Stock markets advance for second day on buying in L&T; Sensex gains 144 points
Rising for the second day, the 30-share BSE Sensex climbed 143.91 points or 0.18%, to settle at 81,481.86. During the day, the barometer moved in a tight range and rose by 281.01 points or 0.34%, to hit a high of 81,618.96.
The 50-share NSE Nifty went up by 33.95 points or 0.14%, to 24,855.05.
U.S. trade deal uncertainty and foreign fund outflows restricted the market rally to a large extent, analysts said.
Among Sensex firms, Larsen & Toubro jumped 4.87% after the infrastructure major reported a 29.8% rise in consolidated net profit at ₹3,617.19 crore during the June quarter, driven by strong overseas order growth.
Sun Pharma, NTPC, Maruti, Bharti Airtel, Trent and Axis Bank were also among the gainers.
However, Tata Motors, Power Grid, Eternal, Bajaj Finserv and Hindustan Unilever were among the laggards.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,636.60 crore on Tuesday (July 29, 2025), according to exchange data.
U.S. President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country.
Mr. Trump spoke to reporters on Tuesday (July 29, 2025) on Air Force One on his way back to Washington from Scotland and was asked about the trade deal with India.
'No, it's not,' Mr. Trump said when asked if the deal with India is finalised.
He was also asked about reports that India is preparing to face higher US tariffs between 20-25%, to which he replied, 'I think so. Markets traded in a tight range and ended marginally higher amid mixed cues. After a flat start, the Nifty oscillated within a narrow band throughout the session and finally settled at 24,855.05.'
'Sentiment remained subdued due to lingering uncertainty over the trade deal, following the latest statement from the US President about potential tariffs on India, amid delays in finalising the agreement ahead of the August 1 deadline,' Ajit Mishra – SVP, Research, Religare Broking Limited, said.
In Asian markets, Japan's Nikkei 225 index and Hong Kong's Hang Seng settled lower, while South Korea's Kospi and Shanghai's SSE Composite index ended in positive territory.
European markets were quoting on a mixed note. The US markets ended lower on Tuesday (July 29, 2025).
Global oil benchmark Brent crude declined 0.44% to $72.19 a barrel.
On Tuesday (July 29, 2025), the Sensex jumped 446.93 points or 0.55%, to settle at 81,337.95. The Nifty climbed 140.20 points or 0.57%, to 24,821.10.
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Hindustan Times
14 minutes ago
- Hindustan Times
Despite Trump statements, Russia oil buys seen still on
New York/Washington : US President Donald Trump claimed on Saturday he had heard India would no longer purchase Russian oil, calling it a 'good step', days after opening an unexpected salvo at New Delhi for its close trade and military ties with Moscow. US President Donald Trump(REUTERS) 'Well, I understand India no longer is going to be buying oil from Russia. That's what I heard. I don't know if that's right or not, but that's a good step. We'll see what happens,' Trump told reporters on Friday. His remarks bear significance due to his threats of punitive measures against nations that purchase oil from Russia, which is seen as being crucial to Moscow's war on Ukraine. However, new reports on Saturday cited senior Indian officials as saying there had been no change in policy, with one stating the government had 'not given any direction to oil companies' to cut back imports from Russia. India has become one of Russia's largest oil customers since Western sanctions drove down prices, helping Moscow maintain crucial export revenues whilst providing New Delhi with cheaper energy to fuel its growing economy. Earlier in the week, Trump formalised 25% tariffs on Indian exports through an executive order covering around 70 nations, though the document notably omitted the additional 'penalty' he had previously threatened over India's Russian energy purchases – a measure that America could still take. Ministry of external affairs spokesperson Randhir Jaiswal, when asked at Friday's weekly briefing about reports claiming Indian oil companies had stopped buying Russian oil, said: 'As far as sourcing India's energy requirements is concerned, we take decisions based on the price at which oil is available in the international market and depending on the global situation at that time.' The US president has repeatedly criticised India's energy ties with Russia whilst announcing punitive trade measures. Declaring a 'massive trade deficit with India,' Trump argued 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.' He described India as having 'the most strenuous and obnoxious non-monetary Trade Barriers of any country,' while noting that '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.' New reports on Saturday stated India will keep purchasing oil from Russia despite Trump's threats of penalties. Two Indian government sources told Reuters on Saturday, not wishing to be identified, that: 'These are long-term oil contracts. It is not so simple to just stop buying overnight.' 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. Justifying India's oil purchases, a second government 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. However, 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, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters.
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First Post
44 minutes ago
- First Post
India begins groundwork for US tariff deal, ministries told to draft sector-wise concessions: Report
Facing pressure from Trump's 25 per cent tariff, the Indian government has launched an inter-ministerial effort to draw up trade concessions ahead of key negotiations. With a US delegation set to arrive on August 25, key economic ministries have been directed to prepare sector-specific proposals read more President Donald Trump with Prime Minister Narendra Modi at the White House. The 25 per cent tariff and Russian penalty on India comes even as officials continue to hammer out a trade deal, which has been ongoing since February. File image/AP In response to US President Donald Trump's sweeping 25 per cent tariff imposition on Indian goods, New Delhi has launched a cross-ministerial exercise to identify trade concessions it can offer in upcoming negotiations. With a high-level US delegation set to arrive on August 25, key economic ministries have been directed to prepare sector-specific proposals, The Indian Express reported. The Trump administration is seeking deeper market access than India has previously committed to, pressing for broad tariff reductions and the removal of non-tariff trade barriers. STORY CONTINUES BELOW THIS AD The 25 per cent tariff, effective from August 7, is compounded by a separate, unspecified 'penalty' tied to India's defense and energy imports from Russia. According to the report, government departments have already begun submitting possible concession packages. In some cases, such as oil refining, adjustments are underway, with refiners beginning to cut back on Russian crude purchases. However, sources warned against retaliatory posturing in response to Trump's provocations, no matter how inflammatory they may be. 'This is a time for pragmatism, not posturing,' one official noted. Although Trump had originally listed India among his top trade priorities, progress has been sluggish, leading to mounting frustration in Washington. Like other countries navigating Trump's tariff tactics, India has followed a cautious approach, offering selective concessions while safeguarding its economic interests and shielding vulnerable domestic sectors. Observers note that several nations that rushed to sign trade deals with the US—such as the UK and Australia, emerged with lopsided agreements that disproportionately benefited Washington, particularly in cases where trade deficits existed. New Delhi had long operated on the assumption that the US would maintain a 10–20% tariff differential between India and China, and continue to respect India's longstanding trade red lines. These include opposition to genetically modified (GM) crops and the need to protect its vast, labor-intensive manufacturing base that underpins much of its export economy. STORY CONTINUES BELOW THIS AD Officials remain cautious on sensitive agricultural imports, particularly soybeans, corn, and dairy, despite already proposing tariff cuts on 55 per cent of US imports. This figure could rise in the upcoming talks, especially as India's trade pacts with Japan, South Korea, and ASEAN saw over 80 per cent of tariff lines reduced to zero. While negotiators are eyeing October as the tentative deadline for finalising a deal, progress in fresh rounds of talks could accelerate that timeline. Complicating India's position, however, is the possibility of China finalising a trade deal of its own, potentially locking in favorable tariff rates and securing waivers, including on penalties linked to Russian oil imports.
Time of India
an hour ago
- Time of India
US, China and Russia: Navigating the superpower trilemma
Today, Indian foreign policy discourse is mired in an important debate. Two key assumptions govern this debate: that New Delhi's ties with the US arguably constitute its most important relationship in the 21st century, and that any negotiations with Beijing are a signal of weakness. India-US relations are undergoing a tense phase. The tensions have primarily been instigated by US President Donald Trump's decision to impose a 25% tariff on India, and an additional, 'unspecified penalty' for continuing to buy energy resources from Russia. His social media comments have gone so far as to refer to both India and Russia as 'dead economies.' Naturally, this has called into question the time-tested nature of the partnership in the face of the 'China challenge'. With the US-China equation changing, India has to balance ties with both as well as work towards its own national interests Speaking of China, after a long period of severed dialogue, postures on both sides have slightly relaxed, though the road to stability vis-à-vis the border issue, or even China's backing of Pakistan, is long and winding. Nonetheless, communication and negotiation between the two neighbours is underway, and is perhaps a welcome break from the silent-but-violent treatment. Besides the volatility in New Delhi's ties with the two superpowers, there exists a bilateral dynamic between the US and China, which vitally impacts India. An intense back-and-forth of escalating tariffs ensued between the two economic giants earlier this year. Yet, Trump's recent statements seem to suggest that a trade deal with Beijing is in the works. So how does that affect India? So far, India has believed that Trump's continued dissatisfaction with Beijing will be a core aspect of mutual convergence between itself and the US. This definitely was the case under the Joe Biden administration. But if anything is certain about Trump, it is that nothing, indeed, is certain. So, the US and China may not be entering a friendly phase, but they sure are inching toward some semblance of stability. The dynamics of this fateful triangle require that India think in its national interests— sustained economic growth and security of its territory from both external and internal threats. And as PM Modi himself remarked in an interview in 2023, '[The] foremost guiding principle in foreign affairs is our country's national interest.' This begs the question: How should New Delhi balance the nuances of its ties with the US and China and the repercussions of their own thaw, while working to achieve its national interests? One way is not to believe that negotiations with China signal weakness. This anxiety is likely to play up as New Delhi and Beijing negotiate. Most recently, India has eased tourism rules, while China has opened up access for Indians to undertake the Kailash Mansarovar Yatra. To a great degree, India's geographical, economic and military constraints require that communication with Beijing continue for sustainable security to be achieved. This is not to say that India should give up its confident posture, or discontinue investments in de-risking or border security. It is also not a call for it to shed its affinity for the US. But the steps toward a thaw with Beijing — high-level political conversations, ministerial-level dialogues, and working mechanism consultations on the border — are necessary. And at a time when Trump seems to be prepared to meet the 'China challenge' alone, India must figure its own way out to do the same. Second, is to evaluate costs when it comes to fulfilling its energy requirements through purchases from Russia. The affordability of such purchases, and the historic nature of ties with Moscow (especially in defence), make it a vital partner to New Delhi. However, Trump is prioritising reciprocal access to the Indian market over having a vital partner in the Indo-Pacific. And in a world where the US is vastly more powerful than India — or in most aspects, even China — much of what Trump says, goes. So the question is, where is the common ground between India not shedding its friendship with Russia, not risking insurmountable tariffs from the US, and not enabling China's unchecked regional power? The intertwined interests of economic growth and stable security seem orthogonal in this situation. But it is important to face facts. If it wasn't buying oil from Russia, India would still get the tariff slap. If there was great openness in the Indian dairy and agricultural markets, which Trump consistently demands, there would still be an 'unspecified penalty' for trading with Russia. So, the acknowledgement that there is no absolute win-win, is essential. It boils down to assessing what is more harmful — not making any adjustments to the trade numbers with Russia, or the US. It is also important to acknowledge the trade-offs — if there is a significant reduction in the imports of oil and/or defence equipment from Russia, and the US becomes the preferred alternative source of imports, Moscow may become unabashed in its support for China in its disputes with India. If trade with Russia continues as is, India shall face agonistic tariffs under Donald Trump and an overall lack of support in regional geopolitics. It is indeed true that India's tariffs continue to remain high, market openness is low, and domestic innovation and production capability face challenges. Hence, is the first step to addressing the above mentioned dilemma to take difficult steps towards phased openness? Most likely. It may assuage Trump's concerns about the US's trade deficit, without creating many troubles in India-Russia relations. Finally, the worrisome trend of self-reliance across the globe is leaving fewer alternatives for India to replace its dependencies on the US, China, or Russia. Where it gets affordable imports, it faces controversial dilemmas. Where it sees a strong partner, it faces chiding and deriding. So, moving forward, even as the willingness to negotiate diplomatically must continue, India must invest in its own trajectory toward economic and military modernisation. Illustration credit: Illustration by Chad Crowe (USA) Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
