Prime Minister Narendra Modi spoke with Russian President Vladimir Putin, discussing the Ukraine conflict and reaffirming the commitment to deepen the India-Russia strategic partnership. The conversation occurred amid US pressure on India over Russian oil purchases.
'I do believe there will be a resolution in the next couple of months on the penal tariff and hopefully on the reciprocal tariff also.'
Among Sensex firms, State Bank of India, Bharat Electronics, Kotak Mahindra Bank, Maruti, Trent and UltraTech Cement were the major gainers. However, Bajaj Finserv, Titan, ITC and Tata Steel were among the laggards.
The commerce ministry on Friday held consultations with key stakeholders, including shipping lines, exporters, container firms, and other departments, to assess the impact of the Iran-Israel conflict on India's overseas trade, an official said. The meeting was chaired by Commerce Secretary Sunil Barthwal.
External Affairs Minister S Jaishankar has called on Brazil, Russia, India, China, South Africa (BRICS) to defend the multilateral trading system amid increasing protectionism and tariff volatility during a meeting of the bloc's foreign ministers in New York on the sidelines of the United Nations General Assembly session.
Indian imports of Russian crude oil may stabilise or even decline in 2024 from record 2023 levels amid shrinking discounts, lower output, and a rebound in West Asian supplies, according to the ship-tracking data and industry executives. This may impact the billions of dollars in annual savings that India made last year. Imports of Russian oil jumped by a record 140 per cent in calendar 2023 to 1.79 million barrels a day (b/d) from 740,400 b/d in 2022, when Russia marched into Ukraine in February, and from just 102,000 b/d in 2021, according to the data from Paris-based market intelligence agency Kpler.
US President Donald Trump expresses frustration with the lack of progress in trade talks with India, imposing a 25% tariff. The move comes amid concerns over trade deficits and India's reliance on Russian military equipment and energy.
Among the Sensex firms, Mahindra & Mahindra jumped the most by 5.96 per cent. Bajaj Finance, Bajaj Finserv, Trent, ITC and HDFC Bank were also among the gainers. However, Maruti Suzuki India, Bharat Electronics, HCL Tech, NTPC, Power Grid, Infosys and Reliance Industries were among the laggards.
The ongoing Hamas-Israel conflict has disrupted India's efforts to gain from a recent fall in crude oil prices. Since Hamas' invasion of southern Israel on October 7, petroleum has become costlier by around $5 per barrel, threatening to stoke prices and impact growth. Brent crude was trading at $89.8 per barrel on October 9 (9.15 pm IST), up over 4 per cent, thwarting India's anticipation of a period of declining oil prices - after the leading global petroleum benchmark declined by around 11 per cent last week.
Among Sensex firms, Tata Motors, Bharat Electronics, UltraTech Cement, Tech Mahindra, Mahindra & Mahindra, ICICI Bank, Tata Consultancy Services and Axis Bank were the major laggards. However, Power Grid, Hindustan Unilever, NTPC and HCL Tech were among the gainers.
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.
The Indian team has returned from the US after holding trade talks with their American counterparts in New York, an official said on Thursday. Commerce and Industry Minister Piyush Goyal, who led the team, will be back on Friday.
Stock markets will be driven by RBI's interest rate decision, tariff-related developments, global trends and trading activity of foreign investors in this holiday-shortened week, analysts said.
The additional 25 per cent duty will come into effect after 21 days or August 27.
From the Sensex firms, Bharat Electronics, Bajaj Finance, Bajaj Finserv, Axis Bank, Maruti and Tata Motors were among the gainers. However, Eternal, Hindustan Unilever, Trent and Titan were the major laggards.
'Pakistan has found itself in a favourable position after Operation Sindoor by appreciating the mediation as claimed by Trump and recommending him for the Nobel Peace Prize.'
With the India-US trade talks moving in the right direction, Commerce and Industry Minister Piyush Goyal is expected to visit Washington soon, sources said.
Donald Trump's tariffs, meant as political punishment, have avoided the predicted chaos, lifting US growth, weakening rivals, and letting him claim victory in a resilient global economy, observes T T Ram Mohan.
Prime Minister Narendra Modi congratulated US President Donald Trump on the success of the first phase of a US-brokered peace plan for Gaza and reviewed trade negotiations during a phone conversation.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
From the Sensex firms, Tata Motors jumped the most by 5.54 per cent, followed by Kotak Mahindra Bank, Trent, Sun Pharma, Axis Bank, and ICICI Bank. However, Bajaj Finance, State Bank of India, UltraTech Cement and Tata Steel were among the laggards.
'The primary market's rhythm mirrors investor confidence. While sentiment may appear cautious, it reflects maturity, not weakness.'
'The frenzy for gold is primarily due to the uncertainty surrounding the tariff war.'
Investor sentiment across Asian markets has shifted sharply in August, reveals the latest Bank of America (BofA) Fund Manager Survey, which found global growth expectations retreating after three months of improvement.
India and the US have collaborated through the past one month on launching a powerful satellite; are commencing joint production of GE Aerospace's F414 jet engines in India; India is participating in a massive three week-long military exercise in the Western Pacific, observes Ambassador M K Bhadrakumar.
While both sides have announced the decision to restart talks for a trade deal, government officials said discussions are continuing virtually.
...on par with oil, power, and defence, and to restrict its storage under foreign control.
Benchmark BSE Sensex rallied 746 points to close above the 80,000 mark on Monday following buying in oil, auto and banking shares amid fresh foreign fund inflows. The 30-share Sensex jumped 746.29 points or 0.93 per cent to settle at 80,604.08 with 26 of its constituents ending higher.
Among Sensex firms, Bharat Electronics, Eternal, Mahindra & Mahindra, Kotak Mahindra Bank, Tata Motors and Power Grid were the gainers. However, Adani Ports, ITC, UltraTech Cement and Titan were among the laggards.
This will be the first face-to-face meeting between Rubio and Jaishankar following President Donald Trump's imposition of an additional 25 per cent tariff on India for Delhi's purchases of Russian oil, taking the total levies imposed on India by the Trump White House to 50 per cent.
Equity markets will keenly track outcome of the US Federal Reserve policy meeting this week amid heightened expectations of an interest rate cut along with WPI inflation data, analysts said. Any further development on the USndia trade front would also drive trends in the equity market, experts said.
Trump's new rules for how countries should treat him have led to the current breakdown in India-US relations, explains Ambassador T P Sreenivasan.
Retail inflation slipped to 1.54 per cent in September from 2.07 per cent in the preceding month mainly due to subdued prices of food items, including vegetables and pulses, according to government data released on Monday. The consumer price index (CPI) based inflation was 5.49 per cent in September 2024.
Rubio mentioned the recent conflict between India and Pakistan that President Donald Trump has repeatedly claimed he solved.
An $1 per barrel change in crude price impacts the net import bill by Rs 3,513 crore.
India and China are expected to discuss new confidence-building measures for durable peace and tranquillity along their contested border during Chinese Foreign Minister Wang Yi's two-day visit to India. The visit is seen as an effort to rebuild relations after the Galwan Valley clashes.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
"Just had a wonderful phone call with my friend, Prime Minister Narendra Modi. I wished him a very Happy Birthday! He is doing a tremendous job. Narendra: Thank you for your support on ending the War between Russia and Ukraine! President DJT," Trump posted on Truth Social, signing off with his initials to underline the personal tone of the message.
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