Sensex ends 1,000 points higher, Nifty above 25,500; Tata Steel gains 3%
Trent fell 0.40%, State Bank of India dropped 0.39%, Tech Mahindra declined 0.39%, Maruti Suzuki slipped 0.36%, and M&M was down 0.30%.The Nifty indices closed mostly in positive territory. Nifty Midcap 100 gained 0.59%, Nifty Smallcap rose 0.42%, while India VIX fell 2.87%, showing reduced market volatility.Most sectors ended with gains. Nifty Oil & Gas led with a 1.86% jump, followed by Nifty Financial Services up 1.53%, Nifty Metal rising 2.31%, Nifty Private Bank gaining 1.03%, Nifty Realty climbing 1.00%, Nifty Consumer Durables up 0.87%, Nifty FMCG advancing 0.68%, Nifty Auto rising 0.56%, Nifty PSU Bank gaining 0.43%, and Nifty Healthcare up 0.38%.advertisementOnly two sectors closed in the red. Nifty Media dropped 1.09% and Nifty IT fell 0.13%, while Nifty Pharma managed a small 0.02% gain.Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said that rupee gained over 33 paise to settle at 85.75, buoyed by a sharp drop in the dollar index below the 97.00 mark."Falling crude prices and a weaker dollar provided strong support to the rupee. With global risk sentiment improving and the potential for continued fund inflows, the rupee may head towards 85.25 in the coming days," he added. (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
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The Hindu
37 minutes ago
- The Hindu
Talks on India-U.S. trade pact enter 6th day; India pushes for duty cuts for labour-intensive sectors
Hectic negotiations between India and the U.S. enter the sixth day on Tuesday (July 1, 2025) in Washington, with the talks reaching a crucial stage and New Delhi demanding greater market access for its labour-intensive goods, an official said. The Indian team, headed by Special Secretary in the Department of Commerce Rajesh Agrawal, is in Washington for negotiations on an interim trade agreement with the U.S. The stay of the Indian officials has been extended. Initially, the delegation was scheduled to stay for two days, with the talks having commenced on June 26. These talks are also important as the suspension date of Mr. Trump's reciprocal tariffs is approaching. It will end on July 9. The two sides are looking at finalising the talks before that, the official said. India has hardened its position on giving duty concessions to American farm products. It is seeking duty concessions for its labour-intensive goods such as textiles, engineering, leather, gems and jewellery. "If the proposed trade talks fail, the 26% tariffs will come into force again," the official added. On April 2, the U.S. imposed an additional 26% reciprocal tariff on Indian goods but suspended it for 90 days. However, the 10% baseline tariff imposed by America remains in place. India is seeking full exemption from the additional 26% tariff. The U.S. is demanding duty concessions in both the agriculture and dairy sectors. But these segments are difficult and challenging areas for India to give duty concessions to the U.S. as Indian farmers are into sustenance farming and have small land holdings. Therefore, these sectors are politically very sensitive. India has not opened up the dairy sector for any of its trading partners in free trade pacts the country has signed so far. The U.S. wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, dairy, and agricultural items like apples, tree nuts, and genetically modified crops. India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact. The two countries are also looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. The pact is aimed at more than doubling bilateral trade to $500 billion by 2030 from the current $191 billion. Before the first tranche, they are trying for an interim trade pact. The U.S. team was here from June 5 to June 11 for the talks. The negotiations will continue both virtually and physically in the days to come. India's merchandise exports to the U.S. rose by 21.78% to $17.25 billion in April-May this fiscal, while imports rose by 25.8% to $8.87 billion. Commenting on India's demand, think tank Global Trade Research Initiative (GTRI) said that as talks for the pact reaching a critical stage, India is pushing hard for full tariff elimination on high-employment exports such as garments, footwear, carpets, and leather goods. Without this relief, the deal will be politically unsellable at home, GTRI Founder Ajay Srivastava said, adding Washington appears unwilling to scrap high MFN (most favoured nation) tariffs or country-specific duties. Under current proposals, Indian goods could face a 10% surcharge on top of MFN rates, eroding competitiveness and effectively reversing market access gains, he said. Merchandise exports to the U.S. rose to $86.5 billion in FY25, up 11.6% from $77.5 billion in FY24. Industrial goods account for the bulk of this trade, with labour-intensive exports forming a significant share. "However, without fast-track trade authority, Washington is unable to cut its MFN [Most Favoured Nation] tariffs across the board. Worse still, U.S. appears to be in no mood to exempt country specific tariffs and just bring it down to 10%," Mr. Srivastava said. This risk, he said, is particularly acute for high labour-intensity sectors, which contributed over $14.3 billion to India's exports to the U.S. in FY25. These include garments ($5.33 billion), textiles and carpets ($2.38 billion), made-ups and worn clothing ($2.95 billion), leather ($795 million), footwear ($461 million), ceramics and stoneware ($1.55 billion), and wood and paper articles ($823 million). These sectors are dominated by small and medium enterprises and are major employment generators in Indian states such as Uttar Pradesh, Tamil Nadu, Gujarat, and West Bengal. Yet, they face some of the steepest U.S. tariffs — often ranging between 8 and 20%, especially for garments and footwear. He added that India's demand is clear that the U.S. must remove all tariffs — both MFN and country-specific — on high and medium labour-intensive goods. He added that these sectors employ millions, particularly in rural and semi-urban regions, and are crucial to India's goals of job creation, MSME growth, and women's economic participation. "Without meaningful tariff relief for these products, Indian negotiators warn, the FTA will be viewed as lopsided and politically untenable," Mr. Srivastava said.
India Today
40 minutes ago
- India Today
Stock market opening: Sensex, Nifty to rally over US-India trade deal?
Stock markets are expected to open higher on Wednesday, July 2, following comments from U.S. President Donald Trump suggesting that a trade deal between India and the United States could be remarks have brought fresh optimism to investors and raised hopes that India could avoid a hike in tariffs set to take effect to the positive sentiment, U.S. Treasury Secretary Scott Bessent also said that both countries are making progress toward an agreement that could help India sidestep sharp tariff increases. The potential deal is being closely watched ahead of Trump's July 9 deadline to impose higher Nifty futures, which are seen as an early indicator for Indian market openings, traded at 25,686.50 points at 8:24 am. This suggests that the Nifty 50 index could open higher than its previous closing level of 25, and the Sensex had remained mostly flat in the last two sessions, taking a pause after their recent upward run. However, the latest news from the U.S. has brought fresh hopes that markets may regain on the expected trend, VLA Ambala, Sebi Registered Research Analyst and Co-Founder of Stock Market Today, said that the upcoming trade agreement is likely to impact selected sectors more than the broader market. According to Ambala, sectors like agriculture, auto, gems and jewellery, textiles, electronics, pharmaceuticals, energy, renewable energy and electric vehicles, and handicrafts could see the biggest added that the Nifty index currently has support at 25,460, while 25,630 acts as the resistance level. A clear move beyond this range could trigger a further shift of 1% to 2%. She expects the index to find support in the 25,300 to 25,460 range and face resistance around 25,630 to 25,850 in the next trading broader Asian markets showed a mixed trend. The MSCI Asia ex-Japan index slipped by 0.2%, indicating some caution in the region. Investors remained watchful of global cues and upcoming economic the United States, stock markets showed mixed movement on Tuesday. Treasury yields went up as investors reviewed weak manufacturing and jobs data. At the same time, comments from U.S. Federal Reserve Chair Jerome Powell kept investors cautious. Powell said that the central bank would wait to see how tariffs impact inflation before deciding to cut interest The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsMust Watch
Mint
43 minutes ago
- Mint
Rupee expected to track Asia forex lower on renewed Trump tariff worries
MUMBAI -The Indian rupee is expected to open lower on Wednesday, tracking declines in most other Asian currencies and equities amid renewed worries over U.S. President Donald Trump's tariffs. The 1-month non-deliverable forward indicated a open in the 85.62-85.64 range, versus 85.52 on Tuesday. The rupee has been largely range bound in recent sessions, holding between the key support zone at 85.90–86.00 and resistance near 85.30. "Both of these levels are difficult to break," a currency trader at a bank said. "You'll likely have to wait until July 9 for a decisive move, and that's when we could see a breakout either way." He added for now the risks are skewed toward a decline past 86 rather than a rally above 85.30. Trump ruled out extending the July 9 deadline for trade deals on Tuesday and said he remained doubtful about reaching a deal with Japan. Japanese shares dropped 1% and the yen weakened versus the dollar. The renewed trade worries put pressure on risk-sensitive currencies, while dampening appetite for riskier assets. Asian equities and currencies declined amid wariness over potential U.S. action after the deadline. The Korean won, the Malaysian ringgit and the Thai baht were all down by 0.3% and the offshore Chinese weakened past 7.1650 to the U.S. dollar. Meanwhile, in a development seen as mildly negative for the dollar, U.S. Federal Reserve Chair Jerome Powell said he did not rule out the possibility of cutting interest rates at the Fed's July 29–30 meeting, while reiterating that the central bank will wait for more economic data before deciding on rate cuts. Traders have slightly increased the odds of a cut at that gathering. Investors assess Trump's massive tax-and-spending bill, which was passed by the U.S. Senate and will return to the House for final approval. ** One-month non-deliverable rupee forward at 85.75; onshore one-month forward premium at 10.50 paise ** Brent crude futures up 0.1% at $67.2 per barrel ** Ten-year U.S. note yield at 4.25% ** As per NSDL data, foreign investors bought a net $97 million worth of Indian shares on June 30 ** NSDL data shows foreign investors bought a net $181.2 million worth of Indian bonds on June 30 This article was generated from an automated news agency feed without modifications to text.
