Stock Market Updates: Sensex Falls 350 Points, Nifty Below 25,000; Bajaj Twins, Nestle Top Drags
Sensex Today: Domestic equity markets may remain volatile on Friday, the final trading session of the week, amid multiple market-moving cues. These include Q1 earnings, India's weekly forex reserves data (for the week ended July 18), developments in the India-UK trade agreement, mixed global trends, institutional flows, and ongoing primary market activity.
At 8:40 AM, GIFT Nifty futures were trading 131 points lower at 24,964, hinting at a gap-down opening for benchmark indices Sensex and Nifty.
Global Cues
Asian markets traded largely lower on Thursday as investors digested recent global economic signals and trade developments. Japan's Nikkei 225 slipped 0.55%, and the Topix index fell 0.73%. Australia's ASX 200 declined 0.51%, while South Korea's Kospi remained flat.
In the US, weekly jobless claims dropped by 4,000 to 217,000, defying expectations of a rise to 227,000. This marked the sixth straight weekly decline, suggesting a still-resilient labour market. However, continuing claims inched up to 1.955 million, the second-highest level since November 2021—signalling that while layoffs remain low, hiring momentum may be softening.
Meanwhile, the S&P Global US Composite PMI rose to 54.6 in July, up from 52.9 in June, pointing to the strongest private sector growth in 2025 so far. The surge was led by a sharp rebound in services activity—the fastest since December—while manufacturing output also improved, albeit more moderately.
US stocks extended gains, with the S&P 500 and Nasdaq Composite notching new all-time closing highs. The S&P 500 edged up 0.07% to close at 6,363.35, and the Nasdaq rose 0.18% to 21,057.96. However, the Dow Jones Industrial Average lagged, falling 316.38 points or 0.7% to settle at 44,693.91, weighed down by earnings-related declines in some heavyweight stocks.
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Hindustan Times
12 minutes ago
- Hindustan Times
US, China trade talks conclude with agreement to extend tariff truce
US President Donald Trump is set to make the final call on maintaining a tariff truce with China before it expires in two weeks, an extension that would mark a continued stabilization in ties between the world's two biggest economies. Scott Bessent, who led the US delegation with Jamieson Greer, later said 'our Chinese counterparts have jumped the gun a little.'(via REUTERS) The two sides agreed to extend their tariff truce, Chinese trade negotiator Li Chenggang told reporters in Stockholm without providing further details. Treasury Secretary Scott Bessent, who led the US delegation with Trade Representative Jamieson Greer, later said 'our Chinese counterparts have jumped the gun a little.' Asked on CNBC whether he'd recommend an extension of the pause, Bessent said he'd give Trump the facts, 'then he'll decide.' There's still 'a couple of technical details to work out,' Bessent told reporters Tuesday after two days of meetings with officials from Beijing led by Vice Premier He Lifeng. The Stockholm negotiations marked the third round of US-China trade talks in less than three months. They wrapped up ahead of an Aug. 12 deadline to resolve differences during a 90-day suspension of sky-high tariffs that had threatened to cut off bilateral trade. Adding an extra 90 days is one option, Bessent said. 'While there is disappointment that nothing material was agreed, the mood seems to be constructive and optimistic about future potential deals,' Kelvin Lam, senior China economist at Pantheon Macroeconomics in London, said in an initial assessment. Asian shares were mixed in early trade on Wednesday. The S&P 500 snapped a six-day rally. A 90-day extension would clear the path for Trump to visit China to meet with President Xi Jinping in late October, around the time of an international meeting in South Korea that the US leader is likely to attend. Speaking to reporters on Air Force One, Trump said he may meet with Xi before the end of the year. Trump also said he heard from Bessent that the talks with China went well. Trump-Xi Summit? Both sides have been taking steps to turn down the temperature and reduce flashpoints recently, with Chinese exports of rare earth magnets starting to recover in June and the US saying it would approve shipments of a semiconductor used for artificial intelligence which it had blocked. This week, the US also declined to allow Taiwanese President Lai Ching-te to transit through the US, removing a potential thorn in ties with the mainland, which claims Taiwan as its own territory. 'All of these moves are setting the stage for what I predict will be a summit between Trump and Xi before Thanksgiving,' Harvard professor Graham Allison said on X. Allison last month met with China's foreign minister and the party secretary of Shanghai, who is a member of the Politburo. The Stockholm round came on the heels of the Trump administration reaching preliminary tariff deals with Japan and the European Union. Bessent said his Chinese counterparts were in 'more of a mood for a wide-ranging discussion.' The US treasury chief told CNBC that the Chinese side came to talks with a delegation of 75 people, versus the 15-strong team fielded by Washington. 'We start out in a very large room, probably 12 or 15 on each side of the table,' he said. The 'real work gets' done when delegates 'break down into smaller groups of two-on-two,' he added. Unlike at the previous talks in London, the US team this time around didn't include Commerce Secretary Howard Lutnick, who oversees Washington's export control regime. With the outlook for tariffs looking less dire than in April, the International Monetary Fund this week raised its forecasts for global growth this year. The truce has also helped China's economy, with the IMF boosting its 2025 outlook for the country to 4.8%, noting the lower levies and stronger-than-expected activity in the first half. At issue in the ongoing dialogue is how the two countries seek to maintain a stable trading relationship while applying barriers like tariffs and export controls to limit each other's progress in critical sectors ranging from battery technology and defense to semiconductors. Greer said the US wants assurances that critical materials like magnets keep flowing so the two sides can focus on other priorities. 'We don't ever want to talk about magnets again,' he said. 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Mint
12 minutes ago
- Mint
Trump declares 25% tariff on Indian goods from 1 August—calls out high duties, Russia ties; India not to retaliate now
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News18
20 minutes ago
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Sri Lotus Developers IPO sails through on Day 1; subscribed 3.59 times
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