India's Milky Mist files draft papers for $236 million IPO
($1 = 86.2490 Indian rupees)
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Reuters
27 minutes ago
- Reuters
Risk boost from US-EU trade deal of little help to rupee as outflows persist
MUMBAI, July 28 (Reuters) - The Indian rupee is expected to open little changed on Monday, with any support from improved risk sentiment after a trade deal between the European Union (EU) and the U.S. likely to be capped by persistent foreign portfolio outflows. The 1-month non-deliverable forward indicated the rupee will open in the 86.48-86.51 range versus the U.S. dollar, compared with Friday's close of 86.5150. Global stocks rose and the euro firmed after the weekend deal between the EU and the U.S., which set the import tariff on most EU goods at 15% - half the rate initially threatened. Asian currencies traded mixed, while the dollar index was at 97.6. The U.S.-EU trade pact is expected to reduce trade-related uncertainty in a week dominated by central bank policy decisions and the U.S.'s August 1 deadline for trading partners to strike deals. Washington has already signed similar framework accords with Britain, Japan, Indonesia and Vietnam. Meanwhile, India's trade minister told Reuters last week that the country is also hopeful of reaching a deal with the U.S. that includes "special and preferred treatment". Alongside these, monetary policy meetings in the U.S., Japan and other economies will be in focus this week. While the Federal Reserve is widely expected to keep rates unchanged, ANZ said it will watch for "tweaks to the language" in the Fed's statement and Chair Jerome Powell's comments for clues on possible rate cuts in September. Over the week, traders expect the rupee to hover between 86.20 and 86.80-86.90, with a slight depreciation bias given the persistent outflows from local stocks. Foreign investors have net sold Indian equities worth about $750 million so far in July, reversing three months of inflows. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.63; onshore one-month forward premium at 13.25 paise ** Dollar index at 97.67 ** Brent crude futures up 0.4% at $68.7 per barrel ** Ten-year U.S. note yield at 4.39% ** As per NSDL data, foreign investors sold a net $231.1mln worth of Indian shares on July 24 ** NSDL data shows foreign investors sold a net $55.2mln worth of Indian bonds on July 24
Reuters
27 minutes ago
- Reuters
India's equity benchmarks set to open near one-month low
July 28 (Reuters) - India's equity benchmarks are likely to open on Monday near the previous session's one-month closing low, with uncertainty over trade talks with the U.S. and weaker-than-expected results from Kotak Mahindra Bank weighing on sentiment. The Gift Nifty futures were trading at 24,841 points as of 8:04 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Friday's close of 24,837. The benchmark hit its lowest level since June 20 at 24,806.35 points in the previous session The Nifty 50 and 30-stock Sensex (.BSESN), opens new tab have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over U.S.-India trade deal. Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline. Meanwhile, the U.S. struck a framework trade agreement with the European Union over the weekend, averting a bigger trade war between the two allies, which account for almost a third of global trade. The easing global trade tensions buoyed equities globally. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.2%, just shy of the almost four-year high it touched last week. Kotak Mahindra Bank ( opens new tab will be in focus on the day after India's No. 3 lender by market capitalisation reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins. ** India's largest IT services provider Tata Consultancy Services ( opens new tab will reduce its workforce by 2%, affecting roughly 12,200 employees, in fiscal year 2026 as it deploys AI and other technologies while entering new markets and contending with an uncertain demand outlook ** Bank of Baroda ( opens new tab posts higher profit and interest income for April-June quarter, and says it is targeting a 9%-10% growth in corporate loans for fiscal year 2026 ** Homebuilder Sobha's ( opens new tab first-quarter profit more than doubled, helped by higher prices and sustained demand for premium apartments
Reuters
27 minutes ago
- Reuters
Gold falls to near two-week low after US, EU agree to tariff deal
July 28 (Reuters) - Gold prices fell to their lowest level in nearly two weeks on Monday, as a framework trade agreement between the United States and European Union ahead of the August 1 tariff deadline boosted appetite for risk assets. Spot gold was down 0.1% at $3,332.18 per ounce, as of 0208 GMT, after touching its lowest level since July 17. U.S. gold futures edged 0.1% lower to $3,331.60. The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. However, the agreement left key issues unresolved, including tariffs on spirits. The agreement eased transatlantic trade tensions, putting pressure on gold, said Jigar Trivedi, a senior commodity analyst at Reliance Securities, adding that it also softened the dollar index, which provided some cushion to bullion. The U.S. dollar index (.DXY), opens new tab eased 0.1%, making greenback-priced bullion more affordable for overseas buyers. Risk sentiment improved following the agreement, with European currencies and U.S. stock index futures trading higher. Meanwhile, senior U.S. and Chinese negotiators are set to meet in Stockholm later in the day to address long-standing economic disputes, seeking to extend a truce that has prevented higher tariffs. "In the short term, we don't expect gold to experience wild swings. Investors are turning their focus to a pivotal week for U.S. monetary policy and economic data," Trivedi said. The Federal Reserve is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting concludes on Wednesday. U.S. President Donald Trump said on Friday he had a positive meeting with Powell, suggesting the Fed chief might be inclined to lower interest rates. Spot silver was up 0.2% at $38.23 per ounce, while platinum gained 0.6% to $1,409.50 and palladium rose 0.6% to $1,227.76.
