PM Modi To Meet Argentina President Milei For Bilateral Talks
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
32 minutes ago
- Economic Times
Where is Nifty headed this week amid trade deal uncertainty?
Agencies A stock-specific approach remains key, with picks like Divi's Lab, Balkrishna Industries, BPCL, IOC, Chennai Petro, CSB Bank, and Navin Fluorine likely to show strength. The market remained range-bound last week as investors awaited clarity on the upcoming US-India trade deal and the US tariff deadline on July 9. Analysts expect the benchmark Nifty to find support in the 24,900–25,200 range this week. A decisive breakout above the 26,000 level could pave the way for a continued rally toward new all-time highs. Analysts suggest that investors consider using market dips as buying opportunities. DHARMESH SHAH VICE PRESIDENT, HEAD OF TECHNICAL, ICICI SECURITIES Where is Nifty headed this week? Equity benchmarks have taken a breather amid increasing anxiety ahead of the trade deal deadline. Nifty dropped 1% to settle the week at 25,400. Sectorally, consumption, pharma, defence remained at the forefront; while, realty, financials (ex- PSU Banks) underwent profit booking. The weekly price action formed a small bear candle carrying higher low, indicating pause in upward momentum after past two weeks up move. Better-than-expected quarterly numbers may fuel momentum to challenge the all-time high of 26,277. From a seasonality perspective, July has historically been a favourable month for the Nifty. Since 1991, it has delivered positive returns 71% of the time, with an average gain of 2.5%. Trading strategies for the week: Any dip from current levels should be viewed as a buying opportunity, with strong support seen near the 24,900 mark. Furthermore, persistent FII inflows, the bilateral trade agreement between India and the US, a decline in the US Dollar Index, and easing Brent crude prices are expected to provide support to the market. On the sectoral front, BFSI, metals, capital goods, pharma, and consumption are likely to remain in focus. Reliance, HDFC Bank, Titan, Tata Steel, L&T and IOC look good for 5-6% gains. Among midcaps, Auro Pharma, Engineers India, Federal Bank, CESC, Gokaldas Exports, Canara Bank, BEML, JSW Infra, Vguard look good for 8-10% upside. TANMAY SHAH RESEARCH HEAD, SIHL Where is Nifty Headed This Week? After a strong trending move, market has shifted into a rangebound phase, largely driven by anticipation around the upcoming trade deal between India and the US. The market may remain sideways between 25,100 and 25,600. A decisive close above 25,600 could open the path toward 26,000. On the downside 25,100 is likely to serve as a strong support. Trading strategies for the week: Recent RBI data signals a strong economic rebound with rising consumer spending, robust export growth, and capacity utilisation exceeding long-term averages. With fundamentals strengthening, market sentiment is likely to remain upbeat. Any dip or consolidation should be viewed as a buying opportunity. Sectors poised to benefit from this momentum include banking, consumer discretionary, infrastructure, and textiles. Among the large caps, HDFC Bank, UltraTech Cement, Hindalco, and M&M look good. In the mid-cap space, Hindustan Copper, Zydus Life, and Max Healthcare stand out, while Nitin Spinners, and Poonawalla Fincorp offer small-cap potential. SUDEEP SHAH HEAD - TECHNICAL AND DERIVATIVE RESEARCH DESK, SBI SECURITIES Where is the Nifty headed? The global backdrop remains supportive for risk assets. While Nifty and the broader small-cap and mid-cap indices traded in a tight range last week, it reflects market indecision and consolidation ahead of the key July 9 tariff deal deadline. From a medium-term view, the broader trend remains bullish, with Nifty trading above key short- and long-term moving averages, keeping the structural uptrend intact. The 20-day EMA zone of 25,250–25,200 will act as immediate support. On the upside, 25,600–25,650 remains a key hurdle. A decisive breakout on either side will likely trigger a trending move in the index. Trading strategies for the week: The ongoing consolidation offers a good opportunity for long-term investors to accumulate quality largeand mid-cap stocks. Traders should focus on banking & financials, consumer durables, pharma, and oil & gas, which may outperform in the near term. A stock-specific approach remains key, with picks like Divi's Lab, Balkrishna Industries, BPCL, IOC, Chennai Petro, CSB Bank, and Navin Fluorine likely to show strength.
&w=3840&q=100)
Business Standard
37 minutes ago
- Business Standard
India, Brazil to sign 4 MoUs on clean energy, counterterrorism: Ambassador
Indian Ambassador to Brazil Dinesh Bhatia on Sunday (local time) said that Prime Minister Narendra Modi during his bilateral visit to Brazil on July 8, India will sign four MoUs with Brazil. Bhatia while speaking at the Ministry of External Affairs special media briefing said that this will be a first visit by an Indian Prime Minister in the last 57 years. "During the state visit, he'll be accorded the state protocol, state ceremonial welcome. Followed by a bilateral talk where both delegations led by the respective leaders will meet. And after the talks we are hoping to sign 4 agreements or MOUs between the two countries, namely on renewable energy. counterterrorism. Agricultural research cooperation between ICR, which is Indian Council for Agricultural Research and MMR of Brazil and also exchange and mutual production of confidential information. These agreements have been finalised and we are hoping to sign this on 8 July," he said. He said that PM Modi is visiting Brazil at the invitation of Brazilian President Luiz Inacio Lula da Silva. "About the bilateral visit of Prime Minister Modi to Brasilia at the invitation of President Lula on 8 July. As a matter of fact, tomorrow, 7th of July, Prime Minister arrives in Brasilia and he'll be treated as a state guest. it's after 57 years that the Prime Minister of India is paying a state visit to Brazil," he said. Earlier in the day, PM Modi addressed the Brics Summit Plenary session on 'Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence.' In a post on X, he said, "Addressed the Brics Summit Plenary session on 'Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence.' Focused on how to make the Brics platform even more effective in this increasingly multipolar world." Meanwhile, leaders of the Brics nations welcomed India's candidacy to host the 33rd Conference of the Parties (COP 33) of the United Nations Framework Convention on Climate Change (UNFCCC) in the year 2028.
The Wire
an hour ago
- The Wire
Modi's 'Act East Policy' Requires Him to In Fact 'Act' at Home
Modi will find it difficult to commit to a trade deal with a maverick and unpredictable US President without exposing himself to criticism at home. Anybody who knows anything about the way politics works in this country would have known that US president Donald Trump's 9 July deadline for a US –India free trade agreement was unrealistic. While Union commerce minister Piyush Goyal and his officials have logged many flying miles travelling between New Delhi and Washington DC, it was only inevitable that in the end Mr. Goyal would say that India does not make trade deals based on deadlines. It would do so only on the basis of the national interest. While a deal may yet be struck at the eleventh hour and Mr. Goyal's tactics may pay off, it will be a politically risky gamble given that the Monsoon Session of Parliament is just two weeks away. Prime Minister Narendra Modi will find it difficult to commit to a trade deal with a maverick and unpredictable US president without exposing himself to criticism at home. While President Trump has promised a 'win-win' deal, he is now known to interpret every deal as a win for his 'America First' strategy. However balanced a trade deal might be between India and the US, in the competition between Mr. Trump's 'America First' and Mr. Modi's 'India First', the political Opposition in India would have enough to go to town accusing the Modi government of once again 'surrendering' to President Trump's diktat. Just as the BJP opposed trade deals signed by the Manmohan Singh government, the Congress and Left parties would oppose whatever deal India strikes with the United States, especially in the present context. The context is important. The Modi government is still pushing back on criticism that it agreed to a ceasefire with Pakistan under pressure from President Trump. It can ill afford to be seen as buckling under pressure on the trade front. The stakes are high. It is not just the criticism from the political Opposition that would worry the Modi government but, even more so, the criticism from within its own support ranks. Even on trade policy, there are as many protectionist hawks within the Sangh Parivar as there are in the Opposition. Given the difficulties associated with declaring victory on a trade deal with the United States, the Modi government had no option but to place the trade negotiations on the back burner. There can be no movement forward until the Monsoon Session of Parliament is over. A larger challenge stares India's trade negotiators in the face. Ever since the early 1990s, when India opted to enter into a multilateral trade agreement, the government has zealously defended the country's status as a developing economy. India signed on to the membership of the World Trade Organisation after being assured that, along with other developing economies, it would receive 'special and differential treatment' (SDT). India remains a protectionist economy by Asian standards. There was a time, during the tenures of the Atal Bihari Vajpayee and the Manmohan Singh governments, when India would declare that the objective of its trade policy was to bring India's tariffs down to 'ASEAN levels'. This objective has never been restated by the Narendra Modi government, which has in fact raised tariff barriers across many product lines over the past decade. India's trade partners have been protesting all along, and in President Donald Trump they have found a strong advocate of their grievances. There is, therefore, a two-fold problem for Prime Minister Modi with respect to trade and tariff policy. On the one hand, he remains under pressure from within the ranks of the Sangh Parivar to stick to a more protectionist stance. There are many reasons put forward to justify this. On the other hand, the world outside says that if India is indeed in its 'Amrit Kaal' and is the world's fourth or third largest economy and on its way to becoming 'Viksit Bharat' and is a 'rising power', a 'leading power', and so on and so forth, then why behave like a low-middle-income developing economy seeking 'special and differential' treatment? The argument for protecting the agrarian economy and the interests of farmers stands on an altogether different foundation. The highly developed economies of Europe and Japan have defended trade protectionism in agriculture on cultural, social and political grounds. The protection of farmers and the farming economy and the cultivation of local varieties of various products is a legitimate policy objective. India stands on firm ground in rejecting an open-ended policy of trade liberalisation in agriculture. If the United States continues to insist on this front, the Modi government will have no option but to reject and resist all pressure. Neither India nor Japan can agree to trade liberalisation in farm produce without risking a domestic political backlash. The protectionist argument in the case of manufactured goods is, however, much weaker. A policy option that can be pursued would be for the government to come out with a timetable for trade liberalisation and tariff reduction, setting firm dates for sectors, and gradually allowing the rupee to depreciate to partly compensate for tariff cuts. This would be in tandem with the earlier and oft-repeated promise of bringing Indian tariffs 'down to ASEAN levels'. This is a long-stated goal and is one that should be implemented. Rather than berate the ASEAN countries and call them the 'B-team' of China, as Mr Goyal has ill-advisedly done, it is time India caught up with ASEAN on the trade and manufacturing fronts. It may be recalled that India's trade and industrial policy liberalisation began in the early 1990s inspired by the experience of ASEAN. It was after his visit to Malaysia that the then prime minister Vishwanath Pratap Singh tasked an official in the Prime Minister's Office, Montek Singh Ahluwalia, to come up with a roadmap that would enable India to catch up with Malaysia. Mr Ahluwalia's 'M Paper' was the result and formed the basis of Prime Minister P. V. Narasimha Rao's trade and industrial policy. The time has come again for India to 'catch up' with East and Southeast Asia as far as trade and industrial policies are concerned. Mr Modi's 'Act East Policy' requires him to in fact act at home. This article was originally published in Deccan Chronicle. It has been lightly edited for style. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
