FX.co ★ India Stocks Set to Log 5th Straight Weekly Drop

The BSE Sensex saw a downturn of 106 points, or 0.1%, reaching 81,080 during early trading on Friday, continuing its decline from the day before. This drop was triggered by US President Trump's executive order issued on Thursday, announcing new tariff rates ranging from 10% to 41% that will take effect on August 1, impacting India among others. Additionally, sentiment was negatively affected by disappointing economic data from China, India’s leading trade partner, where factory activity surprisingly contracted in July. Traders are now looking ahead to significant US economic data and the first-quarter earnings reports from major companies like Adani Power, ITC, and Tata Power. Despite these uncertainties, the release of the final manufacturing data provided a silver lining, revealing that India’s factory activity experienced its fastest growth in 16 months. Early trading saw notable losses from companies such as Sun Pharmaceuticals (-3.7%), Tata Motors (-1.9%), JSW Steel (-1.8%), and Tata Steel (-1.7%). For the week, the index appears headed for a 0.5% decline, indicative of a fifth consecutive weekly decrease amidst unresolved US-India trade negotiations.