India's chilling warning to Pakistan after ceasefire: ‘We are fully ready and alert'
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Business Standard
39 minutes ago
- Business Standard
Nifty trades below 24,900 level; European mrkt opens lower
The frontline indices traded with major cuts in the afternoon trade. The Nifty traded below the 24,900 level. Media, auto and metal shares declined, while pharma shares advanced. At 13:30 IST, the barometer index, the S&P BSE Sensex, tanked 597.16 points or 0.73% to 81,577.05. The Nifty 50 index declined 198 points or 0.79% to 24,863.55. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.27% and the S&P BSE Small-Cap index tanked 1.55%. The overall market breadth was weak, with more stocks declining than advancing. On the BSE, 1,049 stocks advanced, 2,847 declined, and 153 remained unchanged. Economy: India and the United Kingdom have signed the Comprehensive Economic and Trade Agreement (CETA), marking a major step toward strengthening bilateral economic ties. The agreement was signed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, in the presence of Prime Ministers Narendra Modi and Rishi Sunak. This milestone reflects a shared commitment to deeper economic integration between two major global economies. India-UK bilateral trade stands at nearly USD 56 billion, with a target to double it by 2030. CETA grants duty-free access for 99% of Indias exports to the UK, benefitting labor-intensive sectors such as textiles, leather, marine products, footwear, sports goods, toys, and gems & jewelry, along with high-growth sectors like engineering goods, auto components, and organic chemicals. Gainers & Losers: SBI Life Insurance Company (up 2.26%), Dr. Reddy's Laboratories (up 1.09%), HDFC Life Insurance Company (up 0.98%), Apollo Hospitals Enterprise (up 0.93%) and UltraTech Cement (up 0.76%) were the major Nifty50 gainers. Shriram Finance (down 4.57%), Bajaj Finance (down 4.67%), Bajaj Finserv (down 3.55%), IndusInd Bank (down 2.75%) and Bajaj Auto (down 2.27%) were the major Nifty50 losers. Stocks in Spotlight: KFin Technologies declined 5.94% after the companys consolidated net profit dropped 9.16% to Rs 77.26 crore on a 3.06% rise in revenue to Rs 274.06 crore in Q1 FY26 over Q4 FY25. Avantel tumbled 7.17% after the companys consolidated net profit tanked 56.23% to Rs 3.23 crore in Q1 FY26, compared with 7.38 crore in Q1 FY25. However, revenue from operations marginally increased by 0.29% year on year to Rs 51.91 crore in Q1 FY26. ACC slipped 1.76% after the cement makers consolidated net profit fell 50.01% to Rs 375.38 crore in Q1 in FY26 as against Rs 751.03 crore posted in Q4 FY25. However, revenue from operations fell to Rs 6,036.11 crore in Q1 FY26 as against Rs 6,039.70 crore reported in Q4 FY25. Global Markets: European shares opened lower on Friday, giving back gains from the previous session, as automobile stocks weighed and investors awaited updates on EU-U.S. trade talks ahead of U.S. President Donald Trump's tariff deadline next week. Asian markets came off their early highs on Friday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes US President Donald Trump's tariff deadline and a host of central bank meetings. Mixed inflation data, however, dampened the sentiment for Japanese investors. Tokyo consumer inflation data for July showed a slightly bigger-than-widely anticipated easing in prices. But core inflation still remained above the Bank of Japans 2% annual target, keeping uncertainty over the central banks rate hikes largely in play. Focus now is on Chinas Politburo meeting, a convening of top political leaders, for more cues on the Chinese economy. The meeting was supposed to be convened in late July. US stocks were mixed on Thursday, with the S&P 500 notching its fourth record close in a row as tech earnings from Alphabet pointed to AI as a key growth catalyst. The tech-heavy Nasdaq Composite rose 0.2% to also close at a fresh record, while the S&P 500 ended up just 0.1% higher. The Dow Jones Industrial Average dropped 0.6% amid a post-earnings slide in IBM (IBM) shares. Alphabet beat widely reported markets second-quarter earnings expectations and doubled down on its AI spending spree. The Google parent's shares rose alongside other AI-linked stocks such as Nvidia, helping buoy the tech-focused gauges. Tesla's stock sank after an earnings miss, a continued slump in European sales, and a warning from CEO Elon Musk that the EV maker faced "rough quarters" as President Trump's budget bill killed off tax credits. Optimism around trade deals remained strong after the US-Japan agreement helped push the S&P 500 and Nasdaq Composite to new record highs on Wednesday. Meanwhile, media reports indicated that the US and EU are nearing a deal to impose a 15% tariff on most European importssignificantly lower than the previously threatened 30%.
Business Standard
2 hours ago
- Business Standard
Barometers trade with major losses; metal shares lose sheen
The domestic equity benchmarks traded with significant losses in the early-afternoon trade, dragged down by weakness in auto, media and metal shares. The Nifty traded below the 24,850 mark. Metal shares declined after advancing in the past two consecutive trading sessions. At 12:30 ST, the barometer index, the S&P BSE Sensex, tanked 672.42 points or 0.81% to 81,514.44. The Nifty 50 index declined 222.05 points or 0.89% to 24,840.35. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.37% and the S&P BSE Small-Cap index tanked 1.71%. The overall market breadth was weak, with more stocks declining than advancing. On the BSE, 1,011 stocks advanced, 2,827 declined, and 164 remained unchanged. Economy: India and the United Kingdom have signed the Comprehensive Economic and Trade Agreement (CETA), marking a major step toward strengthening bilateral economic ties. The agreement was signed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, in the presence of Prime Ministers Narendra Modi and Rishi Sunak. This milestone reflects a shared commitment to deeper economic integration between two major global economies. India-UK bilateral trade stands at nearly USD 56 billion, with a target to double it by 2030. CETA grants duty-free access for 99% of Indias exports to the UK, benefitting labour-intensive sectors such as textiles, leather, marine products, footwear, sports goods, toys, and gems & jewellery, along with high-growth sectors like engineering goods, auto components, and organic chemicals. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 7.67% to 11.55. The Nifty 31 July 2025 futures were trading at 24,844.40 at a premium of 4.05 points as compared with the spot at 24,840.35. The Nifty option chain for the 31 July 2025 expiry showed a maximum call OI of 166.6 lakh contracts at the 25,000 strike price. Maximum put OI of 79.2 lakh contracts was seen at 24,000 strike price. Buzzing Index: The Nifty Metal index dropped 1.58% to 9,430.70. The index rose 0.51% in the past two consective trading sessions. APL Apollo Tubes (down 5.60%), Steel Authority of India (down 4.24%), Hindustan Copper (down 3.58%), National Aluminium Company (down 2.22%), Adani Enterprises (down 1.90%), Hindustan Zinc (down 1.67%), Vedanta (down 1.57%), NMDC (down 1.37%), Jindal Stainless (down 1.29%) and Tata Steel (down 1.13%) declined. On the other hand, Tata Consumer Products (up 0.93%) and United Breweries (up 0.43%) edged higher. Stocks in Spotlight: Avantel tumbled 7.03% after the companys consolidated net profit tanked 56.23% to Rs 3.23 crore in Q1 FY26, compared with 7.38 crore in Q1 FY25. However, revenue from operations marginally increased by 0.29% year on year to Rs 51.91 crore in Q1 FY26. Tanla Platforms dropped 3.76% after the companys consolidated net profit tanked 16.15% to Rs 118.41 crore in Q1 FY26, compared with 141.22 crore in Q1 FY25. However, revenue from operations rose 3.84% year on year to Rs 1,040.66 crore in Q1 FY26.
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Business Standard
4 hours ago
- Business Standard
S&P retains Bangladesh's B+ rating, flags trade risk, political volatility
S&P Global Ratings has affirmed Bangladesh's long-term sovereign credit rating at 'B+' and its short-term rating at 'B', citing stabilising external liquidity. However, it flagged heightened trade risk from relatively high United States tariffs. The outlook remains stable. The rating agency said in a statement that Bangladesh's external liquidity is stabilising, as indicated by the recent steady improvement in its official foreign exchange reserves. The macroeconomic policies enacted over the past 18 months — including a transition to a more flexible exchange rate regime, depreciation of the taka, and tighter monetary policy — are helping to rebuild foreign exchange liquidity. However, Bangladesh still faces heightened trade risk from relatively high US tariffs, it added. Forex reserves show recovery in FY25 The agency said Bangladesh's external profile is stabilising after a period of elevated pressure. Foreign exchange reserves rose by about $5 billion in fiscal 2025 to $26.7 billion, marking a notable recovery from previous lows below $20 billion. This now covers about 4.1 months of current account payments, compared with just 3.3 months at the end of fiscal 2024. Political transition in focus ahead of 2026 elections The upcoming elections in the first half of 2026 are expected to be a critical pivot point for more lasting political stability, following the abrupt collapse of the government in July 2024. 'Bangladesh's volatile political situation may stymie the predictability of policy responses,' the agency said. A caretaker government led by Chief Adviser Muhammad Yunus has taken over in lieu of an elected government, following the collapse of the Awami League administration. The Awami League has since been banned from all political activities. The caretaker government has tentatively scheduled elections for April 2026, according to S&P. Stable outlook reflects balanced risks The stable outlook reflects S&P's view that Bangladesh's real per capita growth rate will remain strong relative to peers. Downside and upside risks to its external balance sheet are broadly balanced, despite near-term headwinds from global trade conditions over the next 12–18 months. Growth prospects tempered by fiscal constraints The long-term 'B+' rating reflects the country's modest per capita income and limited fiscal flexibility, arising from low revenue-generation capacity and a high interest burden. Evolving administrative and institutional frameworks also constrain the rating. 'We weigh these factors against the Bangladesh economy's strong long-term growth rate and the government's moderate debt burden,' S&P said. External support and remittances underpin resilience Bangladesh's credit profile continues to derive support from steady external financial assistance, stemming from deep engagement with bilateral and multilateral development partners. Inflows from overseas Bangladeshi workers also remain consistent. Solid export receipts from Bangladesh's globally competitive garment manufacturing sector further support the country's credit profile, the agency added.
