Indian equity benchmarks declined for the third session in a row on Friday, due to a sober start to Q1 earnings season and a ramp-up in the tariff threat by the US to impose a 35 per cent tariff on Canada. Profit booking and cautious investor stance ahead of upcoming earnings announcements also contributed to the decline.
Some of the important factors in today’s trade:
Private asset reconstruction companies' AUM to decline by up to 6% in FY26: Ratings agency Crisil has said that private asset reconstruction companies' assets under management (AUM), measured in terms of security receipts, is set to decline by up to 6 per cent in FY26 to Rs 1.05 lakh crore as redemptions are outpacing acquisitions.
India revises proposed retaliatory duties against US over steel, aluminium tariffs in WTO: In view of further tariffs hike on steel and aluminium by the Trump administration, India has revised its proposal to impose retaliatory duties under the WTO (World Trade Organisation) norms against the US.
India to fill China's gap in Japan's garment market: The Apparel Export Promotion Council (AEPC) said that India has the potential to fill the gap left by the declining share of China, the largest exporter of ready-made garments to Japan.
Rupee falls against US dollar: Indian rupee depreciated against US dollar, on weak domestic markets and risk-off sentiments amid trade tariff uncertainty. However, a weak tone in crude oil prices supported the rupee at lower levels.
Global front: European markets were trading lower after U.S. President Donald Trump announced a 35 percent tariff on Canadian goods, effective August 1, 2025, and warned of a blanket tariff of 15-20 percent on most trading partners that haven't got letters yet. Asian markets ended mostly higher on Beijing's stimulus pledge ahead of a highly anticipated Politburo meeting.
Finally, the BSE Sensex fell 689.81 points or 0.83% to 82,500.47 and the CNX Nifty was down by 205.40 points or 0.81% to 25,149.85.
The BSE Sensex touched high and low of 83,040.74 and 82,442.25 respectively. There were 8 stocks advancing against 22 stocks declining on the index.
The broader indices ended in red; the BSE Mid cap index fell 0.65%, while Small cap index was down by 0.70%.
The few gaining sectoral indices on the BSE were FMCG up by 0.45% and Healthcare up by 0.17%, while TECK down by 1.85%, Auto down by 1.72%, IT down by 1.65%, Oil & Gas down by 1.28% and Energy down by 1.23% were the top losing indices on BSE.
The top gainers on the Sensex were Hindustan Unilever up by 4.61%, Axis Bank up by 0.79%, Sun Pharma up by 0.56%, NTPC up by 0.37% and Eternal up by 0.19%. On the flip side, TCS down by 3.46%, Mahindra & Mahindra down by 2.75%, Bharti Airtel down by 2.20%, Tata Motors down by 2.00% and Titan Company down by 1.73% were the top losers.
Meanwhile, expressing an optimism over India’s economic growth prospects, Minister of State for Ports, Shipping and Waterways Shantanu Thakur has said that the country will have to increase its exports to become the world’s third-largest economic power, and the shipping and waterways sector will play a vital role in enhancing exports.
He stresses the need for equal and balanced focus on the development of each sector and said priority must be given to enhancing the value of Indian products. He highlighted that the reduction of turnaround time for transporting goods from one state to another is of paramount importance.
He added that the use of artificial intelligence is imperative for the deeper development of the shipping and logistics sector. Noting that 70 per cent of trade is conducted via shipping, he stressed the need for vast development of the shipping industry.
The minister also emphasised the need to improve communication systems to establish a robust connectivity infrastructure across the country -- from the Northeast to the Northwest -- ensuring seamless first-mile and last-mile connectivity.
The CNX Nifty traded in a range of 25,322.45 and 25,129.00. There were 11 stocks advancing against 39 stocks declining on the index.
The top gainers on Nifty were Hindustan Unilever up by 4.63%, SBI Life Insurance up by 1.37%, Sun Pharma up by 0.71%, Indusind Bank up by 0.64% and Axis Bank up by 0.63%. On the flip side, TCS down by 3.47%, Mahindra & Mahindra down by 2.92%, Hero MotoCorp down by 2.74%, Wipro down by 2.62% and Bajaj Auto down by 2.54% were the top losers.
European markets were trading lower; UK’s FTSE 100 decreased 52.18 points or 0.58% to 8,923.48, France’s CAC fell 77.83 points or 0.98% to 7,824.42 and Germany’s DAX lost 262.74 points or 1.07% to 24,194.07.
Asian markets ended mostly higher on Friday tracking Wall Street’s gains overnight as investors cheered by data that showed weekly jobless claims unexpectedly slipped to a seven-week low. Hong Kong shares jumped, with EV and technology shares surging on China's stimulus pledge ahead of a highly anticipated Politburo meeting. However, some gains were limited as investors stayed cautious after US President Donald Trump announced a 35% tariff on Canadian goods, effective August 1, 2025, and warned of a blanket tariff of 15-20% on most trading partners that haven't got letters yet. The US President also said he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,510.18 | 0.50 | 0.01 |
Hang Seng | 24,139.57 | 111.20 | 0.46 |
Jakarta Composite | 7,047.44 | 42.07 | 0.60 |
KLSE Composite | 1,536.07 | -0.45 | -0.03 |
Nikkei 225 | 39,569.68 | -76.68 | -0.19 |
Straits Times | 4,087.81 | 12.11 | 0.30 |
KOSPI Composite | 3,175.77 | -7.46 | -0.23 |
Taiwan Weighted | 22,751.03 | 57.78 | 0.25 |
