FX.co ★ Sensex Down for 2nd Day

On Thursday, India's BSE Sensex concluded the day with a decline of approximately 0.4%, settling at 83,190.3. This marks the second consecutive session of losses as the downturn in IT stocks overshadowed the advances seen in financials, automobiles, and metals sectors. Investor sentiment remained cautious due to uncertainty surrounding a potential trade agreement with the United States and the commencement of the June-quarter earnings season, notably starting with TCS. Reports suggest that India is targeting to finalize the initial phase of a comprehensive trade agreement with the US by September or October. An interim pact is planned ahead of the looming August 1 deadline to circumvent additional tariffs. In the backdrop, the latest Federal Reserve minutes indicated that most policymakers are in favor of interest rate cuts later this year. In the corporate sphere, Bharti Airtel, Asian Paints, BEL, Tech Mahindra, Infosys, Eternal, and HCL Technologies were the most significant decliners, with losses ranging from 0.7% to 2.7%. Conversely, Maruti, Tata Steel, Bajaj Finance, Bajaj Finserv, and Tata Motors recorded the most substantial gains, climbing up to 1.4%.