ET Market Watch: Sensex flat as RIL, IT drag; Eternal soars 10% in 1 day
Hi, you're listening to ET Markets Radio. I am your host, Neha Vashishth. Welcome to a fresh episode of ET Market Watch -- where we bring you the latest news from the world of stock markets every single day. Let's get to it:Nifty dipped below 25,100 today. Sensex closed nearly flat, down just 13 points.And here's why:Reliance tumbled 1.1%, extending Monday's fall. Oil-to-chemicals and retail weakness are weighing heavy.IT stocks were no help either: Infosys, HCL Tech, Oracle Financial all in the red.But there was one bright spark:Eternal, the Zomato parent, soared over 10% on signs of margin improvement in Blinkit.It was the top contributor to Nifty gains today.Financials stayed strong, with ICICI and HDFC Bank in green after solid Q1 numbers.But overall sentiment? Subdued. Midcaps and smallcaps, both slipped.Experts say: Earnings season and US trade talks are keeping investors on edge.Technically, Nifty remains stuck in a range. Key support? 24,900.Watch for resistance at 25,260.Globally, Asian markets cooled off. Oil dropped again. And the rupee? Down for the fifth straight session.That's your market snapshot in under a minute!Follow for daily insights. See you tomorrow!
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Time of India
14 minutes ago
- Time of India
‘10% is the new zero tariff': Trump seals trade deals with many countries - what do they mean for India?
One thing is becoming clear - 10% base tariffs are the 'new zero' with which countries will have to contend in terms of negotiations. (AI image) India-US trade deal: As US President Donald Trump announces trade deals in quick succession ahead of his August 1 deadline for reciprocal tariffs, one thing is becoming clear - 10% base tariffs are the 'new zero' with which countries will have to contend in terms of negotiations. A series of trade deals - with Vietnam, Indonesia, Philippines, Japan - all appear to be in the broad range of 15-20%, much lesser than the tariffs threatened by Trump on April 2, but still above the baseline 10% tariff that is currently in place. So where does that leave India? India-US Trade Deal: What To Expect? An India-US trade deal is still elusive despite several rounds of talks between officials of the two countries. And even though Trump has said multiple times in the recent past that a deal with India is 'near', the last (and fifth) round of negotiations has proved to be inconclusive. Also Read | 'Always, zero tariffs to…': Donald Trump says US willing to lower tariff rates for major countries - this condition needs to be fulfilled It appears that a trade deal is unlikely to be announced before August 1 since deadlock on agriculture and dairy sectors continues. Reuters reported two government sources as saying that a mini trade deal before Trump's deadline looks unlikely. Meanwhile, according to a PTI report US officials are expected to visit India in the second half of August as part of the ongoing efforts for the first phase of the deal by fall. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo India maintains a strong position against American pressure in the proposed trade deal, specifically concerning lower tariffs on US farm imports like maize and soybean. The United States is asking India to open its agriculture and dairy sectors. The Indian government's key priorities include safeguarding farmers and addressing health considerations related to genetically modified commodities. The dairy industry holds particular significance in India, influenced by cultural and dietary traditions. Indian consumers raise objections to American cattle feeding methods that include animal by-products, as these practices conflict with Indian dietary principles. It is yet uncertain whether the 26% reciprocal tariff announced by Trump for India will come into effect from August 1, or will this deadline be extended. Whenever a trade deal is announced, with or without agriculture and dairy a part of it, Trump's recent actions indicate that India is unlikely to secure a tariff rate below 10%. It is broadly expected to be in the ranges similar to the tariffs announced in America's recent trade deals. Asian Countries Score Deals With Trump Administration Trump seems to finally have brought some clarity to the trade landscape of the world's largest manufacturing region through his recent tariff deals. On Tuesday, Trump finalised an agreement with Japan, with a 15% tariff rate on imports, notably also for the automotive sector, which represents the largest portion of the trade imbalance between both nations. Also Read | 'Aggressive US pressure can force…': GTRI warns India against one-sided trade deal; says don't fall into same trap' as Indonesia A deal with the Philippines saw a 19% tariff, matching Indonesia's rate and sitting just below Vietnam's 20% baseline. This suggests that most Southeast Asian nations are likely to receive comparable tariff rates, according to a Bloomberg report. "We live in a new normal where 10% is the new zero and so 15% and 20% doesn't seem so bad if everyone else got it," Trinh Nguyen, senior economist for emerging Asia at Natixis told Bloomberg. She noted that US firms will still find it economically viable to import goods at these tariff levels rather than look at establishing US as their new manufacturing hub. The China Play US seems to be on its path to further streamline a trade deal with world's second largest economy, and the mid-August deadline for China tariffs is expected to be extended. US Treasury Secretary Scott Bessent said he will meet Chinese officials in Stockholm in the coming week for their third discussion round, focusing on extending the tariff deadline and broadening the dialogue. This development indicates improving relations between the two largest global economies, following the US's recent relaxation of semiconductor restrictions and China's resumption of rare earth material exports. "We're getting along with China very well," Trump told reporters on Tuesday. "We have a very good relationship." The situation shows signs of becoming more stable after half a year of tariff-related uncertainty, which had previously elevated tariffs to 145% for China and approximately 50% for various smaller Asian export nations. Also Read | Trump tariff war: Deal or no deal - why it won't matter much for India What's The Road Ahead On Global Trade? Despite these recent agreements offering partial respite, significant uncertainties persist. The Trump administration continues to evaluate various sector-specific tariffs on products such as semiconductors and pharmaceuticals, which are vital for Asian economies including Taiwan and India - neither of which has finalised tariff arrangements with the US. South Korea faces heightened vulnerability to sector-specific tariffs, despite the Japanese agreement offering a potential blueprint for newly elected President Lee Jae Myung, according to the Bloomberg report. Trump's swift negotiations with countries which US has a significant trade deficit with are accompanied by his proposal to implement a uniform rate of 10% to 15% on approximately 150 smaller nations. The increasing clarity on tariff structures will allow organisations with intricate Asian supply networks and US market dependence to strategise operational adjustments to minimise revenue impacts. Similar to the 2018 trade tensions, recent tariff declarations are expected to encourage firms to relocate production away from China. At present, China faces the region's highest average tariff rates, whilst ongoing White House scrutiny of its technological and trade aspirations may prompt businesses to seek more stable alternatives. Shipments from Asia to the US are expected to come down after the implementation of new tariff rates. Although Southeast Asian economies and Japan face lower tariffs than initially threatened by Trump, these rates remain significantly higher compared to pre-Trump administration levels. Also Read | 'Illegal, unilateral sanctions…': China hits out at Donald Trump's tariff threat for Russia's allies; says 'coercion will not…' Barclays Plc analysts, including Brian Tan, noted in their report that "continue the trend of tariff rates gravitating towards the 15-20% range that President Trump recently indicated to be his preferred level for the blanket rate instead of 10% currently." Their analysis suggests a negative impact on Asia's GDP growth projections, the Bloomberg report said. US consumers, who have remained largely unaffected by tariff increases thus far, might experience price impacts in the coming months. Goldman Sachs Group Inc. economists predict an increase in the US baseline 'reciprocal' tariff rate from 10% to 15%, potentially leading to increased inflation and slower economic growth. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
15 minutes ago
- NDTV
Relief For Japan After US Tariffs Cut, But Says It Is "No Surprise"
In the Japanese city of Seki, famed for its razor-sharp artisan knives, news that incoming US tariffs will be lowered is welcome but not entirely unexpected. Around 40 percent of kitchen blades produced in Seki, where knifemaking expertise dates back 700 years, are exported to the United States, local authorities say. The two countries announced Wednesday they had cut a deal to lower the 25-percent tariffs on Japanese goods threatened by US President Donald Trump -- starting on August 1 -- to 15 percent. "Lower tariffs are better" but "I'm not that surprised" at the trade deal, said Katsumi Sumikama, head of Sumikama Cutlery in Seki. "I don't know what truly happened, but I feel like maybe Trump thought tariffs up to 15 percent were acceptable, and boldly proposed a higher tariff rate at first," Sumikama told AFP. "Then as the negotiations took shape, he tried to create a good impression in the public eye by lowering it from 25 percent. That kind of strategy would be so Trump-like." The US leader, who hailed the Japan deal as "massive", has vowed to hit dozens of countries with punitive tariffs if they do not hammer out a pact with Washington by the end of July. Japan is one of five nations to have signed an agreement -- along with Britain, Vietnam, Indonesia and the Philippines -- after Trump said in April he would strike "90 deals in 90 days". Headlines have focused on the impact of US tariffs on the likes of Toyota and others in Japan's huge auto industry, as well as trade in steel, rice and other key goods. But Japanese knives have in recent years become a luxury must-have in kitchens worldwide including the United States, partly fuelled by a pandemic-era home cooking boom. 'Weathered The Storm' Blademaking in Seki dates back to the 14th century, when the city in the mountains of Gifu region became a major producer of swords thanks to its rich natural environment. Today its knives are prized for their precision, sleek finish and long lifespan, with record tourism to Japan also boosting sales for companies like Sumikama Cutlery. Exports to North America, including Canada, account for just five percent of the firm's sales on a value basis. The company exports more knives to Europe and other Asian countries. CEO Sumikama, who is in his 60s, said he did not plan price hikes for the US market, even before the tariffs were reduced. Seki's industry has "weathered the storm" through the decades, including during exchange rate fluctuations -- with one dollar worth 80 yen or more than 300 yen at times, he told AFP. On the US side, clients have also survived tumultuous events such as the 2008 financial crisis, meaning they are "not worried at all" about tariffs, he added. If Trump is "trying to make America strong by deliberately raising tariffs" he should know that "problems cannot be solved by such simple means", Sumikama said, adding that "American people will have to bear the burden of higher costs". Sumikama Cutlery, which has about 30 workers, uses machines that guarantee accuracy to one-thousandth of a millimetre to make the knives, then artisans finish the job by hand. Japanese knives make food taste better, "have unique 'wabi-sabi' aesthetics" -- meaning beauty in imperfection -- "and when it comes to sharpness, they're second to none", Sumikama said. "Different countries have different strengths and weaknesses... even if President Trump tells people to make (Japanese-style) knives, they cannot."
The Print
29 minutes ago
- The Print
India to resume visas for Chinese nationals as thaw continues ahead of likely Modi-Xi meet
Chinese citizens will have to complete an online application, schedule an appointment and personally submit their passports at Indian visa centres in Beijing, Shanghai and Guangzhou. The Indian Embassy in Beijing announced the move on the Chinese social media platform, Sina Weibo, indicating that Chinese citizens can apply for a tourist visa for travel to the South Asian nation from 24 July, 2025. New Delhi: India lifted its nearly 5-year suspension on tourist visas to Chinese nationals Wednesday, amid a continuing thaw in relations between the two countries ahead of Prime Minister Narendra Modi's likely visit to Tianjin for the Shanghai Cooperation Organisation (SCO) summit at the end of next month. The move comes as both New Delhi and Beijing continue to use confidence-building mechanisms to slowly restore ties following a diplomatic pause. The two countries have had a difficult few years following the clashes in Galwan in the summer of 2020. While India had paused visas for Chinese nationals, China issued about 3 lakh, mainly business-related visas, to Indians, last year. The issuance of visas for its tourists and businessmen was one of the Chinese government's main asks. India had paused travel from China and suspended direct air flights from the Asian country during the COVID-19 pandemic. The pause was never lifted as diplomatic ties cratered, following the military clashes. However, on 21 October, 2024, Indian Foreign Secretary Vikram Misri announced that the two countries had reached an agreement for disengagement at the friction points across the Line of Actual Control (LAC). The agreement set the stage for Modi to meet Chinese President Xi Jinping on the margins of the BRICS Summit in the Russian city of Kazan a few days later. India pushed for the resumption of the Kailash Mansarovar Yatra as a means to build confidence in the ties with Beijing. Earlier this summer, the yatra was resumed with the first batch of pilgrims reaching the site last month. With India lifting the suspension of tourist visas for Chinese nationals, the first of Beijing's requests for restoration of ties has been implemented. The other ask by Beijing has been the resumption of direct flights. Technical teams are currently working out an agreement, which would see the resumption of direct flights between the two countries. Chinese foreign ministry spokesperson Guo Jiakun welcomed the step in comments made to reporters, according to Reuters. 'China is ready to maintain communication and consultation with India and constantly improve the level of personal exchanges between the two countries,' Guo is reported to have said. Earlier this month, External Affairs Minister S. Jaishankar met with his counterpart, Wang Yi, in Beijing during his two-day visit to China. Jaishankar pushed for discussions on 'de-escalation' on the borders after noting that friction in the areas has been 'resolved'. In the last month, Indian National Security Adviser Ajit Doval and Defence Minister Rajnath Singh travelled to China for meetings under the SCO mechanism. Jaishankar attended the SCO foreign ministers' meeting during his 2-day visit to China. At the height of tensions, India moved 68,000 troops to eastern Ladakh along with military equipment. However, following the Modi-Xi meeting in October 2024, a number of bilateral mechanisms have been engaged at different levels, leading to a reduction in diplomatic tensions between the two neighbours. China is set to host the SCO Heads of State Summit at the end of August in the city of Tianjin, with Modi's attendance expected. However, the Indian PM has in the past given the summit a miss, in particular last year's summit in the Kazakh capital of Astana. (Edited by Sugita Katyal) Also read: Congress reminds Jaishankar of China's 'support' to Pakistan in Op Sindoor after his talks with Wang Yi
