US stocks surged following President Trump's temporary tariff exemption on key tech products, boosting tech-heavy indices. The Dow, S&P 500, and Nasdaq all experienced significant gains, with tech giants like Apple and Nvidia leading the rally. European and Asian markets also responded positively, driven by renewed confidence in the tech sector and strong Chinese export data.
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The Indian rupee closed at 85.43 against the dollar, gaining seven paise. Initially weaker, the rupee strengthened due to the weakening US dollar amid recession concerns and inflation. Despite higher US tariffs on Indian imports, they are lower compared to other countries. Asian currencies recovered, and Indian equities outperformed, while US stocks opened negatively.
The Indian stock market closed higher, led by gains in financial and energy stocks following the RBI's $21 billion liquidity infusion and lower crude prices. The BSE Sensex and Nifty 50 both rose significantly. Positive global cues, particularly from a temporary tariff reprieve in the US, also bolstered investor sentiment.
S&P 500 and Nasdaq closed their worst quarter in years due to investor anxiety over Trump's tariff agenda. Big tech suffered significant losses, with Tesla and Nvidia plunging. Despite losses, more than half of the S&P 500’s sectors posted gains. Markets are on edge ahead of Trump’s expected tariff announcement, while gold reached an all-time high.
India's current account deficit fell to 1.2% of GDP in Q2 FY25, down from 1.3% the previous year, despite a worsening trade deficit driven by higher gold imports. Services exports rose significantly to $44.5 billion, helping offset the larger trade gap.
Sebi has proposed monthly systematic investment plans (SIPs) for a low ticket size of Rs 250. This aims to promote financial inclusion by subsidising costs for intermediaries. Investors can invest through up to three Rs 250 SIPs across different fund houses. Sebi plans to offer incentives to distributors and execution platforms for driving subscriptions to these small-ticket SIPs.
The government has allocated Rs 11.2 lakh crore for capital expenditure in 2025-26, marking a 10% increase from the revised estimate of the current financial year. The Budget aims to attract private investment in infrastructure through public-private partnerships. Additionally, a Rs 1.5 lakh crore interest-free loan for states' capex and incentives for reforms is proposed.
India's industrial sector is expected to grow at a slower pace of 6.2 per cent in FY25 compared to 9.5 per cent in FY24, as per advance estimates, primarily due to the base effect and a subdued manufacturing performance in the first half, according to Bank of Baroda report.
Wipro restructures its global business lines to enhance its market strategies and meet client demands in emerging technologies like AI, cloud, and digital transformation. The realignment will focus on delivering specialized, outcome-driven solutions, effective from April 1. Key management changes also include Jo Debecker's departure and Nagendra Bandaru assuming a leadership role.
The net direct tax collection in India has grown by 15.88% to approximately Rs 16.90 lakh crore so far in the current fiscal year, with personal income tax accounting for over Rs 8.74 lakh crore and corporate tax at around Rs 7.68 lakh crore. Gross direct tax collection has reached over Rs 20.
Zydus Wellness Ltd announced that its subsidiary, Zydus Wellness Products Ltd, has received a GST demand of Rs 56.33 crore with interest and penalties from the tax authority. The demand relates to the pre-acquisition period before January 30, 2019, concerning the acquisition of intellectual property rights from Heinz Italia S.P.A.