Sensex, Nifty open higher as banking stocks continue to gain
At 9.23 am, Sensex was up 152 points or 0.19 per cent at 82,359 and Nifty was up 38 points or 0.15 per cent at 25,129.
Banking stocks were leading the market. Nifty Bank was up 0.30 per cent, higher than the main indices.
Buying was also seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 45 points or 0.08 per cent at 59,514 and Nifty smallcap 100 index was up 80 points or 0.42 per cent at 19,038.
Among the sectoral indices, PSU bank, financial services, metal, media, energy and private bank were in the green. Pharma, IT, auto and FMCG were in the red.
In the Sensex pack, Eternal, Trent, Tata Steel, ICICI Bank, HDFC Bank, TCS, BEL, HCLTech, NTPC and SBI were top gainers. Tata Motors, Bajaj Finserv, Sun Pharma, M&M, Bharti Airtel, Maruti Suzuki, L&T, HUL and Asian Paints were top losers.
"The Nifty 50, after a strong rebound from its intraday low of 24,900, surged nearly 225 points to close above the 25,000 mark, forming a bullish candlestick pattern. The rebound from the 50-day EMA indicates a potential trend reversal, though confirmation through follow-up buying is awaited,' said Mandar Bhojane of Choice Equity Broking Private Limited.
On the upside, a sustained move above 25,150 could pave the way toward 25,250. Key support levels remain at 25,000 and 24,900, which may offer favourable risk-reward opportunities for long positions, he added.
Most Asian markets kept to a tight range. Tokyo and Seoul were in the red while Shanghai, Hong Kong and Jakarta were in the green. US markets closed in the mixed zone. Dow Jones was in the red and Nasdaq was in the green.
On July 21, foreign institutional investors (FIIs) were net sellers for the third consecutive session, offloading equities worth Rs 1,681 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 11th straight day, purchasing equities worth Rs 3,578 crore.
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United News of India
9 minutes ago
- United News of India
PM Modi, Maldivian President release commemorative stamps to mark 60th anniversary of diplomatic ties
Male/New Delhi, July 25 (UNI) Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu today released commemorative stamps on the occasion of the 60th anniversary of the establishment of India-Maldives diplomatic relations. Reflecting the age-old bilateral ties between the two countries, the commemorative stamps depict the Indian boat Uru, a large wooden dhow handcrafted in the historic boatyards of Beypore, Kerala, and the traditional Maldivian fishing boat - Vadhu Dhoni. These boats have been part of the Indian Ocean trade for centuries. The traditional Maldivian fishing boat - Vadhu Dhoni - is used for reef and coastal fishing. It depicts Maldives's rich maritime heritage and the close bond between island life and the ocean, a statement said. India was one of the first countries to establish diplomatic relations with Maldives following its independence in 1965. The commemorative stamps release symbolizes the close and historical ties between the two countries. PM Modi is on a two-day state visit to Maldives. He will be the Chief Guest at the 60th anniversary celebrations of Maldives' independence day tomorrow. UNI RN
Time of India
9 minutes ago
- Time of India
Timely, productive visit helped review & build India-Maldives cooperation: FS Misri on PM Modi's Malé visit
Prime Minister Modi's state visit to the Maldives strengthened bilateral ties through key agreements and discussions. A major highlight was the extension of a Rs 4,850 crore line of credit and restructuring of existing debt, significantly reducing the Maldives' repayment obligations. The visit also included MOUs across various sectors and the launch of joint initiatives. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Prime Minister Narendra Modi's ongoing state visit to the Maldives saw high-level engagements and significant bilateral agreements, reaffirming India-Maldives ties and outlining a roadmap for future a special press briefing on Friday, Foreign Secretary Vikram Misri highlighted the importance of the visit, describing it as productive and timely. Accompanied by High Commissioner to Maldives G. Balasubramanian and Additional Secretary Puneet Agrawal, Misri provided a detailed account of the day's developments."As you would be aware, the Prime Minister is on a two-day state visit to the Maldives. You are all familiar with the fact that this is his third visit to the Maldives. He also happens to be the first head of government to be visiting the Maldives during the administration of President Muizzu," he saidReflecting the ceremonial importance of the occasion, Misri detailed that on arrival at the airport, the Prime Minister was warmly received by President Muizzu and members of his cabinet. "This was a very special gesture by the President. The Prime Minister was also corded a Ceremonial Guard of Honour and welcomed with a special cultural performance."This ceremonial welcome set the stage for substantive discussions and on Friday afteroon the Prime Minister and President Muizzu held restricted and delegation-level talks. "This gave both leaders the opportunity to review the entire gamut of issues in the bilateral relationship. They renewed various aspects of India-Maldives relations and in particular reflected on the progress made since October 2024, when President Muizzu had visited India on a state visit and when both countries had adopted the Joint Vision for India-Maldives Comprehensive Economic and Maritime Security Partnership," he talks were followed by the signing of key agreements. "You would already be familiar with; you would have seen the ceremony for exchange of memoranda of understanding and agreements between the two sides. Let me just review the key agreements and MOUs that have been signed. We have signed an MOU related to the extension of a fresh line of credit of Rs 4,850 crore to the Maldives. This is the first LOC extended to the Maldives that is denominated in Indian rupees. The LOC represents a continuation of the tradition of assistance to the development needs of the Maldives and we expect that several infrastructure projects will be carried out as a result of this LOC agreement benefiting the lives of citizens here in the Maldives."He elaborated on financial restructuring aimed at easing the Maldives' economic burden. "Together with this, the two sides also signed an amendatory agreement that amended the existing dollar line of credit between India and the Maldives. I would like to in particular point to the fact that with the signature of this amendatory agreement, the annual debt repayment obligations of the Maldives will reduce by a sharp 40% from nearly US$51 million annually to about US$29 million."Misri further outlined the range of MOUs signed, covering diverse sectors. "The other understandings signed today include an MOU on cooperation in the field of fisheries and aquaculture, an MOU between the Indian Institute of Tropical Meteorology of the Ministry of Earth Sciences and the Maldives Meteorological Services in the Ministry of Tourism and Environment; an MOU on cooperation in the field of sharing successful digital solutions that have been implemented at population scale for digital transformation between the Ministry of Electronics and IT of India and the Ministry of Homeland Security and Technology of the Maldives."He added, "There was also an MOU on the recognition of Indian pharmacopoeia in the Maldives, which will reinforce the availability and sourcing of high-quality medicines in the Maldives; and a network-to-network agreement between India's NPCI, the National Payments Corporation of India International Limited, and the Maldives Monetary Authority. This is intended to take forward the work on implementing the Unified Payments Interface that will greatly benefit tourism between the two countries."Marking key milestones, Misri spoke about symbolic and development-oriented initiatives. "In addition to that, there were a number of announcements and events that took place during the course of the day. The two countries have agreed to launch negotiations on an India-Maldives Free Trade Agreement. On the occasion of the 60th anniversary of the establishment of diplomatic relations, the two sides issued commemorative stamps."The Foreign Secretary continued, "The Prime Minister also handed over 3,300 social housing units in Hulhumale that were built under the Indian Buyer's Credit Scheme. The two leaders also together inaugurated the Roads and Drainage System Project in Addu City, six high-impact community development projects. And just now, a short while ago, the Ministry of Defence building in Male. The Prime Minister also handed over 72 vehicles and other equipment that will be used by the MNDF for various purposes."Environmental and health initiatives also featured in the day's agenda. "The two leaders were together for a tree plantation event, which is being carried out under the initiative taken by Prime Minister Modi in India, Ek Ped Maa Ke Naam, Plant for Mother. In the same place, the Prime Minister also handed over two BHISHM Health Cubes that will be of great relevance in medical emergencies, especially in remote parts of the country."Modi's visit will continue with important engagements on Satruday where the Prime Minister will be the Guest of Honour at the Independence Day celebrations at Republic Square."He will also be meeting with a few political leaders of the country, interact with the Indian diaspora residing in the Maldives, including also ITEC alumni from the Maldives," Misri up the significance of the visit, Misri emphasized its strategic outcomes. "This very, very timely and productive visit has provided an opportunity to both countries and both leaders to review our very close cooperation and to continue to build further on it. The two sides, as I said in the beginning, reviewed the joint vision for the India-Maldives Comprehensive Economic and Maritime Security Partnership, and as a result of the discussions today, arrived at the conclusion that we should continue to implement various elements of this vision, and explore newer avenues to collaborate further between the two sides."
Indian Express
9 minutes ago
- Indian Express
Will scotch get cheaper for Indian consumers after UK trade deal? Not by much, say experts
Scotch may get cheaper, but don't expect much relief at the liquor store. Tariffs on UK imports have been halved under the India-UK trade deal, but higher state-level taxes mean consumer prices may only dip 8-10 per cent, industry experts said. On the supply side, the reduction in customs duty by half to 75 per cent may boost margins for both British distillers and Indian producers who blend imported scotch with locally made whisky, they added. 'Customs duty typically accounts for around 20 per cent of the MRP across the country, while the bulk of taxes are imposed by the states. A reduction in duty by half could bring down consumer prices only by 8-10 per cent,' an industry representative said on condition of anonymity. Under the trade deal, India will immediately reduce tariffs on scotch and blended whisky imports by half to 75 per cent, and then gradually to 40 per cent over ten years, once the deal is ratified domestically by the two countries. The revision will apply to both bottled-in-origin (BIO) and bulk imports. According to Anant S Iyer, director-general of the Confederation of Indian Alcoholic Beverage Companies (CIABC), the tariff reduction could lead to newer scotch brands entering the domestic market with competitive pricing. 'Our fear is that a lot of new scotch brands from the UK can come in. These brands may not be famous here today, but they can come in at really aggressive prices that are comparable to Indian premium whisky. Already, some standalone importers are bringing in BIO whisky under 150 per cent duty with aggressive pricing,' Iyer said. Popular British scotch brands that could become slightly cheaper include Chivas Regal, Ballantine's, Glenlivet, Glenfiddich, and Johnnie Walker. Whisky was the UK's fifth-largest export product to India in 2024-25, valued at roughly $260 million, up 16 per cent from 2023-24. 'Import duties contribute only a fraction of the final price, with state excise, logistics, and distributor margins forming a large share of consumer cost. From a market standpoint, the FTA is more likely to influence product availability and premiumisation than spark a sudden demand surge. UK whisky makers may use this as an opportunity to expand brand presence,' said Naveen Malpani, Partner and Consumer Industry Leader, Grant Thornton Bharat. Industry expert Vinod Giri said a brand like Black Label in Delhi, priced at around Rs 3,500, may only get Rs 200-300 cheaper if the entire duty cut is passed on. While the reduction in consumer prices may not be much, British exporters and domestic producers who blend imported scotch could see their margins improve. Scotch is typically blended with Indian-made whisky in proportions ranging from 2 to 30 per cent, depending on the product's price segment. Popular whisky brands that blend imported scotch include Blenders Pride and McDowell's No. 1. 'Any duty reduction on Scotch whisky means the cost of production for Indian whisky makers who import it for blending goes down to that extent. While it's not likely to reflect in consumer prices, the fact is that if their costs go down, their bottom lines improve,' Giri said. 'Indian blenders will have savings per case. It depends on how much quantity of vatted malt scotch is used in the blends, and hence there will certainly be savings for them,' Iyer added. According to Giri, the reduction in customs duty will also result in bottled-in-India (BII) whisky becoming BIO over a period of 3-4 years. 'With standard Scotch whisky, if the entire duty cut is passed on, prices may drop by Rs 100-150 a bottle, bringing them close to BII whisky, which sells for around Rs 1,500. BII is also Scotch, just imported in bulk to avoid duties on packaging and other costs,' he said. 'But with the new duty set to drop to 75 per cent and then gradually to 40 per cent, it makes little commercial sense to bottle locally, invest in factories, and deal with operational hassles. Production costs are already lower in Scotland due to scale efficiencies, so they might as well ship scotch bottled from there and improve margins,' Giri added. 100 Pipers, Teacher's, Black Dog, and Black & White are among big brands that bottle imported scotch in India. Scotch distillers in the UK have welcomed the reduction in tariffs, which will give them greater access to the world's biggest whisky market by volume. 'The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade,' said Jean-Etienne Gourgues, Chairman and CEO of Chivas Brothers, the firm behind popular whisky brands such as Chivas Regal and Ballantine's. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
