private English medium school around an hour away from her village. Tiffins packed, meals cooked, she then heads to her farm to see if the stems in her vineyard have changed colour. Due to the unseasonal rain this time, she is worried that there will be diseases on the leaves and that the yield might reduce. But there is one thing she looks up to this year – the increased income on her export quality grapes. She is kicked about the India – UK Free Trade Agreement, whereby Indian grapes will now enter UK duty-free. For this woman farmer with a marginal land holding of close to two acres, it promises better income, better standard of living and some disposable income. The district of Nashik is called the grape capital of India. In 2023-24, India exported over 3 Lakh metric tonnes of grapes, valued at over $400 million. Maharashtra is the its biggest producer. UK has consistently been one of our top importers. And most of the grapes grown in the fertile land of Nashik make their way to the European market. With the India-UK Free Trade Agreement, Indian grapes will now become more competitive in the European market and will stand a better chance in front of competitors like South Africa, Chile, which have to exporting to UK without any tarriff. Our grapes were levied a tarriff of eight per cent earlier. But for the small and marginal farmers, a majority in India, the better chance of exploiting this opportunity comes with the power of collective farming. Over the last decade or so, Chhaya, along with her husband Dnyaneshwar Thete, has repaid a bank loan, bought more land for grape cultivation, and has built a small bungalow on the land where a modest house with thatched roof stood once. She cultivates some new and exclusive varieties of grapes like Ara. And Chhaya Thete is not alone. In the neighbouring village, 49 years old Vijay Wadje and his young son are equally excited. They have been cultivating some of the exclusive grape varieties for export for a while now. And the experience of sending it for export has been different from the experience of selling the produce in the domestic market. 'I have been doing grape farming for 25 years now. Earlier, I used to cultivate Sonaka variety. I did it for almost 10 years, and sold the produce in the domestic market. But not only did I get poor rate, the income was also not fixed. We had to pack the grapes ourselves and take them to the trader, who would hardly ever pay on time. But then, over a decade ago, I saw people around me cultivate Thompson variety. I saw them prosper. So I decided to try my hand at it. And since then, there has been no looking back. Today, I cultivate Thompson, Ara varieties. The produce goes to the company. We get timely payment as per the quality of the produce. There is strict testing and quality control. The higher the quality of my grapes, the better the price,' said Vijay Wadje. He owns 2.5 acres of land. Each acre gives him 100 quintals of grape. Each kilogram earns him anywhere between Rs 60 to Rs 100, depending on the quality. His son, 23 years old Rahul Wadje, who has completed Physics, joined his father in agriculture three years ago while doing a part time agriculture diploma. He is one of the few youngsters who want to continue farming. Others are moving away from the family farms, looking for private or government jobs. 'I want to continue farming. But that is not sufficient. I want to simultaneously start an agriculture-allied business, like providing hardware or mulching paper, for agriculture,' he said with excitement in his voice and a twinkle in his eyes. He has been consciously carrying out experiments in the farm to improve the quality, and is acutely aware of the strict quality control measures farmers have to take for making the produce which passes the stringent export norms. 'We test our soil five times a year. We also test our vineyard regularly. The petiole testing is crucial. The European market is very strict. They test the taste, colour, variation. They want each berry to be the same size, to have the same taste and colour. They don't want chemicals in their grapes. We follow all the international norms. Our grapes are the best quality for eating. Even we eat them right from the vineyard. If we buy grapes from the market, we need to wash them thoroughly. But that is not the consideration for the export quality grapes we grow The secret behind their changed fortune is collective farming. They are all a part of the 14,000 farmers associated with a Farmer Producer Company – Sahyadri Farms. In a country where over 90 per cent farmers are small and marginal farmers, the collective has given them the bargaining power and the strength to generate volumes to stand in the competitive international market. 'Do or die' situation 'We are in a do-or-die situation when it comes to being competitive in the international market. The only solution for a country where most of the farmers have less than one hectare land holding is collective farming. Without that collective approach, we can't create your own ecosystem. We can't make it profitable. That ecosystem should be competitive at a global level. Then only there is real prosperity,' said Vilas Shinde, chairperson and managing director of Sahyadri farms. The company is one of the leading FPCs in India and the country's largest grape exporter with 17 per cent market share. It grows more than 30 new varieties including 19 exclusive patented varieties. In 2025, it Sahyadri has recorded sale of over Rs 1900 Crore. Over 14,000 farmers are associated with Sahyadri for grape production. The company said that the FTA will lead to at least 15 per cent better returns for the farmers. 'For grapes, India will have great advantages. Volume will increase due to fair competition. Along with grapes, there will be bigger opportunities for other horticulture commodities pomegranate, mango, citrus fruits. It will lead to end-to-end ecosystem, improving standard for customer requirement. This will lead to greater learning which will help farmers not just in the UK, but in other markets like Japan, USA. It will help in domestic market as well. The demand for premium fruits is increasing. Food safety related standards will force the farmer community give better quality,' he said. Every year, Sahyadri exports 22,000 metric tonnes of grapes. 30 per cent of it goes to the UK market.
Economic Times
4 minutes ago
- Economic Times
Bank of Azad Hind: When Netaji gave India its own currency
Synopsis In 1944 Rangoon, Netaji Subhas Chandra Bose established the Bank of Azad Hind to fund his liberation campaign, demonstrating India's financial capabilities before independence. Capitalised by the Indian diaspora, the bank became the Provisional Government's treasury, issuing its own currency and supporting various war efforts. Image: Netaji Research Bureau It is April 1944 in Rangoon. In a vacant bungalow off Jamal Avenue, carpenters are at work turning bare rooms into a working bank. Just a week earlier, this was an empty space. Now, it is about to become the headquarters of a bank and no, this one is not the story of how the Reserve Bank of India (RBI) was birthed. This bank was under the authority of the Provisional Government of Free India, led by Netaji Subhas Chandra Bose. Five years before the RBI became fully independent in 1949, Bose launched the Bank of Azad Hind to fund his liberation campaign and to demonstrate that India could run its own financial institutions before it had even won its political freedom. Also Read: Independence Day 2025: Tryst with growth — India's economic journey from Nehru to now The short but strong saga of this bank has been well drafted in S.A. Ayer's book, "Unto Him a Witness". Ayer, who served in Bose's cabinet, wrote, 'At this stage, Netaji established the first National Bank of Azad Hind outside India in Rangoon on the 5th of April, 1944, to finance the war of India's liberation.' The 'stage' Ayer refers to was a tense moment. Bose was preparing to leave for the front in the Imphal–Kohima campaign. Japanese and Burmese authorities were sceptical about establishing a bank in wartime, fearing political complications. Some colleagues worried about capital, stability, and the timing. But Bose was unmoved and unbothered. 'Have a bank I must, and that too within a few days, before I leave for the front. I must open the bank and then go to the front,' Ayer quoted Bose as came quickly from the Indian diaspora in Southeast Asia. Ayer recounted how four Indians stepped forward to fund the initial days of the newly founded bank, with a vision of free India. 'Perhaps, you may be surprised to hear that four Indians have come forward to find between themselves all the required capital for the bank. They are prepared to write off the capital, if necessary, though I am quite sure they won't have to. In any event, they are ready to assign to the Provisional Government of Azad Hind eighty per cent of the annual profits.'This show of support ended Japanese resistance. 'That silenced the Japanese pretty effectively,' Ayer notes. What followed was a full and renewed case of dedication. Also Read: India's space race: From bullock carts to Gaganyaan'How one man, Yellappa, and the other four patriotic Indians worked like Trojans night and day for a week and converted a vacant building into a full-fledged bank — with an authorised capital of rupees fifty lakhs is a romantic story that deserves a chapter all by itself,' Ayer Fay, in his book "The Forgotten Army", recounts how Netaji's appeal in Rangoon for rupees 5 million triggered an extraordinary outpouring of support from the Indian community in Burma and Malaya, ultimately swelling the Azad Hind Bank's reserves to about 215 million rupees – more than 150 million rupees from Burma media reports and later historical accounts identify some of the most prominent donors: Abdul Habeeb Yusuf Marfani, a Gujarati businessman in Rangoon, is said to have pledged his entire fortune of roughly 1 crore rupees; the Betai family, Hiraben and Hemraj, reportedly contributed 50 lakh rupees in cash and assets; and Iqbal Singh Narula famously offered silver equal to Netaji's own Bank of Azad Hind soon became the treasury of the Provisional Government. 'The funds of the Provisional Government were banked with this bank,' Ayer wrote. It accepted donations 'in cash as well as in kind' from traders, shopkeepers, and plantation workers. These resources funded soldier pay, procurement, propaganda, and relief efforts. Also Read: UPI and beyond: The great Indian banking leap The bank even issued its own currency, denominated in rupees, which circulated in INA-controlled territories, a symbolic assertion of monetary sovereignty even if it carried no value in British himself served as chairman. 'The National Bank of Azad Hind was established in Rangoon in April 1944. I know a man called Dina Nath. He was one of the Directors of the Bank. I was the Chairman of the Bank,' he institution's life was brief. It closed by the end of World War II or precisely after the INA's retreat and the fall of Rangoon. But decades later, it resurfaced in an unexpected way. Following the Modi government's decision in 2016 to declassify files related to Bose, the finance ministry began receiving unusual petitions. Several borrowers wrote offering to repay their loans using Azad Hind Bank currency notes, some promising the bearer sums as high as ₹1 lakh. 'We have received representations from some individuals who want the currency issued by Azad Hind Bank or similar variants to be recognised as legal tender,' a government official told ET at the Reserve Bank of India, citing Section 22 of the RBI Act, 1934, rejected the requests, saying it had no record of such an entity and that only the RBI has the sole authority to issue banknotes. Some petitioners pushed back, arguing the RBI 'itself was formed by the British' and that the government should take a fresh Ayer's view, the bank was never merely a repository of funds for Bose: Perhaps it was a pledge of a nation to free itself, having 'our own currency and our own bank' alongside an army and a government.
Economic Times
4 minutes ago
- Economic Times
Elon Musk's AI chatbot Grok picks Obama over Trump, and the 2 reasons will spark outrage
Grok picked Obama over Trump: Tech billionaire Elon Musk's AI chatbot, Grok, has sparked controversy by declaring Barack Obama a superior US president to Donald Trump. Citing Obama's consistent economic recovery post-2008, including significant job growth and market stabilization, Grok also praised his diplomatic approach, particularly the Iran nuclear deal. Tired of too many ads? Remove Ads Grok Sparks Debate by Choosing Barack Obama Over Donald Trump Obama's Job Growth, Market Stability and Foreign Policy Win AI's Approval Tired of too many ads? Remove Ads Trump Slammed by Grok Over Felony Convictions Tax Cuts vs. Deficit: Grok Weighs Trump's Economic Record Obama's Steady Leadership vs. Trump's Erosion Of Trust Tired of too many ads? Remove Ads Past Controversies Haunt Elon Musk's AI Chatbot FAQs Elon Musk's AI chatbot Grok has stirred controversy again, this time by naming former US president Barack Obama as a better leader than US president Donald Trump, citing two key reasons: economic leadership and foreign policy, as per a response came after a user asked the chatbot to choose in one word, which of the two presidents was superior, which led Grok to reply, "Obama," as reported by The it was further asked to explain, Grok pointed to Obama's 'more consistent economic recovery and diplomatic engagement,' as quoted in the report. The AI, created by Musk's xAI and built into his social media platform X, didn't hold back in its comparison and the internet is already reacting, according to The Express READ: US drops the hammer: No more $800 tax-free eBay buys — shoppers furious Grok pointed to Obama's economic strategy, saying, "Post-2008, he added 8.1 million jobs and stabilized markets with measured policies like the Affordable Care Act," as quoted in the AI chatbot also praised his international relations approach, particularly the Iran nuclear deal, as a step toward global cooperation, according to The Express. It said, "His foreign policy, including the Iran deal, aimed for global cooperation, though not flawless," as quoted in the READ: Economist predicts horrendous crypto crash, but says traders can still cash in big first Grok's comparison went further, describing Trump as a 'notorious criminal,' citing his 34 felony convictions, as reported by The it acknowledged that Trump's tax cuts helped short-term growth, but also blamed him for a $25 trillion deficit increase and trade wars that, according to Grok, disrupted economic stability, as per the said that, "Trump's tax cuts spurred growth, but his $25 trillion deficit spike and trade wars disrupted stability," as quoted by The READ: Is it AI or Trump's policies? US sees brutal 140% layoff spike in July, worst surge since early COVID chaos The chatbot also criticized Trump for undermining trust in democratic institutions, referencing his repeated election fraud claims, according to the final assessment, that Obama's 'steady leadership' contrasted with what it described as Trump's 'erosion of trust,' as per The AI bot explained that Trump's "misleading claims, like election fraud, eroded trust more than Obama's occasional exaggerations. Obama's steady leadership aligns better with long-term governance metrics, though Trump's disruption resonated with some," as quoted in the READ: As the July jobs report paints a grim picture, 114 companies plan layoffs in August - is yours on the list? The comments have reignited debate over Grok, as critics argue the AI reflects Musk's own political views, while others say it's doing what it was designed to do, provide unfiltered answers, according to The Express isn't Grok's first controversy. Just last month, the bot was criticized for praising Adolf Hitler in response to a user prompt. Musk had responded by saying the bot had been 'too compliant' and was being updated to avoid future issues, as per the READ: Giant Wyoming data center to guzzle 5x more power than residents, but the user remains secret Grok said Obama was the better president, citing stronger economic recovery and better foreign chatbot pointed to Obama's steady job growth after 2008 and his diplomatic approach, especially the Iran nuclear deal.
