Indian blue-chips post fifth weekly loss as tariffs, foreign outflows bite
The Nifty 50 (.NSEI), opens new tab fell 0.82% to 24,565.35 points and the BSE Sensex (.BSESN), opens new tab lost 0.72% to 80,599.91.
Both the benchmarks fell about 1.1% this week, with fourteen of the 16 major sectors ending lower.
The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab declined 3.4% and 2.4%, respectively, for the week.
"The tariff threat feels more like hardball than endgame, leverage not lasting policy," said Aishvarya Dadheech, chief investment officer at Fident Asset Management.
However, relentless foreign selling and U.S. inflationary pressures from tariff uncertainty could sting emerging markets such as India in the near term, Dadheech added.
Foreign portfolio investors have sold Indian stocks for nine consecutive sessions, with July outflows reaching 17.74 billion rupees, the highest since February.
U.S.-exposed IT (.NIFTYIT), opens new tab slipped 1.9% on Friday and 2.7% for the week as tariffs and inflation worries triggered demand concerns.
Pharma (.NIPHARM), opens new tab shed 3.3% on the day and 2.9% on week after U.S. President Donald Trump pushed drugmakers to slash prescription prices, intensifying pricing pressures.
Sun Pharma (SUN.NS), opens new tab fell 4.5% on the day, the most on the Nifty 50, with Investec downgrading the stock to "sell" from "buy".
In contrast, consumer stocks (.NIFTYFMCG), opens new tab jumped 3% this week, led by Hindustan Unilever (HLL.NS), opens new tab and Varun Beverages (VARB.NS), opens new tab, as strong June-quarter earnings boosted hopes of a gradual demand revival.
For the week, infrastructure giant Larsen & Toubro (LART.NS), opens new tab and paints maker Asian Paints (ASPN.NS), opens new tab also gained 4.2% and 4.1%, respectively, on strong quarterly results.
PNB Housing Finance (PNBH.NS), opens new tab plunged 18% to log their worst session in nearly seven years after CEO Girish Kousgi resigned, a move analysts called a setback given his role in driving profitability and asset quality.
($1 = 87.5700 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
3 hours ago
- Reuters
India to maintain Russian oil imports despite Trump threats, government sources say
NEW DELHI, Aug 2 (Reuters) - India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources told Reuters on Saturday, not wishing to be identified due to the sensitivity of the matter. On top of a new 25% tariff on India's exports to the U.S., Trump indicated in a Truth Social post last month that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. The New York Times also quoted two unnamed senior Indian officials on Saturday as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Friday, foreign ministry spokesperson Randhir Jaiswal said India has a "steady and time-tested partnership" with Russia. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," he said. The White House did not immediately respond to requests for comment. Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100% tariffs on U.S. imports from countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35% of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab, Bharat Petroleum Corp ( opens new tab and Mangalore Refinery Petrochemical Ltd ( opens new tab have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft ( opens new tab, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week.
South Wales Guardian
3 hours ago
- South Wales Guardian
Ammanford Indian restaurant wins prestigious national award
My Indian on 19-21 Wind Street was named the winner at the 2025 Prestige Awards. The award comes after My Indian was named in the Top 100 Asian Restaurants in the United Kingdom, an accolade presented at The House of Lords, Westminster Palace by 2025 Apprentice finalist, Anisa Khan. The restaurant was named in the Top 100 Asian Restaurants in the UK. (Image: My Indian) A spokesperson for My Indian said: 'It's a high honour. We are very happy. It's a very big achievement. It's only been around a year since we first opened. 'We are a family-run restaurant, and it makes us feel extra proud to win this award together and be crowned the best Indian Restaurant of the Year. It's a great achievement. 'We are lost for words. Everyone has been highly supportive. We are so chuffed and excited. The support and feedback from the Ammanford community has been outstanding. 'It feels good to give back to the community. We are proud to represent Ammanford and Wales with this award. We work as a family, we live as a family, and we achieve as a family.' My Indian was previously awarded best Newcomer of the Year at the 2024 Asian Curry Awards after attending a ceremony held at Grosvenor Hotel in London. The restaurant has 29 reviews on Facebook and a recommendation ratio of 100%. A review from this month (July 2025) said: 'Beautiful food and amazing service. Staff are so friendly, kind and can't do enough for you. The food was absolutely delicious. Will definitely be going again!' Another review from last month (June 20250 added: 'Amazing and the family, are lovely and attentive and friendly. 'The food is outstanding, and the service is impeccable. I Thoroughly recommend dining in this establishment you certainly won't be disappointed. 'We were a party of 13, and food was served promptly even though they were busy. Highly recommend trying here, you won't be disappointed, it's fantastic.' My Indian also currently has 87 reviews on Tripadvisor and an average rating of 4.8 stars out of five. Apart from Tripadvisor and Facebook, the South Wales Guardian tried My Indian and wrote a review about the restaurant.
Reuters
5 hours ago
- Reuters
Brazil's Azul secures $650 million investment commitment
SAO PAULO, Aug 2 (Reuters) - Brazilian airline Azul said it signed an agreement with certain stakeholders for a $650 million investment in a future capitalization deal, according to a late Friday securities filing. The airline's so-called "backstop commitment agreement" must be approved by the U.S. court overseeing its bankruptcy proceedings, the filing said. In May, Azul filed for Chapter 11 bankruptcy protection in the United States after months of trying to restructure mostly pandemic-era debt.
