Sensex opens 60 points higher, Nifty above 24,800; L&T up 3%
Sustained FII selling in the cash market for the seventh continuous trading day is another headwind for the market. Spike in Brent crude to $ 72 is another negative. Weakness in the market due to these headwinds can be used by long-term investors to slowly accumulate fairly valued high quality stocks.- Ends
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Economic Times
9 minutes ago
- Economic Times
'Trump is speaking nonsense against India & Modi is silently listening': Congress slams govt over US' latest tariff threat
The Congress on Monday criticised the Modi government following U.S. President Donald Trump's tariff announcement against India. Calling out Modi's silence, the party questioned why he was 'afraid of Trump.' Jairam Ramesh mocked past BJP slogans and diplomacy, saying the U.S. actions expose the failure of an image-driven foreign policy. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Trump's latest threat Tired of too many ads? Remove Ads India-US Trade ties Congress on Monday criticised the central government over U.S. President Donald Trump's announcement of slapping more tariffs on India. "Trump is speaking nonsense against India every day, and Narendra Modi is silently listening to everything," said the grand old party in a post on social media platform X."Why is Modi so afraid of Trump?," the party asked in its Secretary in-charge of Communications, Jairam Ramesh echoing a similar sentiment, said, "So much for Howdy Modi. So much for Namaste Trump. So much for Ab ki Baar Trump Sarkar. So much for BJP MPs hailing Narendra Modi as India's trumpcard.""Despite all the hugs, all the handshakes, all the high-decibel bromance — 'My friend Dolaand' has delivered yet another jolt. What has come of the much-vaunted front-row seat for our EAM at his inauguration? Or for the PM being one of the first to land at the White House?""Tariffs are being slapped. Negotiations are going nowhere. But Asim Munir, the man whose invective was the backdrop for the Pahalgam terror attacks, gets lunch at the White House."This is what happens when foreign policy becomes about image-building, not national interest, he a fresh trade threat against India, Trump on Monday said he will "substantially" raise US tariffs on New Delhi, accusing it of buying massive amounts of Russian oil and selling it for big week, the Trump administration slapped a 25 per cent duty on all Indian goods. The US president also announced a penalty for buying "vast majority" of Russian military equipment and crude oil, but no mention was made in the notification."India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump said in a social media post on Monday."They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he its reaction, India said it will take all necessary steps to safeguard and promote national interest and that the implications of the tariffs are being import of crude oil from Russia has risen from 0.2 per cent of total purchases before the Russia-Ukraine war to 35-40 per cent. New Delhi is the largest buyer of Russian oil after August 1, Trump signed an Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', raising tariffs for over five dozen countries, including a steep 25 per cent for executive order, however, did not mention the 'penalty' that Trump had said India will have to pay because of its purchases of Russian military equipment and House Deputy Chief of Staff Stephen Miller, in an interview to Fox News Sunday, stated that President Trump has said very clearly that 'it is not acceptable for India to continue financing" the Ukraine war by purchasing oil from week, Trump mounted a sharp attack on India and Russia for their close ties and said the two countries can take their "dead economies down together", a remark which prompted New Delhi to say that India is the world's fastest-growing major that the US has a massive trade deficit with India, Trump had said that while 'India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any country."Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine — All things not good!' Trump had announcements are being seen as a pressure tactic to get New Delhi to agree to demands made by the US in the proposed trade agreement with India. The US is seeking duty concessions for its agriculture, dairy and genetically modified (GM) foods. India is against giving any concessions in these sectors as they involve the livelihood of millions of small and marginalised Delhi has said that it is studying the implications of these tariffs and is still hopeful of concluding a fair, balanced and mutually beneficial trade far five rounds of negotiations have been held between the two countries. For the next round of talks, the US team is coming to India on August 25. The talks will go on till August historically bought most of its oil from the Middle East, including Iraq and Saudi Arabia. However, things changed when Russia invaded Ukraine in February the world's third-largest crude importer after China and the US, began snapping up Russian oil that was available at a discount after some in the West shunned it as a means to punish Moscow for its invasion of a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia overtook Iraq and Saudi Arabia to become India's No.1 supplier, with a share as high as 40 per cent at one point of July, Russia supplied 36 per cent of all crude oil, which is converted into fuels like petrol and diesel, that India 2021-25, the US was India's largest trading partner. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in bilateral America, India had a trade surplus (the difference between imports and exports) of USD 35.32 billion in goods in 2023-24. It was USD 41 billion in 2024-25 and USD 27.7 billion in 2024-25, bilateral trade between India and the US reached USD 186 billion. India exported USD 86.5 billion in goods while importing USD 45.3 services, India exported an estimated USD 28.7 billion and imported USD 25.5 billion, adding a USD 3.2 billion surplus. Altogether, India ran a total trade surplus of about USD 44.4 billion with the 2024, India's main exports to the US included drug formulations and biologicals (USD 8.1 billion), telecom instruments (USD 6.5 billion), precious and semi-precious stones (USD 5.3 billion), petroleum products (USD 4.1 billion), vehicle and auto components (USD 2.8 billion), gold and other precious metal jewellery (USD 3.2 billion), ready-made garments of cotton, including accessories (USD 2.8 billion), and products of iron and steel (USD 2.7 billion).Imports included crude oil (USD 4.5 billion), petroleum products (USD 3.6 billion), coal, coke (USD 3.4 billion), cut and polished diamonds (USD 2.6 billion), electric machinery (USD 1.4 billion), aircraft, spacecraft and parts (USD 1.3 billion), and gold (USD 1.3 billion).
Economic Times
12 minutes ago
- Economic Times
Dow soars 500 points, Nasdaq, S&P rebound as Fed rate cut bets intensify on weaker payrolls
Wall Street rebounded strongly on Monday, fueled by expectations of deeper Federal Reserve rate cuts following a weak jobs report. The Dow, S&P 500, and Nasdaq all experienced significant gains, potentially marking the largest single-day jump in over two months. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Wall Street's main indexes bounced back on Monday after a sharp pullback in the previous session, buoyed by growing expectations of deeper Federal Reserve interest rate cuts following an unexpectedly weak jobs 12:53 p.m. ET, the Dow Jones rose 529.99 points or 1.22% to 44,118.57, the S&P 500 gained 84.76 points or 1.36% to 6,322.77, and the Nasdaq advanced 376.04 points or 1.82% to 21, the S&P 500 and the Nasdaq were on track for their biggest single-day jump in more than two is in contrast to Friday, when a dismal U.S. jobs report hammered the S&P 500 and sent it to its steepest intraday drop since May bleak data that also accompanied steep downward revisions for May and June forced market participants to amplify their bets for Fed rate cuts this year, noting signs of a weakening labor market."When you have a Fed that operates in a lagging sense, you're going to have the market moving around as the data comes, that's what we're seeing with the weaker jobs report," said Charlie Ripley, senior investment strategist for Allianz Investment for a September rate cut now stand at about 84%, according to CME Fedwatch. Market participants see at least two quarter-point cuts by the end of this uncertainty, Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer the same day, accusing her of faking the jobs numbers."The revisions ... it brings a level of skepticism into the data sets," Allianz Investment Management's Ripley also weighed Fed Governor Adriana Kugler's unexpected resignation, which could open the door for President Donald Trump to reshuffle the central bank's leadership to his has repeatedly threatened to fire Chair Jerome Powell, believing that rates should be much lower than they Tesla rose 1.2% after granting CEO Elon Musk 96 million shares worth about $29 S&P 500 sub-sectors were trading in the green, with communication services leading gains with a 2% jump.U.S. factory orders tumbled 4.8% in June after an upwardly revised 8.3% increase in May, owing to a sharp drop in commercial aircraft Trump threatened to substantially raise tariffs on India over its purchases of Russian oil. Last week, Trump slapped a 25% tariff on goods imported from the a big week for Big Tech earnings, companies from various sectors, including Palantir, Eli Lilly and Disney, will report this notable movers, Joby Aviation rose 20.7% after Bloomberg News reported that the company was exploring the acquisition of helicopter ride-share operator Blade Air Mobility . Blade Air's shares surged 26.6%.IDEXX Laboratories soared 26.8% after the animal diagnostics maker raised its full-year profit and revenue forecasts and reported better-than-expected second-quarter jumped 6.8% as the music streaming platform announced plans to raise the monthly price of its premium individual subscription in select markets from issues outnumbered decliners by a 4.76-to-1 ratio on the NYSE and by a 2.8-to-1 ratio on the S&P 500 posted 25 new 52-week highs and seven new lows, while the Nasdaq Composite recorded 52 new highs and 72 new lows.
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Business Standard
12 minutes ago
- Business Standard
Tesla's brand loyalty collapsed after Musk backed Trump, shows data
Tesla for years had more repeat US customers than any other major automotive brand but its loyalty has plunged since CEO Elon Musk endorsed President Donald Trump last summer, according to data from research firm S&P Global Mobility shared exclusively with Reuters. The data, which has not been previously reported, shows Tesla customer loyalty peaked in June 2024, when 73 per cent of Tesla-owning households in the market for a new car bought another Tesla, according to an S&P analysis of vehicle-registration data in all 50 states. That industry-leading brand loyalty rate started to nosedive in July, that data showed, when Musk endorsed Trump following an assassination attempt in Pennsylvania on the Republican nominee. The rate bottomed out at 49.9 per cent last March, just below the industry average, after Musk launched Trump budget-slashing Department of Government Efficiency in January and started firing thousands of government workers. Tesla's US loyalty rate has since ticked back up to 57.4 per cent in May, the most recent month the S&P data is available, putting it back above the industry average and about the same as Toyota but behind Chevrolet and Ford. S&P analyst Tom Libby called it "unprecedented" to see the runaway leader in customer loyalty fall so quickly to industry-average levels. "I've never seen this rapid of a decline in such a short period of time," he said. Tesla and Musk did not respond to requests for comment. The timing of Tesla's plunging brand loyalty suggests the CEO's involvement in politics turned off customers in the EV pioneer's eco-conscious customer base, some analysts said. "If they have Democratic leanings, then perhaps they consider other brands in addition to Tesla," said Seth Goldstein, an analyst at Morningstar. Tesla's aging model lineup also faces stiffer competition from an array of EVs from legacy automakers including General Motors, Hyundai and BMW. The only new model Tesla has released since 2020, its triangular Cybertruck, has proved a flop despite Musk prediction of hundreds of thousands of annual sales. On an April earnings call, Tesla CFO Vaibhav Taneja singled out "the negative impact of vandalism and unwarranted hostility towards our brand and people," but also said there were "several weeks of lost production" when the company retooled factories to produce a refreshed version of its top-selling Model Y. Musk on the April call said that "absent macro issues, we don't see any reduction in demand." Tesla vehicle sales overall are falling globally and have declined 8 per cent in the United States the first five months of 2025, according to S&P. Sales fell 33 per cent over the first six months of the year in Europe, where public backlash to Musk politicking has been particularly fierce. Musk's increased political activism was "very bad timing" for Tesla, said Garrett Nelson, an analyst who tracks the EV maker at CFRA Research, because it came exactly as the company faced heightened competition from Chinese EV makers and other traditional automakers. He said his top concerns for Tesla are its loss of market share and "what can be done to repair the brand damage." LOYALTY NOSEDIVE Tesla remains the US electric-vehicle sales leader but has seen its dominance erode as Musk last year delved into politics and focused Tesla more on developing self-driving technology than on new affordable models for human drivers. Customer loyalty is a closely watched auto-industry metric because it is “much more expensive� to take new customers from competitors than to retain existing ones, said S&P Libby. S&P offers some of the most detailed industry data on automotive purchases because it analyzes vehicle registration data from all 50 states on a household-by-household basis. Unlike survey data, it follows actual vehicle transactions to track how consumers migrate among brands and models. From the fourth quarter of 2021 through the third quarter of last year, more than 60 per cent of Tesla-owning households bought another one for their next car purchase, the data show. Only one other brand Ford posted a quarterly loyalty rate exceeding 60 per cent during the period, and only once. CUSTOMER DEFECTIONS S&P data also examines another aspect of the automotive market: Which brands and models are taking customers away from others, and which ones are losing them? Until recently, Tesla was in a different stratosphere than other automotive brands on this metric. For the four years prior to July 2024, Tesla, on average, acquired nearly five new households for every one it lost to another brand. No other brand from a major automaker was even close: Hyundai's luxury Genesis brand was the next best, acquiring on average 2.8 households for every one it lost, followed by Kia and Hyundai, which acquired on average 1.5 and 1.4 households, respectively, for every one they lost. Ford, Toyota and Honda lost more households on average than they gained during that period. Tesla average inflow of customers started to decline in July 2024 along with its loyalty rate. Since February, Tesla has been gaining fewer than two households for every one it loses to the rest of the industry, its lowest level ever, according to the data. The data shows clearly that the net migration to Tesla is slowing, Libby said. Brands that now attract more Tesla customers than they lose to Tesla include Rivian, Polestar, Porsche and Cadillac, the data show. Brian Mulberry, client portfolio manager at Tesla investor Zacks Investment Management, said he isn't concerned about Tesla long-term earnings because he expects enormous profits from its plans to operate robotaxis and license self-driving technology to other automakers. Tesla launched a small test of robotaxis in Austin in June, giving rides to hand-picked fans and Internet personalities but the service isn't available to the general public. If Tesla succeeds in expanding the technology, Mulberry said, “there a case to be made that Tesla doesn need to sell cars and trucks anymore.
