FX.co ★ India Stocks Kick off Week Lower

On Monday morning, the BSE Sensex dropped by 257 points, or 0.3%, settling at 82,229, its lowest point in two weeks and signaling a fourth consecutive day of declines. This downturn occurred amid renewed trade tensions following the U.S. announcement of plans to enforce a 30% tariff on most imports from the EU and Mexico starting August 1, despite ongoing prolonged negotiations. Additionally, disappointing earnings from Tata Consultancy Services continued to dampen market sentiment. Investors also anticipated key data from China, India’s largest trading partner, scheduled for release on Wednesday, which includes GDP, industrial production, and retail sales figures. Nonetheless, the decline was mitigated by recent data from China showing higher-than-expected growth in exports for June. The technology sector emerged as the primary detractor for the BSE Sensex, declining by 1.0%, with significant losses observed in HCL Tech (-1.2%), Infosys (-1.2%), Larsen & Toubro (-1.0%), and TCS (-0.9%). Other major downturns included Bajaj Finance (-1.4%) and Asian Paints (-1.1%).