Financials, IT stocks pull Indian equities lower
By Vivek Kumar M and Bharath Rajeswaran
(Reuters) -India's equity benchmarks fell in early trade on Tuesday, pressured by losses in financials and IT stocks amid regional market weakness and broad-based profit booking.
The Nifty 50 fell 0.88% to 24,780.95, while the BSE Sensex traded 0.95% lower at 81,409.67 as of 10:40 a.m. IST.
Investors are likely pulling back after the Nifty closed above the 25,000 mark on Monday, a trend seen in the last couple of weeks, analysts noted.
"We are again seeing profit booking at 25,000 levels as there are not enough positive triggers to pull the Nifty above these levels as of now," said Dharmesh Kant, head of equity research at Cholamandalam Securities.
All the 13 major sectors logged losses on the day. Heavyweight financials and information technology stocks lost about 1% each.
The broader, small-caps and mid-caps traded 0.1% and 0.3% lower, respectively.
"We see limited upsides for markets from here as the Nifty 50 valuations are no longer inexpensive at 20x 1-year forward price-to-earnings ratio," said Surendra Goyal and Vijit Jain of Citi Research.
"Consumption and growth recovery is key to generating positive market returns hereon," they said.
Meanwhile, MSCI Asia ex-Japan fell 0.5%, after being largely steady on Monday, as U.S. President Donald Trump delayed imposing tariffs on goods from the European Union. [MKTS/GLOB]
Markets in the U.S. were closed on Monday for a holiday.
Investors are awaiting the minutes of the U.S. Federal Reserve's May policy meeting and domestic GDP data for the fourth quarter this week, and the Reserve Bank of India's rate decision next week for fresh market triggers, analysts said.
Among individual stocks, InterGlobe Aviation shed about 3% as co-founder Rakesh Gangwal sold shares worth $1.36 billion.
FirsCry parent Brainbees Solutions slipped more than 4% after posting higher losses for the fourth quarter versus last year.
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy and Varun H K)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
an hour ago
- Hindustan Times
Zelensky urges Western allies to allot 0.25% GDP for Ukraine's defense industry
Ukrainian President Volodymyr Zelensky called on Ukraine's Western partners to allocate 0.25% of their GDP towards helping Kyiv ramp up weapons production, reported Reuters. Ukraine is in immediate need of improved weaponry and better ammunition.(REUTERS) "Ukraine is part of Europe's security and we want 0.25% of the GDP of a particular partner country to be allocated for our defence industry and domestic production," Zelensky said. "We have launched a program 'Build with Ukraine' and in summer we will sign relevant agreements to start exporting our technologies abroad in the format of opening production lines in European countries," Zelensky said. This year Kyiv had secured $43 billion to finance its domestic weapon production, he added. As Russia is bigger and more equipped than Ukraine, and the strife between the two has been escalating in the past few weeks, Zelensky's country is in immediate need of improved weaponry and better ammunition. Kyiv plans to launch joint weapon production outside of the country and will start exporting some of its military production technologies, the President affirmed. In the remarks released for publication by his office on Saturday, Zelenskiy said Ukraine was in talks with Denmark, Norway, Germany, Canada, the United Kingdom, and Lithuania to launch joint weapon production. According to the report, Ukraine's 40% defence needs are presently covered with domestic production, and the government is on the lookout for ways to boost this production in the future. Zelensky attended the G7 summit in Canada last week. He especially wanted to meet US President Donald Trump to discuss the ongoing conflict between Russia and Ukraine, help impose stronger sanctions against Russia and urge increased military support for his country. This effort went in vain as Trump left the summit a day early to address the Israel-Iran conflict in Washington. The Ukrainian President is likely to attend the upcoming NATO summit, where he will be meeting several Western leaders. He would also make a second attempt to meet Donald Trump after the G7. With inputs from agencies
Hindustan Times
3 hours ago
- Hindustan Times
Tesla set to debut in India with showrooms in Mumbai and Delhi: All you need to know about location and rent
Elon Musk's Tesla Inc. is reportedly gearing up to launch its first showrooms in India by July, marking the electric vehicle (EV) giant's formal entry into the world's third-largest automobile market. Tesla is reportedly set to open its first India showrooms this July. Here's what we know about their location and rent. (Representational photo) REUTERS/Charles Platiau/File Photo(REUTERS) Bloomberg quoted sources familiar with the matter as saying that Tesla's first batch of vehicles, Model Y rear-wheel drive SUVs, has already arrived in India. These units were shipped from the company's manufacturing facility in China. The Model Y is currently the world's best-selling electric car. The first showroom is expected to open in Mumbai by mid-July, followed by another in New Delhi, Bloomberg reported. Here's what we know about Tesla's upcoming showrooms in Mumbai and Delhi Tesla in Mumbai: Most expensive auto showroom deal in the country by far Tesla, has taken 4,000 sq ft of showroom space in India's costliest commercial district, Bandra Kurla Complex (BKC), in Mumbai, for ₹ 23.38 crore for five years, according to property registration documents accessed by CRE Matrix. The space has been taken on rent by Tesla along with two car parking spaces, and the per sq ft rent works out to be ₹ 881, the documents showed. The amount sets a national record in terms of lease rentals and makes it the most expensive auto showroom lease deal in the country by far, experts said. The documents show that the showroom space has been rented out in a commercial building named Maker Maxity on North Avenue. had reported on March 1 that the company had finalised showroom space in Mumbai's Maker Maxity in BKC, Mumbai, at a monthly rent of around ₹ 35 crore. The registration documents show that the transaction was registered on February 27, 2025, between Univco Properties LLP, the property owner, and Tesla India Motor and Energy Pvt Ltd. Documents show that the lease's tenure started on February 16, 2025, and the rent-free period is from February 16 to March 31. The rental for the lease deal is payable from April 2025 up to February 2030. The security deposit for the transaction is ₹ 2.11 crore, and the rental agreement has a 5% per month rent escalation clause on a per annum basis. According to the documents, the per month rent is ₹ 35.26 lakh, followed by ₹ 37.02 lakh in the second year, ₹ 38.88 lakh in the third year, ₹ 40.82 lakh in the fourth year, and ₹ 42.86 lakh in the fifth year. BKC is Mumbai's central business district (CBD) and a key hub for the Banking and Financial Services Industry (BFSI) and Fortune 500 companies. Tesla picks up managed office space in Mumbai Tesla has also secured 30 seats in a managed office space near Mumbai's Bandra Kurla Complex, the most expensive business district in India. According to sources, the space has a monthly rent of ₹ 3 lakh. The US-based EV firm has leased 30 seats in a co-working office located in Phoenix Market City with a rent of ₹ 3 lakh per month. The lease agreement is for a period of one year and comes with a three-month lock-in period, they said. This is a short-term lease that was executed between EFC and Tesla India Motor & Energy, sources said. They said that in its initial stages of establishment, Tesla has opted for the flexible workspace option to support its evolving needs. Tesla's dedicated vehicle service centre facility in Mumbai Elon Musk's Tesla India Motor and Energy Pvt Ltd has leased 24,565 sq ft of warehouse space at Lodha Logistics Park in Mumbai's Kurla area for a total rent of ₹ 24.38 crore for five years, according to property registration documents accessed by CRE Matrix. The new commercial space is in Kurla West, central Mumbai. The newly acquired 24,500 sq. ft facility, located in Macrotech Developers' Lodha Industrial and Logistics Park, will serve as a dedicated vehicle service centre, Tesla's first such facility in the country. The documents showed that the leased space includes two ground-floor units with a combined carpet area of over 18,000 sq ft and a chargeable area exceeding 24,000 sq ft. The starting monthly rent is over ₹ 37.53 lakh for the first year, with a 5% annual escalation, bringing the total rent over the five-year lease period to more than ₹ 24 crore. According to the documents, Tesla will pay ₹ 1.62 crore in common area maintenance charges over five years and has provided a security deposit of ₹ 2.25 crore. The lease agreement was registered on May 16, 2025. The license period begins on April 20, 2025, while the chargeable license period starts on June 1, 2025. Sources told that the per sq ft rent for this deal is around ₹ 218. This is also the first Grade A city warehousing facility suitable for automobile companies, quick commerce companies, and cloud kitchens. Also Read: Tesla leases 24,565 sq ft warehouse space in Mumbai's Kurla for over ₹ 24 crore for five years Elon Musk-owned Tesla is reportedly not keen on setting up manufacturing and production units in India. According to a statement from Union Minister for Heavy Industries HD Kumaraswamy, Tesla is only interested in expanding its showrooms in India. Tesla's Delhi showroom space update Sources said that the Delhi showroom space finalised by Tesla is around 4000 sq ft, and the rent is around ₹ 25 lakh per month. Sources said that Tesla has finalised the lease of showroom space in the Aerocity area located in a Brookfield property near New Delhi's Indira Gandhi International Airport (IGI). In April 2023, Bharti Enterprises Limited (BEL) transferred its 51% stake (held in Rostrum Realty) to Brookfield Group. In June 2024, Bharti Enterprises Limited (BEL) transferred its remaining stake (held in Rostrum Realty) to Brookfield India Real Estate Trust (sponsored by the Brookfield Group). Tesla could not be reached for a comment.
Hindustan Times
4 hours ago
- Hindustan Times
Jeff Bezos and Lauren Sanchez's meet-cute and why they chose Venice for their wedding
Jeff Bezos and Lauren Sanchez are set to tie the knot in Venice later this month. Long before they became one of the world's most watched power couples, the Amazon founder and Lauren Sanchez crossed paths through mutual connections in media and business. At the time, Sanchez, an Emmy-winning TV anchor and helicopter pilot, was married to talent agent Patrick Whitesell. Bezos, too, was married to MacKenzie Scott; however, the soon-to-be married couple were introduced by shared acquaintances, as reported by Marca. Jeff Bezos and Lauren Sanchez are set to marry in Venice from June 24 to 26. REUTERS/Danny Moloshok/File Photo(REUTERS) Jeff Bezos and Lauren Sanchez's friendship grew stronger around 2018, particularly when she became involved with aerial filming for Bezos' firm Blue Origin. In early 2019, shortly after Jeff Bezos announced his divorce from Scott, he made his relationship with Lauren Sanchez public. What began as a professional rapport deepened into a personal bond, shaped by shared interests- space exploration, philanthropy, and media. In 2023, Bezos proposed to Sanchez during a Mediterranean getaway aboard his superyacht, Koru. Now, the couple is preparing to tie the knot in Venice with a lavish three-day celebration from June 24 to 26. Also read: Jeff Bezos and Lauren Sanchez gear up for the Venetian wedding of the year; here's how much it costs and other details Venice braces for crowds While Venice is known for its grandeur, not everyone is thrilled about the scale of the wedding. According to Il Gazzettino, the city's council director, Morris Ceron, played a key role in bringing the wedding to Venice after being tipped off months earlier by designer Domenico Dolce. Ceron reportedly saw the event as a global showcase for the city, even as locals voiced concern over tourism-related stress and rising waters. As reported by The Telegraph, the estimated cost of Jeff Bezos and Lauren Sanchez's wedding could climb to a staggering $16 million (around £11.9 million). The breakdown is just as lavish. Roughly $1 million is said to be set aside for floral arrangements and venue décor alone. Wedding planning services could cost up to $3 million, while renting historic Venetian sites may add another $2 million. Catering might run close to $1 million, and Sanchez's outfits across the multi-day event are expected to cost around $1.5 million. FAQs: How did Jeff Bezos meet Lauren Sanchez? They met through mutual business and media contacts while she was still married, as reported by Marca. What ethnicity is Lauren Sanchez? She is of Mexican-American descent. Are Jeff Bezos and Lauren Sanchez still together? Yes, they are engaged and set to marry in June 2025.
