Markets extend losses in late trade

Indian equity benchmarks extended their losses in late trade as market heavy weights -- Infosys, Reliance Industries, HDFC Bank and ICICI Bank experienced selling pressure. Besides, investors overlooked U.S. President Donald Trump’s comments signalling India-US trade deal to be inked soon. Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman S Mahendra Dev has said India should negotiate a trade agreement with the US on its own terms, keeping in view the national interest. Moreover, outshining headline indices -- Sensex and Nifty -- the mid cap and small caps managed to garner some gains, reflected by BSE Mid cap index gaining 0.12% and BSE Small cap index rising 0.21%. 

On the global front, Asian equity markets were trading mostly in green after U.S. President Donald Trump denied plans to fire Federal Reserve Chairman Jerome Powell. European equity markets were trading higher amid optimism over a potential trade deal between the United States and the European Union.

The BSE Sensex is currently trading at 82309.90, down by 324.58 points or 0.39% after trading in a range of 82303.65 and 82757.09. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.12%, while Small cap index was up by 0.21%.

The top gaining sectoral indices on the BSE were Realty up by 0.87%, Metal up by 0.67%, FMCG up by 0.54%, Basic Materials up by 0.44% and Healthcare up by 0.43%, while IT down by 1.03%, TECK down by 0.81%, Bankex down by 0.46%, PSU down by 0.42%, Utilities down by 0.30% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 1.53%, Titan Company up by 0.66%, Trent up by 0.63%, Ultratech Cement up by 0.47% and Sun Pharmaceutical Industries up by 0.38%. On the flip side, Tech Mahindra down by 2.34%, Infosys down by 1.20%, Axis Bank down by 1.05%, Eternal down by 0.97% and HCL Technologies down by 0.95% were the top losers.

Meanwhile, the next round of negotiations for the proposed comprehensive free trade agreements between India and two South American countries - Chile and Peru - will be held in August. Both agreements are being negotiated separately. While India-Chile will hold the second round of talks, India-Peru will have the eighth round of negotiations.

India and Chile held the first round of negotiations for the proposed comprehensive free trade agreement in May. The two countries implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a comprehensive economic partnership agreement (CEPA). An expanded PTA was subsequently signed in September 2016 and became effective on May 16, 2017. The CEPA aims to build upon the existing PTA between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSMEs (micro, small and medium enterprises), and critical minerals.

The bilateral trade between India and Chile is modest. In 2024-25, India's exports to Chile were down 2.46 per cent to just $1.15 billion. Imports, however, grew 72 per cent to $2.60 billion. The largest Indian exports to Chile are auto and pharma. The biggest import from Chile is minerals worth around $1.58 billion. Other products imported from Chile are copper and chemicals. Chile is the fifth-largest trading partner of India in the LAC (Latin American countries) region. India's exports to Chile are diversified and constitute motor vehicles/cars, drug formulations, chemicals, products of iron and steel, man-made yarn, fabrics, cotton fabrics, made-ups, RMG (ready-made garments), auto components, electric machinery and equipment, leather goods, rubber products, aluminium and its products, and ceramics.

On the other hand, Peru has emerged as the third-largest trading partner of India in the Latin American and Caribbean regions. During 2024-25, India's exports to Peru rose by about 9 per cent to $1 billion, while imports grew 60 per cent to $4.98 billion. India's main exports to Peru include motorcycles and three-wheelers, polyester and cotton yarns, pharmaceuticals, iron and steel products, plastic products, rubber, pipes for the oil and gas industry, tyres, pipes, etc. Main imports from Peru are gold, copper, synthetic filaments, phosphates of calcium, fresh grapes, and fish flour.

The CNX Nifty is currently trading at 25140.20, down by 71.85 points or 0.28% after trading in a range of 25124.30 and 25238.35. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Tata Consumer Products up by 2.17%, Tata Steel up by 1.48%, Hindalco up by 1.15%, Adani Enterprises up by 1.09% and Dr. Reddy's Laboratories up by 0.76%. On the flip side, Tech Mahindra down by 2.41%, Indusind Bank down by 1.65%, SBI Life Insurance Company down by 1.31%, Infosys down by 1.16% and Axis Bank down by 1.08% were the top losers.

Asian markets are trading mostly in green; Jakarta Composite gained 85.06 points or 1.17% to 7,277.08, KOSPI increased 5.91 points or 0.19% to 3,192.29, Nikkei 225 surged 237.79 points or 0.6% to 39,901.19, Taiwan Weighted added 70.38 points or 0.3% to 23,113.28, Straits Times rose 27.77 points or 0.67% to 4,160.02 and Shanghai Composite strengthened 13.05 points or 0.37% to 3,516.83, while Hang Seng declined 14.69 points or 0.06% to 24,503.07.

European markets were trading higher; UK’s FTSE 100 increased 36.51 points or 0.41% to 8,963.06, France’s CAC rose 84.24 points or 1.08% to 7,806.33 and Germany’s DAX gained 276.65 points or 1.14% to 24,286.03.