Indian benchmarks hit month-low
The Nifty 50 and the BSE Sensex fell 0.5% and 0.4%, respectively, for the week dragged by a 0.9% drop on Friday to close at 24,837 points and 81,463.09 points, respectively. This was their fourth consecutive weekly decline.
Eleven of the 16 major sectors declined for the week, with information technology, oil and gas and consumer goods topping sectoral losses.
The IT index slid 4.1%, dragged by lacklustre earnings. Infosys fell 4.4% amid concerns over weak client spending and tepid Q1 commentary.
The broader small-cap and mid-cap indexes logged weekly losses of 3.5% and 1.9%, respectively.
The FMCG index lost 3.4%, also pressured by disappointing results from Nestle India and Colgate Palmolive India.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
10 hours ago
- Business Recorder
Indian rupee slips but sidesteps firmer dollar as flows dominate price-action
MUMBAI: The Indian rupee dipped on Monday as month-end dollar bids from importers exerted some pressure, but the currency largely sidestepped the spillover from a firmer dollar, which traders indicated was due to the absence of substantial outflows. The rupee closed at 86.6650 against the U.S. dollar, 0.2% down from its close of 86.5150 in the previous session. While the rupee was trading marginally stronger in the first half of the session, it reversed course in the latter half as the dollar index rose. Asian currencies were a tad lower on the day, with the offshore Chinese yuan down by 0.1%. The rupee is 'only reacting to flows' over recent sessions, and has found some support above 86.60, a trader at a state-run bank said, pointing to price action driven by foreign portfolio flows and corporate activity. India's benchmark equity indexes, the BSE Sensex and Nifty 50 fell 0.7% and 0.63% on the day, respectively, diverging from gains in most regional equities. The country's benchmark 10-year bond yield, meanwhile, ticked up to 6.3603%. Equities in Europe were mostly higher while the euro fell, after the U.S. and EU reached a trade agreement over the weekend and investors welcomed the deal with cautious optimism. Indian rupee slides for third straight week as tariff deadline, Fed decision near The euro's recent price action 'likely reflects more general U.S. dollar sentiment that was improving toward the end of last week, and we suspect (the sentiment) could extend further this week as investors' optimism over the U.S. economy improves,' MUFG said in a note. U.S. economic data, including the closely watched non-farm payrolls report, will be in focus as investors gauge how far the optimism extends. The Federal Reserve, meanwhile, will deliver its policy decision on Wednesday and is widely expected to keep rates unchanged. Interest rate futures are currently pricing in a little over 60% chance of a rate cut in September, per CME's FedWatch tool.
Business Recorder
10 hours ago
- Business Recorder
Indian shares dragged down by Kotak Mahindra Bank, TCS; trade deal delay weighs
Indian shares fell on Monday as financials and IT declined due to weak results from Kotak Mahindra Bank and Tata Consultancy Services' layoff plans, respectively, and as uncertainty over trade talks with the U.S. hit overall sentiment. The Nifty 50 fell 0.63% to 24,680.9 points, and the BSE Sensex lost 0.7% to 80,891.02. The broader small-caps and mid-caps lost 1.3% and 0.8%, respectively. Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline. However, a framework trade agreement between the U.S. and European Union eased fears of a bigger trade war between the two allies, which account for almost a third of global trade. Thirteen of the 16 major sectors logged losses. High-weightage financials and private banks lost 0.7% and 1.7%, respectively, dragged by a 7.4% fall in Kotak Mahindra Bank after it posted a drop in quarterly profit. The IT index lost 0.7%, with Tata Consultancy Services shedding 1.8% after it announced plans to reduce its workforce by 2% in fiscal year 2026. Indian shares dip; benchmarks hit month-low as earnings, outflows weigh The Nifty 50 and 30-stock Sensex have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over the U.S.-India trade deal. 'Lingering uncertainty over U.S.-India trade talks, stretched valuations, and a tepid earnings season have clearly sapped market sentiment,' said Ajit Banerjee, president and chief investment officer at Shriram Life Insurance. 'In the near term, tariff headlines will drive the market's pulse, and only a strong earnings turnaround can unlock any meaningful upside.' Among individual stocks, Mphasis gained 3% after it posted quarterly results in line with estimates and showed strong deal bookings, boosting the IT company's revenue growth outlook. SBI Cards and Payment Services lost 6% after missing profit estimates in the June quarter.
Business Recorder
19 hours ago
- Business Recorder
India's equity benchmarks set to open near one-month low
India's equity benchmarks are likely to open on Monday near the previous session's one-month closing low, with uncertainty over trade talks with the U.S. and weaker-than-expected results from Kotak Mahindra Bank weighing on sentiment. The Gift Nifty futures were trading at 24,841 points as of 8:04 a.m. IST, indicating that the Nifty 50 will open near Friday's close of 24,837. The benchmark hit its lowest level since June 20 at 24,806.35 points in the previous session. The Nifty 50 and 30-stock Sensex have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over U.S.-India trade deal. Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline. Meanwhile, the U.S. struck a framework trade agreement with the European Union over the weekend, averting a bigger trade war between the two allies, which account for almost a third of global trade. The easing global trade tensions buoyed equities globally. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, just shy of the almost four-year high it touched last week. Kotak Mahindra Bank will be in focus on the day after India's No. 3 lender by market capitalisation reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins.
