Business

Mumbai, July 12 (IANS) The Indian stock market is expected to remain range-bound with a cautiously positive bias in the coming week, as analysts see key resistance levels for the benchmark indices while maintaining that the broader market trend remains intact despite recent volatility.

According to market experts, the Sensex is likely to encounter immediate resistance in the 77,800-78,000 zone, while the Nifty faces a crucial hurdle between 24,400 and 24,600.

A decisive breakout above these levels could strengthen bullish momentum and trigger further gains.

The Indian stock market ended the previous week marginally lower, snapping a four-week winning streak as renewed geopolitical tensions in West Asia and a sharp spike in crude oil prices dented investor sentiment.

The week had begun on a positive note, aided by softer crude prices, encouraging first-quarter business updates, steady monsoon progress and broad-based buying across sectors. However, markets witnessed a sharp sell-off in the middle of the week after escalating Iran-US tensions rattled global investors.

Market experts said the Sensex witnessed steady buying interest and remained resilient after reclaiming key short-term levels.

"The 77,800-78,000 zone is expected to act as immediate resistance. A sustained move above this range could reinforce bullish momentum and push the index towards the 78,400-78,600 levels," a market expert stated.

"On the downside, immediate support is seen in the 77,300-77,200 zone, followed by the psychologically important 77,000 mark," as per the market expert.

Holding above these levels would help preserve the ongoing recovery structure, while a decisive break below 77,000 could trigger fresh profit booking and drag the index towards the 76,700-76,500 range, the expert mentioned.

Market experts said the Nifty experienced heightened volatility during the week but recovered from lower levels.

"Immediate support for the Nifty is placed in the 23,800-24,000 zone, with a stronger support base around 23,650. On the upside, the 24,400-24,600 range remains the immediate resistance, and a decisive breakout above this zone could pave the way for the index to move towards the 25,000 mark," a market expert noted.

--IANS

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New Delhi, July 12 (IANS) India's first bullet train service will begin operations in phases from August 15, 2027, with the Surat-Bilimora section of the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor set to become the country's inaugural high-speed rail route, Union Railway Minister Ashwini Vaishnaw announced.

The 508-km Mumbai-Ahmedabad bullet train corridor will be commissioned in stages, allowing sections of the project to become operational before the completion of the entire route. Following the launch of the Surat-Bilimora stretch, the remaining sections, including Vapi-Surat, Vapi-Ahmedabad, Ahmedabad-Thane and Ahmedabad-Mumbai, will be opened progressively.

Sharing the update, the Railway Ministry quoted Vaishnaw as saying that India's first bullet train project has entered its next phase, with the under-construction Mumbai-Ahmedabad High-Speed Rail corridor scheduled for phased commissioning beginning with the Surat-Bilimora section.

The Railway Minister said nearly 80 per cent of the ambitious project has already been completed and construction is progressing rapidly to meet the target timeline. The Mumbai-Ahmedabad High Speed Rail corridor is India's first high-speed rail project and is expected to significantly reduce travel time between the two financial hubs while introducing advanced rail technology and strengthening regional connectivity. The project is also expected to spur economic growth along the corridor.

Vaishnaw also outlined the Centre's long-term plans to expand the country's high-speed rail network, announcing three proposed bullet train corridors centred around Hyderabad. These include the Pune-Hyderabad, Hyderabad-Chennai and Hyderabad-Bengaluru routes, which are expected to enhance connectivity across southern India. He added that a Hyderabad-Mumbai high-speed rail link is also planned, which would substantially cut travel time between the two cities.

"Prime Minister Narendra Modi has given three high-speed bullet train corridors to Hyderabad, which will change its landscape," Vaishnaw said, adding that the proposed network would cover large parts of Telangana and improve connectivity across several districts in the state.

The minister also highlighted the government's ongoing railway modernisation drive under the station redevelopment programme. As part of the Nav-Nirmaan initiative, 261 railway stations across the country are being upgraded with modern passenger amenities and improved infrastructure. In Telangana, key stations including Secunderabad, Begumpet and HITEC City are among those undergoing redevelopment.

--IANS

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Mumbai, July 12 (IANS) Investors will closely track the ongoing Q1 FY27 earnings season, movement in crude oil prices, foreign fund flows and developments in West Asia next week after the Indian stock market ended its four-week winning streak amid heightened geopolitical tensions and volatile global cues.

Benchmark indices closed the week with marginal losses as renewed tensions in West Asia and a spike in crude oil prices dented investor sentiment.

However, a strong recovery in the final two trading sessions, supported by easing global concerns and robust earnings from Tata Consultancy Services (TCS), helped limit the losses.

The Sensex declined 0.25 per cent during the week to settle at 77,569.39, while the Nifty slipped 0.26 per cent to close at 24,206.90.

In contrast, broader markets remained resilient, with both the midcap and smallcap indices gaining more than one per cent.

Market participants are expected to keep a close watch on the June quarter earnings season, which has begun on a positive note following TCS' better-than-expected financial performance. The upcoming earnings announcements from several major companies will be crucial in determining the market's near-term direction.

Geopolitical developments in West Asia will also remain in focus. Investor sentiment turned cautious during the week after fresh US strikes on Iran heightened concerns over regional stability and global energy supplies. Any further escalation or signs of de-escalation are likely to influence risk appetite across global markets.

Crude oil prices will continue to be another key monitorable. Oil prices eased towards the end of the week amid expectations that the US and Iran would continue diplomatic engagement despite renewed hostilities and disruptions to shipping through the Strait of Hormuz.

The trajectory of crude prices remains critical for India, a major oil importer, as sustained increases could raise inflationary pressures and impact corporate profitability.

Foreign Institutional Investors (FIIs) remained net buyers through most of the week, investing around Rs 4,670 crore on a net basis.

The continued foreign inflows, aided by softer crude prices and improving global risk sentiment, provided support to domestic equities despite intermittent volatility.

--IANS

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New Delhi, July 12 (IANS) The changes made by the government in taxation of debt investment have made debt investment in India attractive for FPIs, which is also an important factor contributing to the stability in rupee, according to analysts.

The shift in the stance of FPIs towards India, which turned positive beginning early July, is continuing. The total FPI investment through the secondary market (up to July 10) stands at Rs 5,155 crore.

“Additionally, there has been an investment through the ‘primary market and others’ category to the tune of Rs 10,001 crore, taking the total investment during this period to Rs 15,156 crore. This is a positive development,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

A significant trend in FPI inflows into India is the steadily increasing share of debt flows.

In July, so far, FPIs have invested Rs 3,228 crore through the General Limit and Rs 6,619 crore through the Fully Accessible Route (FAR) route.

India’s improving macros and stability in the rupee have contributed significantly to this pivot in FPI flows, said the analyst.

Weakness in the chip trade and FPIs turning sellers in markets like South Korea also have contributed to the inflows towards India. This trend is likely to continue unless the geopolitical scene in West Asia turns worse, market watchers said.

Last week, markets ended marginally lower, snapping a four-week winning streak amid renewed geopolitical tensions in West Asia and a sharp spike in crude oil prices.

Geopolitical developments remained the primary driver of market sentiment during the week.

Fresh tensions between Iran and the United States resurfaced after Iran reportedly targeted US military installations across Gulf states in retaliation for recent American strikes.

“The renewed conflict briefly pushed Brent crude above the $80 per barrel mark before prices cooled towards $76 by the end of the week, easing some concerns over imported inflation and external sector risks,” said Ajit Mishra–SVP, Research, Religare Broking Ltd.

Sectoral performance remained mixed, with stock-specific action dominating market activity. Realty emerged as the top-performing sector, followed by IT and metals, supported by improved sentiment and selective buying.

The market enters the coming week at an important juncture, with macroeconomic data releases, corporate earnings, and geopolitical developments expected to drive sentiment.

—IANS

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Seoul, July 12 (IANS) Eco-friendly vehicles accounted for half of new car registrations in South Korea in the first half of this year, driven by a sharp increase in electric vehicle (EV) sales, an auto market tracker said on Sunday.

It marked the first time that eco-friendly vehicles made up more than half of new car registrations during the January-June period, according to the CarIsYou Data Research Center, which cited government data, reports Yonhap news agency.

In the first six months of the year, registrations of eco-friendly vehicles -- including battery electric, gasoline hybrid and hydrogen fuel-cell models -- totalled 429,163 units, accounting for 50.4 percent of the 851,833 newly registered vehicles, the data showed.

The share of eco-friendly vehicles has risen steadily, from 9.1 percent in 2020 to 25.5 percent in 2023 and 38.5 percent in 2025.

Meanwhile, the share of gasoline-powered vehicles fell to 39 percent in the first half, dropping below the 40 percent mark for the first time since 2016, when the figure stood at 39.9 percent.

Robust EV sales drove the overall increase in eco-friendly vehicle registrations.

EV registrations surged 112.6 percent from a year earlier to 198,969 units in the first half, making EVs the only major power train category to post on-year growth.

"An expanded lineup of new models and the early disbursement of government EV subsidies have helped eco-friendly vehicles become mainstream in the domestic auto market," an industry official said.

US electric vehicle (EV) maker Tesla was the best-selling imported passenger car brand in South Korea in the first half of this year, capturing 30 per cent of the market.

According to the Korea Automobile Importers & Distributors Association (KAIDA), 184,032 imported passenger cars were newly registered in the January-June period, up 33.2 percent from a year earlier.

Tesla topped the list with 56,139 units, accounting for 30.5 percent of total imports.

Its market share surged from 13.9 percent a year earlier, while sales soared 192 percent, allowing the U.S. EV maker to overtake German luxury brands.

—IANS

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Seoul, July 12 (IANS) Samsung Electronics is moving to begin operations at the first semiconductor fabrication plant in its Yongin chip cluster in 2029, one to two years earlier than planned, industry sources said on Sunday.

The accelerated timeline comes as the government speeds up development of the Yongin National Industrial Complex, a national strategic project set to serve as the company's next-generation semiconductor manufacturing hub, reports Yonhap news agency.

Samsung is currently planning to begin operations in 2029 at the first of six semiconductor plants to be built at the Yongin industrial complex, just south of Seoul, according to the sources.

"An earlier start of operations at the first plant will enable Samsung to respond more quickly to rapidly growing global demand for artificial intelligence chips," an industry official said.

Separately, the chipmaker said last month that, under its mega project investment plan, it plans to invest 2,030 trillion won (US$1.35 trillion) in its Pyeongtaek and Yongin semiconductor clusters, along with 400 trillion won to build two new chip plants in Gwangju, 270 kilometers south of Seoul.

Meanwhile, Samsung Group and SK Group vowed a combined investment of 896 trillion won ($578 billion) in the southwest region, in line with the government's vision of pursuing shared growth in the artificial intelligence (AI) industry, the industry ministry said.

In response to the investment pledges, the Ministry of Trade, Industry and Resources pledged to provide the necessary support for their smooth implementation.

The announcement came after the government unveiled what it calls the tripolar mega projects, aimed at advancing technologies across the country and turning South Korea into an industrial powerhouse in the emerging AI era.

In detail, SK Group pledged to invest 470 trillion won in the southwest region to build two semiconductor fabs, as well as a 1-gigawatt AI data centre.

—IANS

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New Delhi, July 11 (IANS) As the Digital India programme completes 11 years, the government's eSaras platform is expanding digital market access for more than 8.99 crore registered Self-Help Group (SHG) members by enabling rural producers, women entrepreneurs and Farmer Producer Organisations (FPOs) to sell their products across the country through a trusted online marketplace, according to an official statement on Saturday.

Developed by the Digital India Corporation (DIC) under the Ministry of Electronics and Information Technology (MeitY) in collaboration with the Ministry of Rural Development (MoRD), eSaras operates under the Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM).

According to the government, the programme covers 8.99 crore registered SHG members, creating one of the world's largest women-led livelihood ecosystems.

The platform currently features over 1,400 products, while more than 800 buyers access SHG products through Open Network for Digital Commerce (ONDC)-enabled buyer applications. More than 50 SARAS Melas are organised annually, and SHG products are available through over 11 buyer applications integrated with ONDC.

The government said eSaras enables women-led SHGs to independently showcase and sell products nationwide through digital onboarding, online product catalogues, inventory management, secure digital payments, integrated logistics and multilingual access powered by BHASHINI.

Moreover, the platform supports a wide range of rural products, including handicrafts, handloom, processed food, honey, dairy products, herbal products, home décor and millet-based food items, helping rural households diversify income beyond agriculture and improve earnings through value-added products.

Women associated with SHGs are also provided training in digital onboarding, branding, packaging, product photography, digital marketing, inventory management, customer service and financial literacy to help them manage online businesses independently.

The government said eSaras integrates with ONDC, UMANG, digital payment systems and logistics partners, while seller verification through LokOS and multilingual support via BHASHINI are aimed at making the platform more secure, accessible and inclusive.

--IANS

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New Delhi, July 11 (IANS) HDFC Bank has reaffirmed its commitment to the highest standards of corporate governance, saying an independent legal review found that the concerns raised by former chairman Atanu Chakraborty in his resignation letter were not substantiated by records reviewed and witness interviews, according to the bank's annual report released on Saturday.

In its FY26 annual report, interim part-time Chairman Keki M. Mistry assured shareholders that the country's largest private sector lender 'remains strongly rooted in strong corporate governance principles and values'.

Chakraborty resigned as part-time chairman and independent director on March 18, triggering speculation over the bank's governance standards. Mistry was subsequently appointed interim part-time chairman.

Managing Director and CEO Sashidhar Jagdishan said the bank's board appointed domestic and international law firms to review the statement made by Chakraborty in his resignation letter, considering that HDFC Bank's American Depositary Receipts (ADRs) are listed on the New York Stock Exchange.

The board also constituted a special committee comprising only independent directors to oversee the legal review and ensure the appropriate flow of information between the bank and the law firms, he said.

According to Jagdishan, the review covered board minutes, meeting materials, communications and interviews with all independent directors and several members of senior management for the two-year period preceding Chakraborty's resignation.

The bank on June 26 shared the findings of the external law firms which, in essence, was that Chakraborty's statement in his resignation letter and its implications were not substantiated by the record reviewed and witness interviews, Jagdishan said.

Mistry said the bank remains fully committed to maintaining the highest standards of transparency, accountability and oversight.

Following the completion of the review, the board appointed Rajiv Kumar as part-time chairman and independent director, subject to approvals from the Reserve Bank of India and the bank's shareholders.

--IANS

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Hyderabad, July 11 (IANS) The government is considering launching a pilot project to establish sector-specific data trusts at IIT Hyderabad to make high-quality Indian datasets available for artificial intelligence (AI) development, while ensuring secure and responsible access, Union Minister for Railways, Information and Broadcasting, and Electronics and Information Technology Ashwini Vaishnaw said on Saturday.

Speaking during an interaction with industry leaders here, Vaishnaw said the proposal emerged from discussions with industry representatives, who suggested setting up data trusts in Indian educational institutions.

Welcoming the suggestion, the minister said the government could begin with a pilot project at IIT Hyderabad in partnership with industry.

Under the proposed framework, the data trusts would securely host sector-specific Indian datasets with clearly defined usage policies. The datasets would be made available to startups, researchers and companies developing AI applications, while ensuring responsible use and appropriate safeguards.

Vaishnaw said such initiatives could strengthen India's AI ecosystem by improving access to trusted domestic datasets, which remain a key requirement for building indigenous AI models and applications.

The minister also highlighted the rapid growth of India's electronics manufacturing sector, saying production has crossed Rs 13 lakh crore.

He said electronics has emerged as India's third-largest export category, while mobile phones have become the country's largest individual export product, reflecting India's emergence as a trusted global manufacturing and technology hub.

Last month, Vaishnaw said India is moving towards becoming a trusted global partner in electronics manufacturing as he inaugurated global manufacturing company Jabil's advanced manufacturing facility in Maharashtra.

“India to be a trusted global partner in everything electronics. Inaugurated Jabil’s new advanced manufacturing facility with Maharashtra CM Dev Fadnavis. This high-tech plant will manufacture components of AI data centers, in line with Prime Minister Narendra Modi’s vision of ‘Make in India, Make for the World', Vaishnaw said.

--IANS

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New Delhi, July 11 (IANS) State-run Oil and Natural Gas Corporation (ONGC) has received in-principle approval from its Board of Directors to develop a 1.75 million metric tonne (MMT) Strategic Petroleum Reserve (SPR) at Mangaluru as a project of national importance, in line with directives from the Ministry of Petroleum and Natural Gas (MoPNG).

The proposed facility will be developed as the Phase-I extension of the Mangaluru Strategic Petroleum Reserve and will include associated infrastructure, ONGC said in a regulatory filing.

In addition, the Board directed the company to take up with the government the issue of broadening commercial utilisation opportunities for the strategic petroleum reserve, along with the necessary regulatory support.

According to an analysis by Khaleej Times, India is stepping up efforts to strengthen its strategic petroleum reserves and diversify energy cooperation after the disruption caused by the blockade of the Strait of Hormuz during the Iran conflict, through which nearly one-fifth of the world's energy supplies pass.

The report noted that India already permits commercial utilisation of a portion of its strategic crude storage facilities at Mangaluru, Padur and Visakhapatnam, which together have a storage capacity of 5.33 million metric tonnes (MMT).

These facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd.

It added that Mangalore Refinery and Petrochemicals Ltd (MRPL) -- an ONGC subsidiary -- operates a 300,000 barrels-per-day refinery in Mangaluru.

Half of the existing 1.5 MMT strategic petroleum reserve at Mangaluru has been leased to MRPL, while the remaining capacity is leased to Abu Dhabi National Oil Company (ADNOC).

The analysis further said that during Prime Minister Narendra Modi's visit to the UAE earlier this year, ADNOC announced plans to expand its crude oil storage in India to as much as 30 million barrels and also explore crude storage at Fujairah as part of India's strategic reserve programme.

According to the report, India is also planning to build an additional 4 MMT strategic petroleum reserve at Chandikhol in Odisha and a new 2.5 MMT facility at Padur in Karnataka. ONGC has not disclosed the estimated cost or timeline for the proposed 1.75 MMT strategic petroleum reserve expansion at Mangaluru.

--IANS

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