Indian shares set to open higher on trade optimism, RBI policy support
June 10 (Reuters) - India's benchmark indexes are poised to open higher on Tuesday, buoyed by optimism around U.S.-China trade talks and domestic policy support.
The Gift Nifty futures were trading at 25,247 as of 7:59 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above Monday's close of 25,103.20.
The benchmark has risen 2.3% in four sessions and logged its highest close for 2025 on Monday.
"Markets are continuing their upward momentum, buoyed by supportive domestic monetary policy and favourable global cues," Bajaj Broking Research analysts said in a note.
Other Asian markets opened higher, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS), opens new tab gaining 0.5%.
Wall Street equities closed mostly higher overnight and the U.S. dollar retreated as U.S.-China talks began in London, aimed at mending a trade dispute that has rattled financial markets for much of the year.
U.S. President Donald Trump said he was getting good reports on progress in trade negotiations.
Expectations of cooling global trade tensions and bumper monetary policy support from the Reserve Bank of India have aided a rally, two analysts said.
This was reflected in the market as both foreign portfolio investors (FPI) and domestic institutional investors (DII) remained net buyers of Indian shares on Monday, with net inflows of 19.93 billion rupees ($232.7 million) and 35.04 billion rupees, respectively.
** ITD Cementation (ITCM.NS), opens new tab secures a new contract worth 8.93 billion rupees
** Jana Small Finance Bank (JANA.NS), opens new tab submits application at the Reserve Bank of India seeking approval for transition to universal bank from small finance bank
** Zee Entertainment (ZEE.NS), opens new tab enters into a strategic partnership with Content Start-up Bullet to launch India's first micro-drama application
($1 = 85.6460 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
2 hours ago
- The Guardian
UK officials hopeful that US will start lifting car tariffs this week
UK officials are hopeful the US will begin lifting tariffs on British cars as soon as this week after the British trade secretary meets his US counterpart in London. Jonathan Reynolds is due to meet Howard Lutnick, the US commerce secretary, on Tuesday evening to discuss the deal to lower US tariffs on cars, steel and aluminium. Downing Street is hopeful that the implementation of the deal will begin this week, according to two people with knowledge of the discussions. The aim is to secure a proclamation from Donald Trump this week that would kickstart its implementation, a government official with knowledge of the process said. The US commerce department would then be tasked with enforcing the tariff reductions on UK goods. Officials expect tariffs on British cars to be reduced first because the process is less complex than with aluminium and steel, according to the two people briefed on progress in the talks. Trump and Keir Starmer announced a 'historic' trade agreement last month that promised relief for key British industries affected by US import taxes. Trump agreed to reduce his 25% aluminium and steel tariffs to zero and slash his 25% tariff to 10% for up to 100,000 British cars a year. Two weeks ago Trump doubled US tariffs on steel and aluminium to 50% but said the UK would stay at the 25% rate until 9 July, pending enforcement of the deal and assuming that the British government 'complies with relevant aspects'. Ministers and negotiators are now racing to thrash out the details before that deadline. A trade department source stressed that the government could not predict the actions of the US administration. The UK is the only country so far that has struck an agreement with the US, though businesses have yet to feel its benefits. Starmer told MPs last Wednesday that he hoped the agreement with the US could come into effect 'in just a couple of weeks'. Cars are the UK's biggest export to the US, worth about £9bn last year. The value of the UK's steel and aluminium exports is much smaller, at about £700m a year, but the US is an important market for them. Sign up to First Thing Our US morning briefing breaks down the key stories of the day, telling you what's happening and why it matters after newsletter promotion One of the remaining questions for British ministers is how the quota of 100,000 cars will be allocated. Options include a free-for-all system until the quota is met, splitting it into 25,000 car exports a quarter, or earmarking a certain number of exports for small and medium-sized manufacturers. One issue the US government is concerned about is steel from other countries being processed in the UK and then exported to the US at a 0% tariff. This has triggered fears that the deal could end up excluding the UK's biggest steelmaker, Indian-owned Tata Steel, because of the origin of some of its products. Lutnick is in London for trade talks with China that aim to resolve mounting tensions between the world's two largest economies. Washington and Beijing agreed a temporary truce over tariffs last month but each country has since accused the other of breaching the deal.
Reuters
2 hours ago
- Reuters
US still dependent on Canadian oil, despite Trump's claims, Cenovus CEO says
CALGARY, June 10 (Reuters) - The U.S. is still reliant on Canadian oil imports, despite claims made by U.S. President Donald Trump, Cenovus Energy's CEO said on Tuesday at a conference in Calgary, Alberta. Trump has threatened on-again, off-again tariffs on Canada's oil, of which nearly 4 million barrels per day are exported to the United States. Canada also remains dependent on U.S. energy systems, Cenovus CEO Jon McKenzie said, adding the country must diversify its customer base.
BBC News
2 hours ago
- BBC News
World Bank predicts worst decade for global growth since 60s
The global economy will see the slowest decade for global growth since the 1960s as the effect of Donald Trump's tariffs are felt, the World Bank has two thirds of countries in the world had their growth forecasts cut from the bank's last set of predictions six months bank predicts global growth of only 2.3% in 2025, which is 0.4% lower than was forecast in January, and for 2027, it predicts growth of 2.6%Japan, Europe and the US were among those downgraded in the bank's twice yearly report. The bank's last set of forecasts in January were made before Donald Trump took then, his introduction of a universal 10% tariff on all imports into the US, as well as higher tariffs on steel and aluminium, caused financial markets to plunge in early April.A trade ruling found the bulk of his global tariffs to be illegal in May, although the Trump administration won an appeal to keep them in place for World Bank downgraded its growth forecast for the US in both 2025 and 2026, because of escalating trade tensions rattling investor confidence as well as private it not downgrade the US's main rival, China, which the bank said had enough financial stability to weather the "significant headwinds" from global political uncertainty."Against the backdrop of heightened policy uncertainty and increased trade barriers, the global economic context has become more challenging," the report said, adding that more "sentiment-sapping policy uncertainty" would come because of the potential for "further rapid shifts" in trade-restrictive moves by bank said there would be further cuts in growth if the US increased tariffs, and warned of rising could lead to "global trade seizing up in the second half of this year, accompanied by a widespread collapse in confidence, surging uncertainty and turmoil in financial markets," the report it stopped short of predicting a global recession, saying the chances of that were less than 10%.The report comes after the OECD also downgraded its outlook for the world economy. It said global growth is now expected to slow to a "modest" 2.9%, down from a previous forecast of 3.1%.In the mean time, a new round of talks aimed at resolving the trade war between the US and China has taken place in central London.
