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Indices settle low, weighed down by metal, IT, FMCG, media stocks

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 Indian equity benchmark indices traded in a narrow range on Tuesday and settled marginally in the red.

The Sensex closed at 54,052.61 points, down 236 points, or 0.43 per cent, whereas Nifty was at 16,125.15 points, down 89.55 points or 0.55 per cent.

Among the sectoral indices, Nifty media, IT, FMCG, metal, pharma, and realty declined the most on Tuesday.

“Anxiety of slowing economy & rising interest rates underpinned by soaring inflation continued to haunt the global market. On the domestic front, while all major sectors succumbed to the pressure, the auto sector bucked the market trend this month gaining on fuel price cut and rise in steel custom duty,” said Vinod Nair, Head of Research at Geojit Financial Services.

Heavy sell-off by overseas investors too had a bearing on the underperformance of the domestic indices.

“The unprecedented FII sell- off has been fuelled by soaring global inflation, the possibility of aggressive monetary tightening in India, fears of a recession in the US and the intensifying war. Globally, risk aversion is high and markets may continue to be under pressure for some time. This, together with the rupee’s depreciation versus the dollar, raises the possibility that FII outflows may continue in the short term,” said Yesha Shah, Head, Equity Research at Samco Securities.

Indications are in the favour of further consolidation in the index so participants should focus more on stock-specific trading approaches, said Ajit Mishra, VP, Research at Religare Broking.

Business

GreenLine flags off LNG truck fleet for Bekaert to drive sustainable logistics

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Mumbai, April 24: GreenLine Mobility Solutions Ltd., an Essar venture and India’s only green logistics operator of LNG and electric-powered heavy commercial trucks, has partnered with Bekaert, a global leader in tire reinforcement technology, to decarbonise road logistics and support India’s vision of a gas-based economy.

The partnership was flagged off with the deployment of GreenLine’s LNG-powered trucks at Bekaert’s Ranjangaon Plant, marking the beginning of a pilot phase that aims to significantly reduce the carbon footprint of Bekaert’s logistics operations.

Each GreenLine LNG truck is expected to reduce up to 24 tonnes of CO₂ emissions annually, contributing to Bekaert’s ambition of becoming carbon net-zero by 2050 and achieving 65 per cent of sales from sustainable solutions.

Commenting on the partnership, Anand Mimani, CEO, GreenLine Mobility Solutions Ltd, said, “Our partnership with Bekaert demonstrates the growing commitment of forward-thinking corporates to drive sustainability at scale. At GreenLine, we are proud to offer not just green trucks, but an integrated ecosystem — from LNG refuelling to real-time telematics — that empowers our partners to make meaningful progress on their net-zero goals.”

Dinesh Mukhedkar, Procurement Operations Lead — South Asia and Procurement Global Shared Service Centre Lead, Bekaert, added, “As part of our purpose ‘Establishing the new possible,’ and our ambition to lead in safe, smart, and sustainable solutions, decarbonising logistics is an essential step. This directly supports our commitment to ESG principles and long-term sustainability goals.”

GreenLine’s expanding fleet of LNG-powered trucks has already clocked more than 40 million km, avoiding over 10,000 tonnes of CO₂ emissions. The company’s ongoing expansion includes plans to deploy over 10,000 LNG and EV trucks, supported by a nationwide network of 100 LNG refuelling stations, EV charging hubs, and battery swapping facilities — targeting a reduction of 1 million tonnes of carbon emissions annually.

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Business

US tariffs pose major headwinds, need to diversify supply chains: BOK chief

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Seoul, April 24: South Korea’s top central banker has said global trade tensions sparked by the United States’ sweeping tariff policy are a major headwind for the country’s export-driven economy, and the issue will likely accelerate its efforts to diversify supply chains.

Bank of Korea (BOK) Governor Rhee Chang-yong made the assessment during an interview with CNBC in Washington, where he is attending meetings of the Group of 20 (G20) finance ministers and central bank chiefs, as well as International Monetary Fund–World Bank Group (IMF-WBG) meetings, reports Yonhap news agency.

“We are an export-oriented economy. So the trade tension, definitely, too is large headwinds. We will be affected directly by the U.S. tariffs, and also indirectly to its tariff to other countries. For example, our semiconductor production in Vietnam, car and electronics production in Mexico and our battery production in Canada will be affected,” Rhee said.

“I really hope this trade tension will dissipate, because it’s bad for everybody,” he added.

But South Korea has “some strengths” to manage the issue, as the country has been “luckily” diversifying its supply chains, particularly from China, over the last several years amid growing competition from China and some political issues between the two nations.

“This is a kind of natural movement to diversify our supply chain and also move up to the value chain. So that will continue, but at the same time, the recent trade tension will probably expedite the move,” Rhee said.

Speaking of economic growth, Rhee said it is hard to present a growth outlook due to high uncertainties surrounding the U.S. tariff policy.

“At this moment, I don’t know what kind of trade tension scenarios we have to assume as a baseline or reference scenarios,” Rhee said. “I may have a better idea after tariff talks with the U.S. tomorrow.

South Korea and the U.S. are set to hold tariff talks in Washington on Thursday (U.S. time), as the Donald Trump administration has put on hold the implementation of 25 percent reciprocal tariffs on South Korean imports for 90 days.

South Korea’s real gross domestic product (GDP) contracted 0.2 percent in the January-March period from the previous quarter, according to the BOK’s preliminary data released in the day.

The BOK earlier expected the South Korean economy to expand 1.5 percent this year, but Rhee later said the outlook seemed “too optimistic” and the central bank will come up with its adjusted figure in May.

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Crime

‘Rise against your govt, army for encouraging terrorism,’ Sunni cleric’s appeal to Pakistanis

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Lucknow, April 24: In a strong condemnation of the Pahalgam terror attack, senior Sunni cleric and Imam of Aishbagh Eidgah, Maulana Khalid Rashid Firangi Mahali, on Thursday called on the people of Pakistan to rise against their government and military for facilitating acts of terror on Indian soil.

The remarks come after 26 people, most of them tourists, were gunned down in a brutal targeted terror attack in Jammu and Kashmir’s Baisaran Valley near Pahalgam on Tuesday.

The Resistance Front, a Pakistan-based terror outfit and offshoot of the proscribed Lashkar-e-Taiba, is suspected to be behind the massacre.

Speaking to Media, Firangi Mahali said, “The people of Pakistan should understand that no one will support such activities. They should raise their voices against their own government and army, which are encouraging these acts of terrorism.”

The Cabinet Committee on Security (CCS), led by Prime Minister Narendra Modi, announced a series of stringent measures in response to the attack.

These include the suspension of the Indus Waters Treaty, closure of the Attari-Wagah border, cancellation of the SAARC Visa Exemption Scheme (SVES) for Pakistani nationals, expulsion of Pakistan’s military attaches from New Delhi and a reduction in diplomatic staff at both High Commissions.

Calling these actions “necessary and timely,” Firangi Mahali stated, “The horrific incident of terrorism in Pahalgam has been condemned in the harshest terms. This tragic event has shaken the entire country. The steps taken by the Government of India — whether on the water agreement, diplomatic expulsions, or visa cancellations — are absolutely appropriate.”

Appealing for national unity, he urged political parties to come together on a single platform in support of the government’s decisions.

“This is not the time for political division. All parties must stand united so that a positive image of national solidarity is conveyed internationally,” he said.

The cleric also warned against communalising the tragedy. “My appeal to fellow Indians is not to view this terror incident through a religious lens. No religion condones violence or terrorism,” he said.

“Some of the posts circulating on social media are sending out a very negative message. In this hour of crisis, every Indian — regardless of religion or political affiliation — must stand together,” he added.

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