Weak US jobs data signalling slowdown, interest rate hike in Japan, geopolitical tensions may trigger problems for India’s markets. RBI is prudent in holding interest rates for now.
Factors influencing the bearish trend in Indian markets include appreciation of Japanese Yen against US dollar, fears of a possible recession in US and rising geopolitical tensions.
Reports also explore one of India’s top automakers, Bajaj Auto’s plans for the CNG motorbike space and the impact of veterinary drugs on Indian vultures’ lives and, in turn, human life.
Among the sectoral stocks Bank, Auto, Financial Services, IT, Pharma, Private Bank, Realty, and Healthcare traded in red during the initial hours of the trade.
Sensex ended at 80,429.04 points & Nifty at 24,479.05, both slightly lower than previous close. Many analysts had expected finance minister to keep long-term capital gains rate same.
Various indicators point to the Indian stock market being overvalued. Analysts say that a crash following an unforeseen event would be exacerbated because of these excessive valuations.
Energy stocks rose 0.5%, led by a 1.2% gain in ONGC after the government cut windfall tax on petroleum crude to Rs 3,250 per metric ton from Rs 5,200, effective 15 June.
Mineral security is no longer just an economic concern but a national security imperative, underpinning the country’s ambitions in clean energy, defence self-reliance, and advanced manufacturing.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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