ET Market Watch: Sensex drops 308 pts, Nifty below 24,700 on FII exodus & Trump tariff threat
Hi, you're listening to ET Markets Radio, I am your host Neha V Mahajan. 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:Sensex tumbled over 300 points and Nifty cracked below 24,700 today, here's what you need to know in 5 quick lines!1. FII Exodus & Trump Tariff ThreatForeign investors pulled money out as President Trump renewed threats of U.S. tariffs on India's Russian oil imports, denting market confidence.2. Sensex & Nifty SnapshotThe Sensex closed down 308.5 points at 80,710, while Nifty slid 66.2 points to 24,649—both under pressure from sustained outflows.3. Sector Winners & LosersDefensive FMCG and IT fell ~0.7% each; Nifty Pharma lost 0.8%. Among stocks, Adani Ports, Reliance, Infosys, ICICI Bank all dipped 0.7–2.4%.4. Bright Spots & LowlightsGodfrey Phillips jumped 10% on strong June-quarter profit and bonus shares; Reliance Power hit its 5% lower circuit amid ED loan-fraud probes.5. What's Next?All eyes on RBI's upcoming MPC meeting for policy cues and watch Nifty's 24,400–24,850 range for the next breakout.Stay tuned for more market updates—like, follow, and drop your view on whether you're buying the dip or waiting on the sidelines!
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
7 minutes ago
- Economic Times
Prestige Estates shares in focus after Q1 profit rises 26% YoY on strong housing demand
As of March 2025, Prestige Estates had completed 302 projects covering 193 million square feet and had a pipeline of 130 projects across 203 million sq ft. Prestige Estates Projects reported a 26% YoY increase in net profit to Rs 292.5 crore for Q1 FY26, driven by higher revenue and strong housing demand. Pre-sales surged fourfold to Rs 12,126.4 crore, boosted by a Ghaziabad project. Analysts predict an 11% upside, with an average target price of Rs 1,787, despite recent price dips and mixed technical signals. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Prestige Estates share price target Share price performance Shares of Prestige Estates Projects will be in focus on Wednesday after the real estate developer reported a 26% year-on-year increase in consolidated net profit to Rs 292.5 crore for the June quarter, supported by higher revenue and robust housing demand . The company had posted a net profit of Rs 232.6 crore in the same period last income rose to Rs 2,468.7 crore in Q1 FY26, up from Rs 2,024.5 crore in the year-ago period, according to a regulatory month, Prestige Estates reported a four-fold jump in pre-sales to Rs 12,126.4 crore for Q1 FY26, primarily driven by strong demand for its Ghaziabad residential project. In the same quarter last year, pre-sales stood at Rs 3,029.5 of March 2025, the company had completed 302 projects covering 193 million square feet and had a pipeline of 130 projects across 203 million sq Read: PNB Housing Finance, RBL Bank among 10 small-cap stocks where FIIs increased stake in Q1 According to Trendlyne, the average target price for Prestige Estates stands at Rs 1,787, indicating an upside potential of 11% from current levels. The stock holds a 'Buy' recommendation from 19 the technical front, the relative strength index (RSI) is at 42.1, indicating the stock is neither overbought nor oversold. The MACD is at 5.9, below its signal and centre line—a strong bearish stock is trading above its 100-day, 150-day, and 200-day simple moving averages (SMAs), but remains below its 5-day, 10-day, 20-day, 30-day, and 50-day Read: These 10 stocks delivered consistent dividend yields over the last 3 years On Tuesday, shares of Prestige Estates closed 1.4% lower at Rs 1,609.3 on the BSE, while the benchmark Sensex fell 0.38%. The stock is down 3% so far in 2025 but has surged 180% over the past two years. The company's market capitalisation currently stands at Rs 69,319 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
9 minutes ago
- Time of India
"I don't know anything about it": Trump on US imports of Russian chemicals and fertilizers
Donald Trump claimed ignorance about US imports of Russian chemicals and fertilizers. This followed India's assertion that the US continues to import these items. Trump also threatened to raise tariffs on India for buying Russian oil. India strongly rejected this, citing its energy security needs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads US President Donald Trump on Tuesday (local time) stated that he had no knowlegde that the United States imports Russian Chemicals and fertilizers. The rebutall came after India claimed that US continues to import from Russia uranium hexafluoride for its nuclear industry,fertilisers, as well as asked by the about US Imports of Russian chemicals and fertilizers during a press conference at the White House, Trump said, "I don't know anything about it. We will have to check."ANI has reached out to the presidents press team and awaits for a comment came a day after the US President announced that the United States would "substantially raise" tariffs on India over its purchase of Russian oil."India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA. Thank you for your attention to this matter!!!" Trump had said in a post on Truth Social on US President's statement was strongly rejected by India, with the Ministry of External Affairs calling the targeting of India "unjustified and unreasonable."In a detailed response, India said its imports from Russia were based on market needs and energy security, especially after Western nations diverted traditional supplies to Europe following the Ukraine conflict."In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability. India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by global market situation. However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion," the statement government also pointed to continued trade between Russia and both the United States and the European Union."Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilisers, as well as chemicals. In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," the statement said," the MEA statement's also noted that the EU's bilateral trade with Russia in 2024 reached Euro 67.5 billion in goods, along with 16.5 million tonnes of LNG, more than its own trade volume with said it will take all necessary steps to safeguard its national interests and economic security.
Mint
9 minutes ago
- Mint
Navigating US markets split personalities: McGeever
ORLANDO, Florida, - During an extraordinary few days when the worlds of U.S. politics, policy, economics and company earnings collided, the divergences that run through the country's equity and bond markets have come into sharp relief. For the bond market, the split separates short-dated Treasuries that price off the Fed's policy rate and longer maturities that are more sensitive to U.S. debt and deficit concerns. And for the benchmark S&P 500, that line is between the 'Magnificent Seven', along with a few other tech and artificial intelligence-focused megacaps, and everyone else. These types of divides have always existed to some extent, but they have become more apparent this year given the historic concentration on Wall Street and rapid deterioration in the U.S. fiscal outlook. The dramatic moves in U.S. assets over the last few days serve as a microcosm of these deeper divergences. The split in the bond market burst open on Friday. Triggered by surprisingly weak jobs figures and President Trump's shock decision to fire a senior official in the agency responsible for collecting the data, the two-year Treasury yield plunged 25 basis points and the 2s/30s yield curve steepened by 20 basis points. These were the biggest moves in one year and two and a half years, respectively. The slump in yields, especially at the short end of the curve, indicates that investors' supposed concerns about fiscal indiscipline quickly evaporate as soon as growth-sapping cracks in the labor market appear. So much for the bond vigilantes. Tellingly, there was no pullback on Monday. Indeed, Treasury prices climbed even higher, pushing the two-year yield as low as 3.66%, its nadir since May. Long-dated yields have declined too, but not as aggressively, resulting in Friday's dramatic steepening of the 2s/30s curve to levels that, with the exception of April's brief tariff tantrum, haven't been seen for more than three years. Investors may wince at the size of the federal debt and the Treasury's funding needs but still want to load up on two-year bonds when they think rate cuts are coming. This parallel thinking isn't new, but the stark difference in the narratives driving the front and back ends of the curve is notable. The U.S. equity market concentration story is familiar to everyone by now, but the last few days underscore how jaw-dropping - and seemingly entrenched - it is. Blockbuster earnings reports from 'Mag 7' constituents Meta, Microsoft and Apple juiced another wave of outperformance in Big Tech stocks, reviving debate about concentration risk, bubbles and the long-term benefits of AI. By some measures, a few Big Tech firms now account for as much as 40% of the total U.S. stock market cap. Tech is more expensive relative to the broader S&P 500 index than ever, even compared to the dotcom bubble, according to Bank of America. Wall Street's average valuations and earnings growth are therefore increasingly being driven by Big Tech. Strip out the top 10 firms, and the rump S&P 490 has barely registered any earnings growth in the last three years, according to SocGen's Andrew Lapthorne. Again, there are multiple narratives at work here. It may be true that overseas investors want to reduce their U.S. equity exposure, but don't want to miss out on the Big Tech boom. So even if foreign investors start shedding some U.S. assets – and that's debatable – they aren't apt to be jettisoning the likes of Nvidia and Microsoft. This is a delicate juncture for investors. Wall Street is at record highs, but concentration risk has also rarely been higher. The outlook for long-dated bonds is worrying given current fiscal and inflation dynamics, yet the short end looks much more attractive, though even that is complicated by the economic and unique political pressures bearing down on the Fed. The divergences in U.S. markets may narrow, gradually or suddenly, or they may continue unabated for some time. Without a crystal ball, it's tough to know exactly what the catalyst for mean reversion would be. One thing is likely guaranteed though: in this environment, it will pay to be nimble. This article was generated from an automated news agency feed without modifications to text.
