Public sector banks were among the biggest losers, with Bank of India, Union Bank of India, Indian Bank, and Bank of Baroda dropping nearly 4%. Canara Bank, Punjab National Bank, and State Bank of India also saw declines between 1.5% and 2%.
Elon Musk has publicly attacked Donald Trump's trade advisor, Peter Navarro, calling him "dumber than a sack of bricks" over newly imposed tariffs. This outburst follows Musk's appeal to Trump regarding the tariffs, which have cost him billions. The feud highlights internal conflict within Trump's circle and Musk's dissent over trade policy, despite his previous support for the administration.
Amnish Aggarwal of Prabhudas Lilladher anticipates a 25 bps rate cut by the RBI, citing controlled inflation and market volatility. He cautions against making fresh market bets amidst the US-China trade war, predicting continued volatility for the global economy and markets. While some Indian sectors like home textiles might benefit, increased dumping from China could pressure Indian industries.
There is a significant focus on global diversification using Liberalised Remittance Scheme (LRS), Overseas Portfolio Investment (OPI)/ Overseas Direct Investment (ODI) route and integration of investments with migration decisions.
