Sensex, Nifty slip as investors book profit after 7-day market rally
Benchmark stock market indices opened lower on Thursday, as investors booked profit in early trade, given Dalal Street has logged gains in the last seven sessions.The S&P BSE Sensex fell by 159.23 points to 79,957.26, while the NSE Nifty50 was down by 72.20 points to 24,256.75 as of 9:28 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that Nifty's decoupling from the S&P 500 is striking.advertisement
"While S&P 500 is down 8.4% YTD Nifty is up 2.27% YTD. The resilience of the Indian economy, the expected slowdown in the US economy, the weakness in the dollar and the steady FII buying in India of Rs 21263 crores in the last 6 days are contributing to the outperformance of India," he added.IndusInd Bank led the gainers pack with a rise of 3.79% on Sensex, followed by Nestle India gaining 1.51%.Tech Mahindra continued its recent positive momentum with a 1.39% increase, while Hindustan Unilever added 1.19%, and Axis Bank rounded out the top five gainers with a 1.04% uptick.Eternal Enterprises saw the steepest decline of 1.11%, while Bharti Airtel dropped by 1.03%. LT (Larsen & Toubro) fell by 0.38%, ICICI Bank decreased by 0.36%, and Reliance Industries slipped by 0.25%.advertisement"The stretched valuations (Nifty is trading above 20 times estimated FY 26 earnings) will constrain the rally. In the very short run, the market may respond to the results flowing in," said Vijayakumar.The broader indices posted modest gains with the Nifty Midcap100 advancing 0.11% and the Nifty Smallcap100 rising 0.27%, while market volatility increased as India VIX climbed 3.46%.Among sectoral indices, decent performances were seen in Nifty Pharma leading the gainers with a 0.74% jump, followed by Nifty Metal up 0.43%, Nifty PSU Bank rising 0.35%, Nifty Healthcare adding 0.19%, Nifty Oil & Gas edging up 0.07%, Nifty FMCG gaining 0.06%, Nifty Private Bank increasing 0.03%, and Nifty IT closing marginally higher by 0.02%.Nifty Realty faced a decline of 0.96%, while Nifty Consumer Durables fell 0.28%, Nifty Financial Services dropped 0.22%, Nifty Auto slipped 0.14%, and Nifty Media shed 0.07%.(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.)Must Watch
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The Hindu
30 minutes ago
- The Hindu
India positioned to become world's third-largest economy: PM Modi in Cyprus
India will soon become the third-largest economy in the world, Prime Minister Narendra Modi has said, highlighting myriad economic opportunities the country offers to companies from Cyprus. PM Modi, who is in Cyprus on the first leg of his three-nation tour, made the remarks as he, along with Cypriot President Nikos Christodoulides, attended a business roundtable on Sunday (June 15, 2025) in Limassol, a city on the southern coast of Cyprus. 'The Prime Minister highlighted India's rapid economic transformation in the last 11 years and noted that the country, propelled by next-generation reforms, policy predictability, stable polity and Ease of Doing Business, has become the fastest-growing major economy in the world,' the External Affairs Ministry in New Delhi said in a statement. Emphasising the primacy being given to innovation, digital revolution, start-ups and futuristic infrastructure development, Mr. Modi expressed confidence that India, the fourth largest economy in the world, was well positioned to become the third largest in a few years' time. "India will soon become the third-largest economy in the world. India is one of the biggest emerging economies. We have implemented tax reforms, Goods and Services Tax, rationalised corporate tax, decriminalised laws, and are focussing on 'trust of doing business', along with ease of doing business." He said that steady growth in India's civil aviation, port, shipbuilding, digital payments and green development sectors has opened myriad opportunities for companies from Cyprus to partner with India, according to the statement. "For the first time in 23 years, an Indian Prime Minister has visited Cyprus, and the first event that has been organised is the business roundtable meeting. This shows the importance of business leaders in the India-Cyprus relationship," the Prime Minister said. He also underlined the strengths of India's skilled talent and start-up ecosystem and highlighted manufacturing, AI, quantum, semiconductor and critical minerals as new and emerging areas contributing to India's growth story. "You all [business leaders] are aware of India's talent and demographic dividend. In the last 10 years, a digital revolution has taken place in India. Around 50% of the world's digital transactions take place in India, thanks to the Unified Payments Interface or UPI. Countries like France are associated with this, and talks are also under way with Cyprus for this, and I welcome this move," he said. Prime Minister Modi noted that Cyprus was a significant economic partner for India, particularly in the Foreign Direct Investment sector and welcomed the keen interest in Cyprus for new investments into the Indian economy. PM Modi highlighted the "immense potential for growth" in bilateral ties. Cyprus has been a "reliable partner to India for a long time now," he said. Mr. Modi called Cyprus a "famous tourist destination" and added that India, too, is focussing on destination development and management, and so, "close collaboration between our tour operators will be a 'win-win'". He added that many other sectors also have the potential for such collaborations. 'Highlighting the potential for business engagement in the financial services sector, the two leaders welcomed the signing of an MOU between the NSE International Exchange GIFT CITY, Gujarat and the Cyprus Stock Exchange,' the statement said. 'NIPL (NPCI International Payments Limited) and the Eurobank Cyprus reached an understanding on introducing UPI for cross-border payments between the two countries, which would benefit tourists and businesses,' it said. Prime Minister also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation and digital services. Prime Minister Modi welcomed the fact that many Indian companies see Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism. 'As Cyprus prepares to assume the Presidency of the EU Council next year, the two leaders reaffirmed their commitment to further strengthen India-EU Strategic Partnership,' the statement said. They expressed optimism about concluding the India-EU Free Trade Agreement by the end of the year which would also give a major boost to trade and economic cooperation between the two countries. Prime Minister underlined that the business roundtable had given practical suggestions which would form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation and strategic sectors. 'With shared aspirations and a future-focussed approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation,' the statement said. The participants of the roundtable represented diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility. In a post on X after the meeting, Mr. Modi said, "Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour to commercial linkages between India and Cyprus. Sectors such as innovation, energy, technology and more offer immense potential. I also talked about India's reform trajectory in the last decade."
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First Post
35 minutes ago
- First Post
‘Startups don't just deliver dreams, they…': What PM Modi said in Cyprus business meet
Prime Minister Narendra Modi on Sunday joined a business roundtable in Cyprus alongside Cypriot President Nikos Christodoulides, urging deeper cooperation in trade, investment, and defence. Modi, who arrived earlier in the day, addressed business leaders from both countries. 'Further cementing investment, technology & business linkages,' MEA spokesperson Randhir Jaiswal posted on X, sharing photos from the event. First of all, I want to express my gratitude to the President that today he himself came to receive me at the airport. I am very grateful that he organized such a big round table with the business leader. I thank you from the bottom of my heart for the positive thoughts he has given me and our partnership. STORY CONTINUES BELOW THIS AD Here is the full text of PM Modi's speech as he addressed the business community Friends, The Prime Minister of India is visiting Cyprus after 23 years. And the first program is the Business Round Table. This is an indication of the importance of economic players in the relations between India and Cyprus. I have listened very carefully to your thoughts. I have felt your commitment to India-Cyprus economic relations. I can feel not only the possibility in your thoughts but also the resolve. It is clear that there is immense potential for moving forward in our relations. Friends, Cyprus has been our reliable partner for a long time, which you also mentioned. And there has also been significant investment from here in India. Many Indian companies have also looked at Cyprus and, in a way, Cyprus as the gateway to Europe. Today, bilateral trade has reached 150 million dollars. But the true potential of our relationships is much more than that. Most of you have been associated with India and have seen India's growth story in the last 11 years. In the last decade, India became the fifth largest economy in the world and in the very near future we are moving at a very fast pace towards becoming the third largest economy in the world. Today, India is one of the fastest growing emerging economies in the world. Peers You know very well, we have done tax reforms. One Nation One Tax system has been brought in with GST and corporate tax rationalization has been done. We have done the work of decriminalization of thousands of laws. We have laid equal emphasis on 'Trust of Doing Business' along with 'Ease of Doing Business'. Today there is a clear policy in India, along with that there is stable politics. It has happened after six decades that the same government has been elected for the third consecutive time. You are well aware of India's demographic dividend and talent and it has also been mentioned in your conversation. In the last 10 years, there has been a digital revolution, financial inclusion has become an example. Today, 50% of the world's digital transactions through Unified Payments Interface (UPI) take place in India. Many countries like France are associated with it, Cyprus is also being talked about joining it and I welcome it. We are investing more than $100 billion annually in developing futuristic infrastructure in India. In this year's budget, we have launched the Manufacturing Mission. India is one of the world leaders in the manufacturing of vaccines, generic medicines and medical devices in the world. Our focus is on maritime and port development. We are also prioritizing shipbuilding and shipbreaking. A new policy is also being introduced for this. The civil aviation sector is also growing rapidly. Indian companies have placed new orders for more than a thousand Aricrafts. Innovation has become a strong pillar of India's economic strength. Our more than 100,000 startups don't just deliver dreams, they deliver solutions. Of these, 100 have become unicorns. India believes in the balance of economy and ecology and we are committed to it. The path to a clean and green future is being paved. By 2030, we are moving very fast to the target of 500 gigawatts of renewable energy. We are working rapidly towards the development of green shipping and making railways 100% carbon neutral by 2030. AI missions, quantum missions, semiconductor missions, critical mineral missions, nuclear power missions, are becoming the new engines of our growth engine. I am happy to know that the Stock Exchange of Cyprus and NSE have agreed to collaborate on GIFT City in my home state of Gujarat. Cyprus is a famous tourist destination. In India too, we are emphasizing on destination development and management. Close cooperation between our tour operators may vary. There are many other areas in which there is a lot of potential for mutual cooperation. Friends, Last month, an ambitious FTA was agreed between India and the UK. We are now committed to concluding the Free Trade Agreement between India and the EU by the end of this year. Its negotiation has gained momentum and all of you friends will definitely get the benefit of it. I welcome the establishment of the India, Cyprus and Greece Business and Investment Councils. This is a very good initiative and can become an important platform for economic cooperation. Friends, the views and suggestions given by all of you have been noted by my team, we will follow up on them by making an action plan. I also invite you to visit India. In the end, I would like to thank Mr. Rashtrapati once again for taking out his time for this meeting. I also express my gratitude to Cyprus, the Chamber of Commerce and Industry and Investment Cyprus for organizing this Round Table in a well-planned manner. Thank you very much. STORY CONTINUES BELOW THIS AD
News18
35 minutes ago
- News18
PM Modi Accorded Ceremonial Welcome At Presidential Palace In Cyprus
Last Updated: PM Modi's arrival marked the first visit of an Indian Prime Minister to Cyprus in over two decades. Prime Minister Narendra Modi, who is on a visit to Cyprus, was accorded an ceremonial welcome at the Presidential Palace in Nicosia. Prime Minister Modi was received by Cyprus President Nikos Christodoulides. The Prime Minister is currently on a three-nation tour to Cyprus, Canada and Croatia from June 15 to June 19. PM Modi's arrival marked the first visit of an Indian Prime Minister to Cyprus in over two decades. In Nicosia, PM Modi will hold talks with President Christodoulides. Earlier in the day, the PM addressed the India-Cyprus CEO form in Limassol, highlighting New Delhi's prowess in rapid economic transformation. In the first leg of the tour, PM Modi arrived in Cyprus on June 15 for a two-day visit at the invitation of the President Christodoulides. PM Modi will conclude his Cyprus visit on June 16, embarking on his two-day Canada tour. The visit is significant as it reaffirms the shared commitment of the two countries to deepen bilateral cooperation and bolster India's engagement with the Mediterranean region and the European Union. First Published: June 16, 2025, 13:12 IST
