FX.co ★ Sensex Ends on Negative Note

The BSE Sensex in India saw a decline of approximately 0.2%, closing at 83,536.1 on Wednesday, effectively reversing the gains made on Tuesday. This drop was primarily driven by reductions in the IT, metals, pharmaceuticals sectors, as well as a decrease in shares of the heavyweight Reliance Industries, despite an upward trend in consumer stocks. Investor sentiment remained wary against the backdrop of uncertainties pertaining to U.S. tariffs and the prospects of a U.S.-India trade agreement. President Trump reiterated that there would be no further deadline extensions, with new tariffs set to begin on August 1. He announced forthcoming 50% tariffs on copper alongside additional levies on semiconductors, pharmaceuticals, and imports from the BRICS nations. Meanwhile, investors awaited cues from the Federal Open Market Committee (FOMC) minutes, with attention slowly shifting toward domestic earnings reports. Significant market movements included HCL Technologies dropping over 2%, Tata Steel falling nearly 2%, Tech Mahindra decreasing by 1.4%, Reliance declining by 1.2%, and Bharti Airtel dipping by 0.8%. Conversely, Bajaj Finance rose by 1.5%, Hindustan Unilever by 1.3%, UltraTech Cement by 0.9%, Power Grid by 0.6%, and Asian Paints by 0.5%.