Latest news with #CIO-equities
Business Recorder
5 days ago
- Business
- Business Recorder
Indian shares drop on Trump's renewed tariff threats
MUMBAI: Indian shares declined on Tuesday as investors stayed cautious after US President Donald Trump's renewed threat of harsh tariffs on goods from India over the country's purchases of Russian oil and ahead of the local central bank policy decision. The Nifty 50 fell 0.3% to 24,649.55 points and the BSE Sensex lost 0.38% to 80,710.25. Trump on Monday threatened to impose higher tariffs on goods imported from India, prompting New Delhi to call the move 'unjustified' and pledge to safeguard its economic interests, further straining ties between the two nations. Twelve of the 16 major sectors declined, with broader small-cap and mid-cap indexes down 0.2% and 0.4%, respectively. Yogesh Patil, CIO-equities at LIC Mutual Fund, told Reuters' Trading India forum that he expects US trade uncertainty to keep Indian markets volatile in the short term, but is optimistic about their medium- to long-term prospects given strong domestic fundamentals. Meanwhile, investors are waiting for the Reserve Bank of India's policy decision on Wednesday, in which it is expected to hold its key rate at 5.50%.
The Sun
5 days ago
- Business
- The Sun
Indian shares fall on Trump tariff threats over Russian oil
MUMBAI: Indian shares closed lower on Tuesday as investors reacted to renewed tariff threats from U.S. President Donald Trump over India's Russian oil imports. The Nifty 50 fell 0.3% to 24,649.55, while the BSE Sensex dropped 0.38% to 80,710.25. Trump's warning of higher tariffs on Indian goods triggered concerns over trade tensions, with New Delhi calling the move 'unjustified.' Twelve of the 16 major sectors declined, with small-cap and mid-cap indexes down 0.2% and 0.4%, respectively. Yogesh Patil, CIO-equities at LIC Mutual Fund, said, 'U.S. trade uncertainty may keep Indian markets volatile in the short term, but strong domestic fundamentals support medium- to long-term prospects.' Investors are also awaiting the Reserve Bank of India's policy decision on Wednesday, where rates are expected to remain steady at 5.50%. However, pressure for a rate cut has grown after the U.S. imposed 25% tariffs on Indian goods. Reliance Industries, India's largest company by market value, fell 1.4% due to concerns over refinery profitability if crude sourcing shifts from Russia. State-owned refiners also declined, while U.S.-exposed sectors like pharma and IT dropped 0.8% and 0.5%, respectively. Private lender IndusInd Bank rose 1.9% after appointing Rajiv Anand as CEO. BSE shares fell 4.8% on reports of potential regulatory curbs on options trading. - Reuters
Business Recorder
5 days ago
- Business
- Business Recorder
Indian shares drop on Trump's renewed tariff threats over Russian oil purchases
Indian shares declined on Tuesday as investors stayed cautious after U.S. President Donald Trump's renewed threat of harsh tariffs on goods from India over the country's purchases of Russian oil and ahead of the local central bank policy decision. The Nifty 50 fell 0.3% to 24,649.55 points and the BSE Sensex lost 0.38% to 80,710.25. Trump on Monday threatened to impose higher tariffs on goods imported from India, prompting New Delhi to call the move 'unjustified' and pledge to safeguard its economic interests, further straining ties between the two nations. Twelve of the 16 major sectors declined, with broader small-cap and mid-cap indexes down 0.2% and 0.4%, respectively. Yogesh Patil, CIO-equities at LIC Mutual Fund, told Reuters' Trading India forum that he expects U.S. trade uncertainty to keep Indian markets volatile in the short term, but is optimistic about their medium- to long-term prospects given strong domestic fundamentals. Meanwhile, investors are waiting for the Reserve Bank of India's policy decision on Wednesday, in which it is expected to hold its key rate at 5.50%. However, calls for a rate cut have also risen after the U.S. slapped 25% tariffs on goods from India. Metal, IT stocks drive Indian stock benchmarks higher Reliance Industries, which is India's largest company by market value and earns the biggest chunk of its revenue from the oil-to-chemicals segment, dropped 1.4% on the day. The drop was fuelled by concerns over the negative impact on the profitability of the firm's refineries due to the potential shift in crude oil sourcing from Russia. State-owned oil refiners slipped on the day as well. Also down were stocks exposed to the U.S. – pharma and information technology fell 0.8% and 0.5%, respectively. Private lender IndusInd Bank rose 1.9% after naming industry veteran Rajiv Anand as CEO for a three-year term. Exchange operator BSE dropped 4.8% after news reports said the finance ministry and the markets regulator are in talks to reduce speculation in the options market.
