Prime Minister Narendra Modi conveyed to Ukrainian President Volodymyr Zelenskyy that India remains committed to making every possible contribution for an early and peaceful solution to the conflict. Zelenskyy sought India's support in limiting Russian energy exports.
Every dollar increase in crude oil price will add Rs 4,000 crore to the overall underrecovery.
The output of eight key infrastructure sectors slowed down to 4.3 per cent in November 2024 against 7.9 per cent growth registered a year ago, according to official data released on Tuesday. On a monthly basis, the production growth of these sectors was higher than the 3.7 per cent expansion recorded in October 2024.
Among Sensex firms, Tata Motors, Infosys, Hindustan Unilever, Power Grid, Bharat Electronics, ITC, UltraTech Cement and Tata Consultancy Services were the major laggards. However, Adani Ports, Bajaj Finance, Bajaj Finserv and Axis Bank were among the gainers.
Cheaper crude oil weakens rupee even as core sector growth revives
Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that India will conclude the proposed bilateral trade agreement (BTA) with the US by the fall or November this year. He said that "a little bit" of geopolitical issues overtook the trade matters in the negotiations for the pact between the two countries.
From the Sensex firms, Kotak Mahindra Bank, Titan, Axis Bank, Adani Ports, Mahindra & Mahindra, Reliance Industries, Tata Motors and HDFC Bank were among the major gainers. However, Eternal and Infosys were the laggards.
'What we need to watch is how Saudi Arabia's financial assistance will be used by Pakistan. If the funds go to build their military hardware and operations, it should worry us.'
Putin further described the Ukraine conflict as a mere "pretext" by Western powers to take these broader punitive measures against countries maintaining strong economic ties with Russia.
The additional 25 per cent tariff imposed by US President Donald Trump on India is set to deliver a major blow to West Bengal's export-driven economy, with the state's labour-intensive leather, engineering and marine sectors expecting losses ahead of the festive season, stakeholders said. The increased levies on Indian products for the country's purchases of Russian oil came into effect on Wednesday, bringing the total amount of tariff imposed on New Delhi to 50 per cent.
Among the Sensex firms, State Bank of India, Maruti Suzuki India, Axis Bank, NTPC, BEL, Adani Ports, Eternal, Sun Pharmaceuticals, Power Grid, ITC, UltraTech Cement, Trent, HCL Technologies, Mahindra & Mahindra, and HDFC Bank were the major gainers. On the other hand, Tata Steel, Tata Consultancy Services, Tech Mahindra, Titan, Bajaj Finserv, Tata Motors, Bharti Airtel and Bajaj Finance were among the laggards.
From the Sensex constituents, Tata Steel, Bajaj Finance, Bharti Airtel, Adani Ports, Eternal, Bajaj Finserv, NTPC, HDFC Bank, Reliance Industries and Axis Bank were among the major gainers. In contrast, Trent, State Bank of India, Tech Mahindra, Maruti and Mahindra & Mahindra were among the laggards.
'Deposit and lending rates have started to fall considerably. It is likely to spur investment and consumption of durables.'
Among Sensex firms, Tata Steel, HCL Tech, UltraTech Cement, Bharat Electronics, Sun Pharma and Tata Consultancy Services were the major gainers. However, Axis Bank, Titan, Maruti and Tata Motors were among the laggards.
From the Sensex firms, Tata Steel climbed the most by 3.40 per cent, followed by Power Grid, Axis Bank, Kotak Mahindra Bank, Larsen & Toubro, Bharat Electronics and Bharti Airtel. In contrast, Tech Mahindra, Maruti, UltraTech Cement and Bajaj Finserv were among the major laggards.
Among Sensex firms, Trent, ICICI Bank, Tech Mahindra, Bajaj Finserv, Mahindra & Mahindra, Power Grid, Tata Consultancy Services and Bajaj Finance were the major laggards. However, Tata Steel, Larsen & Toubro, State Bank of India, Kotak Mahindra Bank were among the major gainers.
Russian President Vladimir Putin announced his upcoming visit to India in December and expressed his intention to address the trade imbalance between the two countries, particularly concerning India's crude oil imports from Russia. He also lauded India's independent stance on international issues and highlighted the strong relationship between the two nations.
President Trump addresses questions about US imports from Russia and India's stance on purchasing Russian oil, hinting at potential tariffs.
Investors will take cues from the December quarter corporate earnings, with blue-chips like Infosys, Reliance Industries scheduled to report their results this week, in addition, inflation data and trading activity of foreign investors will also be crucial in dictating market trends, analysts said.
The ministry stated that for vehicles designed for E10 and calibrated for E20, mileage may drop by just 1-2 per cent, while in other vehicles, it could be around 3-6 per cent.
New Delhi, while opting not to retaliate yet to the American tariffs, has in recent weeks sought to reinforce its friendship with Moscow, and recalibrate its ties with Beijing rather than surrender to Washington's diktats.
'Geopolitical stability could remove the crude oil risk premium.'
Equity markets this week will turn their focus on the RBI's interest rate decision, Q1 earnings from several blue-chip firms and tariff-related news for further cues, analysts said. Moreover, trading activity of foreign investors and trends in global equity markets will also drive investors' sentiment.
The district administration said that air pollution is still within the acceptable limit and the local office of Pollution Control Board, Assam is closely monitoring the situation.
A year after a Hamas attack against Israel on October 7 and the ensuing Israeli invasion of the Gaza Strip, India's trade with most West Asian countries has largely escaped any major disruption, except with countries like Israel, Lebanon, and Jordan. However, repeated flare-ups of geopolitical tensions in the region continue to drive up shipping and logistics costs.
As crude oil prices set new records, the government-owned oil companies are working on a multi-pronged strategy to cut costs and stave off an impending crises. IOC, which is the country's largest company by sales, is cutting inventories, processing more sour crude oil which is cheaper and increasing refinery utilisation.
Officials from State-run refiners contend that savings from purchase of Russian oil are used to offset a part of the losses in revenues from selling transport fuels and LPG at State-set rates.
If crude oil prices stay at current levels, the Indian government would not be required to issue additional oil bonds to the four state-run oil marketing companies in the current financial year, Finance Minister P Chidambaram said on Monday. Oil retailers, however, are unlikely to cut prices of petroleum products in response to falling crude prices unless private retailers like Essar Oil and Reliance Industries Ltd restart operations and offer a lower price.
Prime Minister Narendra Modi will travel to China to attend the Shanghai Cooperation Organisation (SCO) summit, marking his first visit in over seven years. The visit signals a potential improvement in India-China relations after recent tensions.
The output of eight key infrastructure sectors expanded by 3.1 per cent in October 2024, sharply down from a 12.7 per cent growth registered in the same month last year, according to official data released on Friday.
India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed. India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa. Russia now makes up for nearly 42 per cent of all crude oil India imported in May.
Among Sensex firms, ITC, Bharti Airtel, Trent, Bajaj Finserv, Titan and Reliance Industries were the major laggards. However, UltraTech Cement, Adani Ports, Tata Motors, Bharat Electronics, Bajaj Finance and Hindustan Unilever were among the major gainers.
Chinese envoy Xu Feihong stated that China opposes the US imposing tariffs on India, amidst a thaw in Sino-India relations and concerns over global trade disruptions.
In an event-heavy week, stock investors will track quarterly earnings of several bluechip firms, the likely outcome of ongoing India-US trade talks, and inflation data for market cues, analysts said on Sunday. Moreover, global market trends and trading activity of foreign investors would also guide movement in equities, they said.
Among Sensex firms, Maruti, Axis Bank, Larsen & Toubro, ICICI Bank, Bharti Airtel, Infosys, Adani Ports and Hindustan Unilever were the laggards. However, Titan, State Bank of India, Eternal and Trent were among the major gainers.
Among Sensex firms, Eternal, Tata Motors, State Bank of India, Adani Ports, NTPC, IndusInd Bank, Bajaj Finance, Asian Paints, Axis Bank and Sun Pharma were the major losers. Bharti Airtel, Tata Steel, Mahindra & Mahindra, Hindustan Unilever, Nestle and Maruti were among the gainers.
Former White House trade advisor Peter Navarro accuses India of being an 'oil money laundromat' for Russia, alleging that India's oil purchases are funding Putin's war in Ukraine. The accusations come amid existing trade tensions and tariffs imposed by the US.
'India has intentionally taken advantage of the war in Ukraine to dramatically increase its purchases of Russian crude, when there are roughly 40 major crude providers that could satisfy Indian demand.'
Stock markets are in for an event-heavy week ahead with a raft of Q1 earnings from blue-chips, the US Fed interest rate decision and foreign investors trading activity driving investors' sentiment, analysts said. Macroeconomic data announcements, monthly auto sales numbers and global market trends would also guide movement in the domestic equities, they said.
India is expected to ramp up its purchase of crude oil from the United Arab Emirates (UAE) in the coming months following discussions between the two countries on the sidelines of the ongoing COP28 summit in Dubai, multiple sources in the know said. The UAE has historically been India's third-largest source of crude. It has suffered the largest drop in shipments since Indian refiners began to binge on Russian crude in 2022.
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