Sensex, Nifty tumble in early trade on weak global cues
The Hindu
Sensex and Nifty tumble for fifth day due to global market trends, tax hikes, and foreign fund outflows.
Equity market benchmark indices Sensex and Nifty tumbled in early trade on July 25, continuing to decline for the fifth day running, dragged by Axis Bank and overall bearish global market trends.
The announcement of a hike in securities transaction tax and short term capital gains tax in the Budget for 2024-25, heavy foreign fund outflows and profit-taking after a record rally also impacted markets' sentiment negatively during the initial trade.
Also Read: Markets still sour after tax hike on equity investments, Nifty, Sensex fall marginally
The 30-share BSE Sensex tanked 671 points to 79,477.83. The NSE Nifty tumbled 202.7 points to 24,210.80.
From the Sensex pack, Axis Bank declined nearly 6% after the company's June quarter earnings failed to cheer investors.
JSW Steel, Tata Steel, ICICI Bank, Power Grid, UltraTech Cement and Titan were the other laggards.
Tata Motors, Larsen & Toubro, HDFC Bank and Kotak Mahindra Bank were the gainers.
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Rupee strengthens to 86.84 against the dollar amid trade war fears, market volatility, and RBI intervention.
WazirX announced the completion of its asset rebalancing process and urged investors to support its restructuring scheme.
Vespa introduces luxury scooter portfolio in India, unveiling special editions inspired by Indian artistry and opulence.
Dentzz Dental utilizes AI for precision care, leading to increased efficiency, accuracy, and patient satisfaction in dental treatments.
Former CEA Arvind Subramanian critiques RBI policies, fiscal framework, income tax cuts, and weak private investment in India.
President Trump imposes 25% tariffs on steel and aluminium imports, affecting India and prompting concerns over trade relations.
CEA highlights Southern States' economic prowess, urging benchmarking against global standards and emphasizing need for skill improvement.
The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
IHCL unveils Taj Bandstand luxury hotel project in Mumbai after 17 years, set to be iconic landmark.
Government and LIC selling majority stake in IDBI Bank, with due diligence process underway for potential investors.
Prime Minister Modi's meetings with President Trump may lead to tariff reductions on U.S. goods like pecan nuts.
President Trump announces 25% tariff on steel and aluminium imports, minimal impact on Indian steel industry.