Stock markets decline in early trade dragged down by Oil & Gas shares, foreign fund outflows
Investor sentiment was further dampened after US President Donald Trump threatened to impose higher tariffs on India over its purchases of Russian oil.
The 30-share BSE Sensex declined by 315.03 points or 0.39 per cent to 80,703.69 in early trade. The 50-share NSE Nifty went lower by 41.80 points or 0.17 per cent to 24,680.95.
Among the Sensex firms, BEL, HDFC Bank, Reliance Industries, ICICI Bank, Infosys, Hindustan Unilever, Adani Ports, Mahindra & Mahindra, Asian Paints, and Tata Steel were the major laggards.
Maruti, State Bank of India, HCL Technologies, Axis Bank, UltraTech Cement, Tata Motors, Titan, NTPC and Bajaj Finance were among the gainers.
'The latest tweet from President Donald Trump that 'I will be substantially raising US tariffs on India' for buying Russian oil is a big threat. If he walks his talk, India-US relations will further strain, and the impact on India's exports to the US can be worse than thought earlier.
'India's GDP growth and corporate earnings in FY26 will also be impacted. The market, still trading at elevated valuations, has not discounted such an eventuality. It remains to be seen how things evolve. India's response, with facts, that 'Targeting India is unjustified and unreasonable' sends a message that India will not be making undue concessions and compromises,' VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said.
This means the market is in uncharted territory in the near-term. If President Trump raises tariffs on India further, the market will react negatively. Investors may wait and watch for the developments to unfold, he added.
In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index, Hong Kong's Hang Seng and Japan's Nikkei 225 index were quoted in positive territory.
The US markets ended higher on Monday.
Global oil benchmark Brent crude dipped 0.33 per cent to USD 68.53 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,566.51 crore while Domestic Institutional Investors (DIIs) outnumbered the FIIs by purchasing equities worth Rs 4,386.29 crore on Monday, according to exchange data.
On Monday, the 30-share Sensex gained 418.81 points to settle at 81,018.72, and the NSE Nifty jumped by 157.40 points to close at 24,722.75.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
6 minutes ago
- Mint
Swiss Gold Trading Takes Spotlight in Trade Talks With Trump
The trade imbalances that prompted President Donald Trump to slap hefty levies on Swiss imports have been driven by a small industry at the center of the world's gold market. The country is the world's biggest gold-refining hub, thanks to a longstanding reputation for quality and discretion. Billions of dollars worth of gold is constantly flowing into and out of the nation, from mines in South America and Africa to banks in London and New York. Flows of the precious metal cause big swings in the country's trade balances, even if the Swiss refiners capture only a small portion of the value of the commerce. Bullion is by far the country's largest export good, according to Simon J. Evenett of IMD Business School. 'Gold is special,' Evenett said. 'It isn't really manufactured in Switzerland. Processed is a better word.' The impact of the industry is more important than ever as the Trump administration focuses on leveling trade deficits. Record bullion exports of more than $36 billion made up more than two-thirds of Switzerland's trade surplus with the US in the first quarter, according to Swiss customs data. The US president's decision to slap tariffs of 39% on all Swiss imports has caused a shock in the country, with the government having previously been confident it would avoid heavy duties. US Trade Representative Jamieson Greer said the tariffs reflect the balance of commerce with America and the country's willingness to address its trade deficit. The recent flood of gold imports into the US was largely in response to a potentially lucrative trans-Atlantic arbitrage opportunity opened up by concerns the precious metal could get caught up in sweeping US import duties. Traders in Europe wanted to deliver bullion to New York to capture premium prices, but first they needed their metal recast from the 400-ounce bars standard in London — the largest gold trading venue — into the 1 kilo or 100oz bars required by the US-based Comex exchange. That made Switzerland's gold refiners a crucial node in the arbitrage. In the second quarter, that flow reversed after bullion was exempted from Trump's tariffs, leading US prices to fall back into line with the benchmark spot price in London. Switzerland saw a net inflow of well over $1 billion of gold over the period. The exemption means that Switzerland's future gold exports probably wouldn't be hit by the new 39% levy. Despite the vast sums involved in the bullion trade, refining is a relatively small business. Switzerland only has five companies producing investment-grade gold, most of whom only employ a couple of hundred people. While the price of the gold that passes through the refineries has surged to nearly $3,500 an ounce this year, the refiners will usually only capture a couple of dollars of that price when they recast a bar. The Swiss National Bank had addressed the issue earlier this year in a paper, arguing that outsized gold exports to the US shouldn't be included when analyzing the trade relationship between the two economies. This article was generated from an automated news agency feed without modifications to text.
Economic Times
6 minutes ago
- Economic Times
Tata Investment shares rally 9% after board approves first-ever stock split
Tata Investment Corporation shares surged over 9% after the board approved its first-ever 1:10 stock split to enhance liquidity and retail participation. The move accompanied Q1FY26 results, showing an 11.6% rise in PAT. Technically, the stock remains bullish, trading above all key moving averages and showing strong momentum indicators. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Stock moves and technical Shares of Tata Investment Corporation climbed as much as 9.2% on Tuesday to Rs 7,625 on the BSE after the company's board approved its maiden stock split in a move aimed at improving liquidity and accessibility for retail investors. The announcement came alongside its June quarter results, which showed a double-digit rise in board of Tata Investment Corporation on Monday approved the sub-division of its equity shares in a 1:10 ratio, from one share with a face value of Rs 10 to ten fully paid-up equity shares with a face value of Re 1 its exchange filing, the company said the stock split was designed 'to make the equity shares of the company more affordable for the retail investors and to encourage wider participation in the company's ownership'. The Tata Group-firm said that the sub-division is expected 'to improve the liquidity of the equity shares of the company in the stock market'.The decision is subject to shareholder approval via postal ballot, in addition to any required statutory or regulatory clearances. The company said it would announce the record date for the stock split 'in due course', once all approvals are in is the first time Tata Investment has undertaken a stock split since listing. The company last offered bonus shares in 2005, in a 1:2 ratio, according to Trendlyne Investment also reported its financial results for the quarter ended June 2025. Consolidated profit after tax rose 11.6% year-on-year to Rs 146.30 crore, compared to Rs 131.07 crore in the same period last year. Revenue from operations stood at Rs 145.46 crore, up 2.1% from Rs 142.46 crore in stock has advanced 6.1% year-to-date and is up 21.6% over the past 12 months. In the last one month alone, it has gained nearly 8%.From a technical perspective, Tata Investment shares are trading above all eight of their key simple moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day levels, signalling sustained bullish momentum across Relative Strength Index (RSI) is at 65.2, indicating that the stock is approaching overbought territory but remains within a neutral range. Meanwhile, the Moving Average Convergence Divergence (MACD) stands at 43.1 and continues to hover above both the centerline and signal line, underscoring the strength of the ongoing Read: Sri Lotus Developers IPO: Latest GMP suggests SRK, Big B and Ashish Kacholia may pocket 28% gains (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
&w=3840&q=100)
Business Standard
10 minutes ago
- Business Standard
KICL forays into value footwear market with Zodiz and Jeetlo acquisition
Chennai-based Kothari Industrial Corporation (KICL), a part of the D C Kothari group, has acquired Zodiz, Jeetlo, and other associated sub-brands in the footwear field. These brands cater to the price- and quality-conscious mass market, offering products below Rs 1,000 per pair — a segment that accounts for nearly 80 per cent of total Indian footwear consumption, valued at Rs 80,000 crore to Rs 85,000 crore annually. This is KICL's official entry into the branded value footwear and accessories segment, marking a significant milestone in its growth journey in the footwear sector. "We are pleased to confirm the successful acquisition of the Zodiz, Jeetlo, and other associated sub-brands, effective 4 August 2025. This acquisition gives KICL an immediate foothold in one of the fastest-growing and underserved consumer segments," said Jinnah Rafiq Ahmed, Executive Chairman, KICL. This comes at a time when India's footwear industry is witnessing rapid shifts in consumer preferences. Footwear is no longer viewed purely as a utility — it has evolved into a symbol of personal style and self-expression, the company said. "This entry in the value segment is significant, given the fact that Indian footwear consumption is slated to grow and is evolving from a utility to self-expression for young, discerning consumers," said N Mohan, Director of the company. "Key differentiators will be fashion-relevant, comfort-first, and price-accessible products aimed at Tier 2 and Tier 3 consumers, the emerging urban centres," he added. With per capita consumption at 1.9 pairs per annum and expected to double by 2030, the opportunity for value-driven, fashion-apt products is immense in India. The Government of India's continued focus on this sector further reinforces the timing and relevance of entry, a statement said. "Our business strategy will be distribution-led, targeting Tier 2 and Tier 3 cities — India's emerging urban hubs where the appetite for affordable fashion is on the rise," said Ahmed. "We aim to deliver products that are style-relevant, aligned with evolving fashion sensibilities, comfortable, and affordable. Our extensive distribution network will be instrumental in scaling reach and building long-term value across the ecosystem," he added. "With a strong team, deep market understanding, and robust infrastructure, KICL is well-positioned to capture this opportunity. We view this move not just as an acquisition, but as the beginning of a new chapter — one that will unlock value for consumers, partners, and stakeholders alike," Ahmed said. "We are excited to embark on this journey at a time when the Indian footwear market is undergoing a profound transformation. Our goal is to serve the rising aspirations of young Indian consumers while creating lasting stakeholder value," he said.
