Global cues subdue equity indices; Sensex down over 250 points
Mumbai, July 2 : Weak global cues depressed the key Indian equity indices on Monday afternoon, with the BSE Sensex losing over 250 points.
Heavy selling pressure on metal, capital goods and banking stocks weighed down the indices, analysts said.
At 1.25 p.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,616.05 points -- down by 98.25 points or 0.92 per cent from its previous close of 10,714.30 points.
The barometer 30-scrip Sensex on the Bombay Stock Exchange (BSE), which had opened at 35,545.22 points, traded at 35,165.29 points (1.25 p.m.) -- lower by 258.19 points or 0.73 per cent from its previous session's close of 35,423.48 points.
Sensex has so far touched a high of 35,578.24 points and a low of 35,106.57 during intra-day trade. The BSE market breadth was bullish with 698 declines and 1,752 advances so far.
The top gainers on the Sensex were Bajaj Auto, Asian Paints, Infosys, IndusInd Bank and Tata Consultancy Services whereas NTPC, Bharti Airtel, Vedanta, Adani Ports and ONGC were the major losers.
On the NSE, Bajaj Auto, Asian Paints and IndusInd Bank were the highest gainers while Hindalco Industries, NTPC and Bharti Airtel lost the most.
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Cong takes swipe at PM over India not being part of US-led 'Pax Silica' grouping
New Delh (PTI) The Congress on Saturday said it is perhaps not very surprising that India is not part of a US-led strategic initiative to build a secure silicon supply chain, given the "sharp downturn" in the Trump-Modi ties, and asserted that it would have been to "our advantage if we had been part of this group".
Congress general secretary in charge of communications Jairam Ramesh took a swipe at Prime Minister Narendra Modi, saying the news of India not being part of the group comes after the PM had enthusiastically posted on social media about a telephone call with his "once-upon-a-time good friend and a recipient of many hugs in Ahmedabad, Houston, and Washington DC".
In a lengthy post on X, Ramesh said, "According to some news reports, the US has excluded India from a nine-nation initiative it has launched to reduce Chinese control on high-tech supply chains. The agreement is called Pax Silica, clearly as a counter to Pax Sinica. The nations included (for the moment at least) are the US, Japan, the Republic of Korea, Singapore, the Netherlands, the United Kingdom, Israel, the United Arab Emirates, and Australia."
"Given the sharp downturn in the Trump-Modi ties since May 10th, 2025, it is perhaps not very surprising that India has not been included. Undoubtedly, it would have been to our advantage if we had been part of this group."
"This news comes a day after the PM had enthusiastically posted on his telephone call with his once-upon-a-time good friend and a recipient of many hugs in Ahmedabad, Houston, and Washington DC," the Congress leader asserted.
The new US-led strategic initiative, rooted in deep cooperation with trusted allies, has been launched to build a secure and innovation-driven silicon supply chain.
According to the US State Department, the initiative called 'Pax Silica' aims to reduce coercive dependencies, protect the materials and capabilities foundational to artificial intelligence (AI), and ensure aligned nations can develop and deploy transformative technologies at scale.
The initiative includes Japan, South Korea, Singapore, the Netherlands, the United Kingdom, Israel, the United Arab Emirates, and Australia. With the exception of India, all other QUAD countries -- Japan, Australia and the US -- are part of the new initiative.
New Delhi will host the India-AI Impact Summit 2026 on February 19-20, focusing on the principles of 'People, Planet, and Progress'. The summit, announced by Prime Minister Narendra Modi at the France AI Action Summit, will be the first-ever global AI summit hosted in the Global South.
Prime Minister Modi and US President Trump on Thursday discussed ways to sustain momentum in the bilateral economic partnership in a phone conversation amid signs of the two sides inching closer to firming up a much-awaited trade deal.
The phone call between the two leaders came on a day Indian and American negotiators concluded two-day talks on the proposed bilateral trade agreement that is expected to provide relief to India from the Trump administration's whopping 50 per cent tariffs on Indian goods.
In a social media post, Modi had described the conversation as "warm and engaging".
"We reviewed the progress in our bilateral relations and discussed regional and international developments. India and the US will continue to work together for global peace, stability and prosperity," Modi had said without making any reference to trade ties.
