India-US Trade Deal Updates: $10 Billion in Indian Goods May Get Zero Tariff Entry

Indian stock markets were volatile on Wednesday, a day after staging a massive rally following the finalisation of the India-US trade deal. The trade deal has lowered tariffs on Indian goods to 18 per cent from 50 per cent, improving investor sentiment and lifting a key overhang for the markets.

Weakness in information technology (IT) shares, however, is capping upside in the markets today.

At 11:00 AM, the BSE Sensex was at 83,748, up 9 points or 0.01 per cent, while the Nifty was at 25,744, rising 17 points or 0.07 per cent.

Infisys, HCL Tech, TCS, Tech M, Bajaj Finance, Bajaj Finserv, and Eternal were the top Sensex losers on the Sensex, while M&M, Tata Steel, Power Grid, ITC, NTPC, RIL, ICICI Bank, Maruti Suzuki, and Bharti Airtel were the top gainers.

In the broader markets, the Nifty MidCap index gained 0.04 per cent, and the Nifty SmallCap index rose 0.58 per cent.

The Nifty IT index dropped 6 per cent, dragged by Persistent Systems, LTIMindtree, Infosys, HCL Tech, Coforge, TCS, Mphasis, and Tech M.

That apart, only the Nifty Realty index was trading with a shade of red, down 0.8 per cent.

On the upside, the Nifty Auto, and the Nifty Metal gained over 1 per cent each, while the Nifty Private Bank index rose 0.5 per cent.

Q3 results today

Bajaj Finserv, Tata Power Company, Apollo Tyres, Cummins India, Devyani International, Emami, Emcure Pharmaceuticals, Force Motors, Hexaware Technologies, Ivalue Infosolutions, JSW Cement, Kalpataru Projects International, Metropolis Healthcare, Apeejay Surrendra Park Hotels, TeamLease Services, Tube Investments of India, Trent, and Zuari Agro Chemicals will release their quarterly earnings today.

Markets will also react to results from Bajaj Finance, One Mobikwik Systems, Aarti Drugs, and others, which were released on Tuesday.