Sensex, Nifty Decline As Private Banks Drag On Earnings Concerns

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(RTTNews) - Indian shares fell notably on Friday, with uncertainty over U.S. tariffs and a muted start to the quarterly earnings season weighing on markets.

Potential disruption to cheap Russian oil supply due to threatened U.S. and NATO sanctions over the Ukraine conflict also kept investors on edge.

"I'm not worried at all. If something happens, we'll deal with it," Petroleum Minister Hardeep Singh Puri reportedly said on Thursday at an industry event in New Delhi.

Earlier today, EU countries approved a new package of sanctions against Russia over its war in Ukraine, including a lower oil price cap on Russia's global oil exports, a ban on transactions with Nord Stream gas pipelines, and the targeting of more shadow fleet ships.

The 18th round of sanctions since the 2022 invasion was signed off as Slovakia's Russia-friendly Prime Minister Robert Fico withdrew his objections after securing what he called "guarantees" from the EU on gas prices.

The EU will keep raising the pressure until Russia ends its war," EU foreign policy chief Kaja Kallas said in a statement.

The benchmark S&P/BSE Sensex fell 501.51 points, or 0.61 percent, to 81,757.73 while the broader NSE Nifty index closed at 24,968.40, down 143.05 points, or 0.57 percent, from its previous close.

The BSE mid-cap and small-cap indexes ended down around 0.6 percent each.

The market breadth was weak on the BSE, with 2,384 shares declining while 1,666 shares advanced and 158 shares closed unchanged.

Among the prominent decliners, shares or private sector lender Axis Bank plunged 5.2 percent after asset quality issues and slower loan growth weighed on its Q1 earnings.

Eternal, Titan Company, Bharti Airtel, Kotak Mahindra Bank, HDFC Bank and BEL dropped 1-2 percent.

Defense stocks succumbed to profit taking after recent strong gains, with HAL, Bharat Dynamics and Data Patterns (India) tumbling 3-5 percent.

On the positive side, Tata Steel advanced 1.7 percent and Bajaj Finance surged 1.9 percent.

Japan Inflation Data Due On Friday

Japan will on Friday release July figures for Tokyo inflation, highlighting a light day for Asia-Pacific economic activity. In June, both overall and core CPI were up 3.1 percent on year.

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Euro Higher Against Majors

The euro climbed against its major counterparts in the New York session on Thursday, as upbeat earnings from Google parent Alphabet lifted tech shares.

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Swiss Market Ends Modestly Lower

The Switzerland market stayed a bit positive in early trades on Thursday, but retreated around mid morning and then spent the rest of the day's session in negative territory, as investors stayed largely cautious, reacting to earnings and awaiting news from the trade front.

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European Stocks Close Broadly Higher

European stocks closed broadly higher on Thursday despite paring most of their early gains, after the European Central Bank left its interest rate unchanged for the first time in a year. The ECB held its key interest rates steady, in line with expectations.

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U.S. New Home Sales Rebound Much Less Than Expected In June

After reporting a steep drop by new home sales in the U.S. in the previous month, the Commerce Department released a report on Thursday showing a modest rebound by new home sales in the month of June. The Commerce Department said new home sales rose by 0.6 percent to an annual rate of 627,000 in June after plummeting by 11.6 percent to a rate of 623,000 in May.

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U.S. Initial Jobless Claims Unexpectedly Dip To 217,000

The Labor Department released a report on Thursday unexpectedly showing another modest decrease by first-time claims for U.S. unemployment benefits in the week ended July 19th. The report said initial jobless claims edged down to 217,000, a decrease of 4,000 from the previous week's unrevised level of 221,000. Economists had expected jobless claims to rise to 227,000.

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ECB Leaves Rates Unchanged As Expected

The European Central Bank held its key interest rates steady on Thursday, in line with expectations, as policymakers assessed that price pressures continue to ease, but acknowledged that the economic environment remains highly uncertain mainly due to the trade tariff wars.

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UK Private Sector Growth Moderates On Services Activity

UK private sector output continued to grow in July but the pace of expansion moderated as services activity lost momentum, flash survey results from S&P Global revealed on Thursday. The composite output index slid to 51.0 in July from 52.0 in June. The reading was also above the forecast of 51.9.

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EURUSD	1.17527	GBPUSD	1.3506	AUDUSD	0.65929
USDJPY	147.06	USDCAD	1.36443	USDCHF	0.79522

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Sensex, Nifty Decline As Private Banks Drag On Earnings Concerns