Sensex, Nifty open higher as IT stocks rally on hopes of US-India trade deal
A surprise element is the resilience of the US economy and corporate earnings, which in turn is imparting resilience to the US market, despite the tariffs. How long this resilience will hold remains to be seen. The Fed chief Jerome Powell has indicated that there is no room for a rate cut immediately. This will rein in the enthusiasm of the bulls.advertisement- Ends
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Time of India
an hour ago
- Time of India
India needs to be careful after US-Vietnam deal: Experts
India needs to tread carefully in its trade negotiations with the United States, keeping in view the terms proposed under the latter's trade deal with Vietnam, trade experts say. As per the new trade pact announced by President Donald Trump , the US will impose a flat 20% tariff, besides a 40% tariff on transshipped goods from Vietnam. Beyond a deviation from the previous commitments under the 2000 US-Vietnam Bilateral Trade Agreement (BTA), where Vietnamese goods were subject to 2-10% tariffs, the new deal seeks to tax transshipped goods, which differs from the rules of origin on which tariffs or duty concessions are based. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ултрапреносими 2-в-1 таблети - 50% отстъпка в последния ден LYH Купете сега Undo "The terms are that Vietnam will pay the United States a 20% tariff on any and all goods sent into our territory, and a 40% tariff on any transshipping," Trump said in a post on X. "India needs to be cautious as these transshipment tariffs could be a different form of 'rules of origin', which could have a detrimental impact on our pharmaceutical and electronics exports where the import component is high," said trade expert Biswajit Dhar. Live Events Indian trade negotiators are in the US since last week to thrash out a deal before the July 9 deadline for an interim deal to avoid US reciprocal tariffs, but India has hardened its stance to protect its sensitivities.
India Gazette
an hour ago
- India Gazette
Chhattisgarh govt employees permitted to invest in shares, mutual funds; intra-day trading to remain prohibited
Raipur (Chhattisgarh) [India], July 2 (ANI): Chhattisgarh Government has notified an amendment to the Chhattisgarh Civil Services (Conduct) Rules, 1965, permitting state government employees to invest in shares, securities, debentures, and mutual funds, in line with the provisions applicable to Central Government employees. The General Administration Department has notified the new amendment to the Chhattisgarh Civil Services (Conduct) Rules, 1965, which has been implemented by introducing a new sub-clause under Rule 19, with the objective of ensuring transparency in financial transactions. However, the notification clearly stipulates that intraday trading, BTST (Buy Today Sell Tomorrow), Futures and Options (F&O), and investment activities in cryptocurrencies shall remain prohibited. Earlier today, the Nifty ended 88 points lower, while the Sensex closed 288 points lower. Among sectors, the Metal index outperformed, rallying 1.41 per cent, whereas the Realty index lost the most, shedding 1.44 per cent. India's strong domestic fundamentals, a responsive RBI, and good monsoon conditions have been supporting the financial markets. US markets are hitting all-time highs, and the US dollar is weakening; as a result, emerging markets like India are benefiting. A comfortable inflation number in India also somewhat supported the domestic equity indices recently. (ANI)
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Business Standard
an hour ago
- Business Standard
India to pitch for preferential trade pact expansion with Mercosur nations
India will pitch for expansion for a preferential trade agreement (PTA) with Mercosur nations during Prime Minister Narendra Modi's visit to Latin American nations such as Brazil and Argentina later this week. Mercosur is a Latin American trading bloc, with Argentina, Brazil, Uruguay, Paraguay as its members. It is the fourth-largest integrated market or trade bloc globally, after the European Union (EU), Nafta and the Asean. Modi began a five-nation tour from July 2 to 9, covering Ghana, Trinidad and Tobago, Argentina, Brazil and Namibia. During his visit to Brazil, the Prime Minister will be participating in the Brics Summit and is scheduled to have bilateral talks with Brazil President Luiz Inacio Lula Da Silva. Modi will also meet Argentinian President Javier Milei. During both the meetings, India will push for expansion of the PTA with Mercosur bloc. 'India has been proposing an expansion of the PTA with Mercosur nations. However, there has been no consensus regarding this among the bloc. This will be discussed during the PM's visit to Argentina and Brazil,' a senior government official told Business Standard. India-Mercosur PTA was signed in January 2004, but came into effect from June 2009. Both sides had given tariff concessions ranging from 10 per cent to 100 per cent. India had given tariff concessions on 450 tariff lines, while the Latin American trade bloc had given concessions to 452 tariff lines. The main idea behind a PTA is to eliminate or remove tariffs, covering limited number goods and less comprehensive as compared to a free trade agreement. According to the department of commerce, the major products covered in Indian offer list are meat and meat products, organic and inorganic chemicals, raw hides and skins, leather articles, wool, cotton yarn, among others. The major product groups covered by Mercosur nations are food preparations, organic chemicals, pharmaceuticals, essential oils, plastics, rubber, machinery items, electrical machinery and equipment, among others. During the financial year 2024-25, India's exports to Mercosur countries stood at $8.12 billion, while imports were $9.36 billion. Among Mercosur nations, India's lion's share of the trade is with Brazil.
