Sensex closes 873 points lower, Nifty falls below 25,000; Eternal down 4%
Benchmark stock market indices closed in red after seeing a sharp fall in the later part of the day, triggered by a fall in automobile and consumer-centric consumption stocks.The S&P BSE Sensex lost 872.98 points to end at 81,186.44, while the NSE Nifty50 was down by 261.55 points to close at 24,683.90.Vinod Nair, Head of Research, Geojit Investments Limited, said that the lack of major positive triggers and prevailing uncertainty over U.S. fiscal stability, investors opted for profit-booking and adopted a cautious stance.advertisement
"Selling pressure was widespread as participants awaited more clarity on the India-U.S. trade agreement. Given the current premium valuations and delays in the trade deal, we foresee a phase of short-term consolidation, which may lead FIIs to scale back their positions in the domestic market.," he added. Markets slipped into the red, with the Sensex trading lower as most index heavyweights declined.Among the few gainers were Tata Steel, which edged up 0.73%, followed by Infosys and ITC, gaining 0.08% and 0.07% respectively.Eternal was the worst performer on Sensex, plunging 4.10%, followed by Maruti Suzuki India, which lost 2.76%. Shares of Mahindra & Mahindra declined 2.13%, while UltraTech Cement dropped 2.04%. Power Grid Corporation of India also fell 2.01%, rounding out the top five losers of the day.Broader markets ended lower on Monday, with the Nifty Midcap 100 falling 1.46% and the Nifty Smallcap 100 slipping 0.82%. Volatility also edged up, as the India VIX rose 0.33%, indicating heightened nervousness among investors.Aditya Gaggar, Director of Progressive Shares, said that a sharp decline in the midcap and smallcap segments added pressure on the Index, which intensified during the second half of the trading session. All major sectoral indices on the Nifty closed in red.Nifty Auto led the decline with a sharp fall of 1.96%, followed by Nifty Healthcare Index, which was down 1.27%. Nifty Financial Services 25/50 dropped 1.22%, while Nifty Pharma lost 1.23% and Nifty FMCG declined 1.17%.Other laggards included Nifty Private Bank, Nifty PSU Bank, Nifty Metal, Nifty Oil & Gas, Nifty Consumer Durables, and Nifty Realty, all ending the day with cuts. Nifty IT, Nifty Media, and Nifty Bank also saw modest losses, contributing to the overall weak market sentiment."Market activity in the upcoming session will be crucial in determining whether the trend continues or reverses. The key resistance and support levels are placed at 24,900 and 24,535, respectively," said Gaggar. advertisement(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.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
30 minutes ago
- Time of India
S&P sees top companies' capex rise to $850 bn over 5 years
Indian companies are set to invest significantly. S&P Global Ratings projects spending of $800-850 billion by 2030. This doubles the previous five-year period's capital expenditure. Investments will likely strengthen credit profiles. Financing will come from operating cash flows. Healthy balance sheets and government policies support this growth. Successful execution will expand operational scale for India Inc. Tired of too many ads? Remove Ads New Delhi: India's top companies will spend $800-850 billion over the next five years to 2030, doubling the capital expenditure amount spent in the previous five-year period, S&P Global Ratings said on Tuesday. These investment plans are likely to strengthen credit profiles than weaken them, it added."Indian companies are well positioned for a growth run," said Neel Gopalakrishnan, S&P Global Ratings credit analyst. "Barring execution mistakes or negative macro changes, these investments should boost business scale without driving up leverage."The analysis by the ratings agency covers top 100 Indian companies by market capitalisation and some unlisted firms, and incorporates a study by Crisil Intelligence, a subsidiary of S&P Global for these investments will primarily come from operating cash flows, except for power sector, and will be supported by domestic funding options, according to the report titled 'India Inc's spending spree will likely pay off'.Balance sheets are currently at their healthiest level in years, according to the report. Companies are ramping up investments to meet demand, bolstered by favourable government policies and a positive economic outlook. Successful implementation of these plans is expected to expand operational scale, it added.
NDTV
an hour ago
- NDTV
4-Day Closed-Door Talks On India-US Trade Deal Conclude. What Was Discussed
New Delhi: Significant progress was made in the latest round of talks between India and the United States over a possible interim trade deal expected within weeks - one that aims to boost the annual bilateral trade between the two largest democracies from the current $190 billion to a whopping $500 billion by 2030. A team of top American negotiators held closed-door meetings with their Indian counterparts in New Delhi over four days, concluding on Tuesday. The talks primarily focused on greater market access for both industrial and agricultural products in either country, tariff cuts, and non-tariff barriers, people familiar with the matter said. While the US delegation was led by officials from the Office of the US Trade Representative, the Indian team of negotiators from the trade ministry was led by Rajesh Agrawal. "The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins," a government source told news agency Reuters. Boosting bilateral digital trade was reportedly another key focus area during the talks. A series of initiatives which will help improve customs and facilitation measures were discussed in detail, the source said, adding that both sides are looking to finalize an initial part of the comprehensive trade pact soon, and discussions will intensify in the days to come. THE NEGOTIATIONS In today's talks, India resisted US demands to open its markets to wheat, dairy, and corn imports, while offering lower tariffs on high-value US products such as almonds, pistachios and walnuts. India also asked the US to revoke its 10 per cent baseline tariff imposed by the Trump administration under a national emergency. But the US side opposed this, noting that even Britain was subject to this under its recent bilateral trade agreement. On steel, India asked for an exemption from Washington's move to impose 50 per cent tariffs. New Delhi also said that it would consider increasing import of American energy, like LNG, crude oil, and coal, while also purchasing defence equipment. AN INTERIM PACT LIKELY THIS MONTH? Both countries are aiming to sign an initial deal within the month of June, perhaps on the sidelines of the G7 Summit in Canada, when Donald Trump and Prime Minister Modi will meet - though that less than a week from today. Amid rising criticism over his hasty trade decisions, Donald Trump is reportedly keen on signing a deal with India before the expiry of his 90-day pause on reciprocal tariffs, which includes a 26 per cent tariff on India - which would severely impact export of textiles, footwear, rice, and shrimp. However, while negotiators from the trade ministry were busy fine-tuning the trade deal with the US in New Delhi, the Union Minister, Piyush Goyal, was in Switzerland structuring another mega trade pact with the European Union - India's second-largest trading partner. On the India-US trade pact, Mr Goyal said India is prepared to proceed with a deal by first addressing simpler issues. Government officials added that the more complex matters could be negotiated in the next phase of talks, suggesting that India may agree to sign an interim deal. India is looking to sign the next tranche of the bilateral trade pact with United States by September or October, they said.
&w=3840&q=100)
First Post
2 hours ago
- First Post
India, European FTA deal to bring stability, predictability in partnership: Commerce Minister Piyush Goyal
India has secured a commitment of $100 billion in investments over the next 15 years from the European Free Trade Association countries under the deal read more What happened India's Commerce and Industry Minister Piyush Goyal said on Tuesday that the free trade agreement (FTA) between India and the European Free Trade Association (EFTA) will offer stability, predictability, and continuity for businesses. The Trade and Economic Partnership Agreement (TEPA), signed in March 2024, is expected to be operational by October. Tell me more The TEPA was signed on March 10, 2024, between India and the four-member EFTA bloc– Iceland, Liechtenstein, Norway, and Switzerland. India has secured a commitment of $100 billion in investments over the next 15 years from EFTA countries under the deal. The pact allows preferential market access for products like Swiss watches, chocolates, and cut and polished diamonds. Piyush Goyal said the agreement leverages India's large market and skilled workforce alongside Switzerland's advanced manufacturing sector. India has completed its internal ratification process for the agreement. The minister called on businesses from both regions to actively use the opportunities created by the deal. He also recommended a reciprocal certification system to streamline regulatory procedures. The voices 'The agreement will give stability, predictability and continuity in the partnership,' said Piyush Goyal, Commerce and Industry Minister. The context STORY CONTINUES BELOW THIS AD The India-EFTA TEPA is part of New Delhi's broader push to diversify trade ties and attract foreign investment. EFTA nations, though not part of the European Union, hold strong economic profiles, especially Switzerland. This agreement comes as India aggressively pursues FTAs with multiple regions to integrate more deeply into global value chains and position itself as a manufacturing and services hub. With inputs from agencies
