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Markets open lower as Brent crude nears $80 amid escalating West Asia crisis

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Mumbai, July 13: Indian equity markets opened lower on Monday as crude oil prices rebounded to near the $80-per-barrel mark amid renewed geopolitical tensions.

Sensex began the session at 76,963.35, down over 600 points or 0.78 per cent, while Nifty started at 24,039.40, declining 167.50 points or 0.69 per cent.

Sector-wise, most indices traded in the red, led by Nifty Auto and Nifty Metal, which fell up to 1 per cent. Nifty Consumer Durables, Nifty PSU Bank and Nifty Private Bank also witnessed selling pressure, while Nifty IT and Nifty Pharma bucked the trend, gaining up to 0.6 per cent.

According to market experts, the back-and-forth developments in the West Asia crisis have become the new normal, creating uncertainty for energy importers such as India.

IndiGo, Tata Steel, Asian Paints, Shriram Finance, Bajaj Finance and HDFC Bank were among top losers.

“From the market perspective, particularly for India, the price of crude is the crucial factor. Brent is currently trading around $80. So long as Brent trades below $90, the market won’t be impacted significantly. But if Brent shoots above $90, there can be a significant correction in the market,” the experts said.

They added that sustained foreign institutional investor (FII) inflows are providing resilience to the domestic market, with investors shifting allocations towards India amid concentration risks in South Korea’s chip sector.

On Sunday, US forces used precision munitions to hit dozens of targets across multiple locations in Iran, according to the US Central Command.

In addition, Iran’s Revolutionary Guards claimed to have attacked US military bases in Kuwait and Bahrain.

Meanwhile, international oil benchmark Brent crude surged more than 4 per cent to trade around $80 per barrel, while US West Texas Intermediate (WTI) crude rose 4.55 per cent to $74.66 per barrel.

In Asian markets, major indices traded lower, with Japan’s Nikkei declining 1.6 per cent, Hong Kong’s Hang Seng falling 0.20 per cent and South Korea’s KOSPI slumping more than 6 per cent.

Business

Navi Mumbai Airport expands multimodal transport network ahead of winter flight schedule

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Ahmedabad, Oct 5: Navi Mumbai International Airport (NMIA) is strengthening its public transport and ground mobility infrastructure ahead of the Winter Schedule 2026-27, with a wider network of buses, taxis, autorickshaws, car rentals, and airport shuttles aimed at improving connectivity across Mumbai, Navi Mumbai, Pune and the wider Mumbai Metropolitan Region, it was announced on Monday.

The airport, operated by Adani Airport Holdings Limited (AAHL), is preparing for the Winter Schedule that will run from October 25, 2026, to March 27, 2027.

As part of the expansion, the Maharashtra State Road Transport Corporation (MSRTC) will launch e-Shivai electric bus services from NMIA on October 7.

The first phase of MSRTC services will connect the airport with Dadar, Borivali and Pune. Fares from NMIA have been set at Rs 450 for Pune, Rs 210 for Borivali, and Rs 170 for Dadar East. Children below 12 years and women travelling with a National Common Mobility Card will be eligible for a 50 per cent fare concession.

The Dadar-NMIA service will operate through Sion and Atal Setu, while the Borivali-NMIA route will connect CSMIA Terminal 1, Bandra, and Atal Setu. The Pune route will have two daily services, with one operating in the morning and another in the afternoon. MSRTC also plans to introduce services connecting NMIA with Thane and Nashik by mid-November.

Private bus operator Chalo Bus is already providing 21 daily services connecting NMIA with Marol in Andheri East, Bandra, Dadar, and the World Trade Centre in Colaba. The operator is also adding capacity during peak periods to cater to passenger and airport employee movement.

Within Navi Mumbai, Navi Mumbai Municipal Transport (NMMT) is operating seven dedicated airport routes, A1 to A7, linking Terminal 1 with Kharkopar, Targhar, Belapur, Nerul, Panvel, Khandeshwar and the Airport Project Office. Services between Belapur and Nerul are available every 15-20 minutes during peak hours, while further connectivity to Vashi and Panvel is planned.

The airport is also expanding taxi and last-mile connectivity. Uber Go and Uber Premier will provide app-based cab services, while Uber Auto will cater to passengers seeking on-demand autorickshaw services for shorter journeys. Prepaid taxi and autorickshaw facilities, along with car rental services, are also being introduced at the airport.

Bharat Taxi is scheduled to begin operations at NMIA from October 10 with a dedicated fleet of up to 40 vehicles, adding another option for passengers travelling to and from the airport.

A complimentary inter-airport shuttle service is also being introduced between NMIA and Chhatrapati Shivaji Maharaj International Airport (CSMIA). Operated by Cityflo, Aarya and Chalo, the shuttle will run every hour and provide passengers with a direct transfer option between Mumbai’s two airports.

Overall ground transport capacity at NMIA is being scaled up to 4,594 vehicles and services, including 3,787 app-based taxis, 184 car rentals, 171 autorickshaws and 547 buses. The airport is also deploying mobility signage, improved wayfinding systems and on-ground passenger assistance, with designated areas for buses, shuttles, arrivals, departures and private vehicles.

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Indian markets open higher amid positive global cues; PSU bank stocks lead

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Mumbai, Oct 5: Indian equity benchmarks opened sharply higher on Monday, tracking gains across Asian markets after softer-than-expected US jobs data tempered expectations of an immediate Federal Reserve rate hike.

Nifty opened at 22,532.40, an increase of more than 100 points or 0.49 per cent.

Similarly, Sensex began the trading session up over 400 points or 0.6 per cent at 72,340.95.

Moreover, the broader market sentiment was positive with most sectoral indices trading in the green in early deals. Nifty PSU Bank, Nifty Media, and Nifty Metal gained up to 1 per cent.

Nifty Realty advanced 0.93 per cent, while Nifty Chemicals, Nifty FMCG and Nifty Oil & Gas gained between 0.8 per cent and 0.85 per cent.

Nifty Private Bank and Nifty Consumer Durables were also trading higher in morning trade. While Nifty IT, Nifty Auto and Nifty Pharma were seen flat.

On the other hand, healthcare stocks were only trading marginally lower as Nifty 500 Healthcare and Nifty Healthcare Index declined 0.07 per cent and 0.12 per cent, respectively.

Market experts said markets could see a near-term rebound after eight consecutive weeks of declines.

However, elevated crude oil prices, high US bond yields and continued foreign institutional investor selling remain key headwinds, they said.

“Valuations have turned attractive, particularly for large-caps,” the experts said and added that the market may be better placed to withstand the prevailing headwinds.

Positive September automobile sales data also point to continued resilience in the domestic economy, according to them.

The Reserve Bank of India is widely expected to raise its policy rate by 25 basis points on Wednesday with the move largely priced into the market, according to the experts.

Banks could benefit from the rate hike as higher floating lending rates may support margins, they added.

In addition, foreign institutional investors (FIIs) remained net sellers in the previous trading session with a net outflow of Rs 9,484 crore, while domestic institutional investors (DIIs) continued to provide support with net purchases of Rs 10,041 crore.

Additionally, crude oil prices eased with international benchmark Brent crude trading nearly 1 per cent lower at $101.27 a barrel.

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Piyush Goyal highlights India’s growing strengths as global hub for talent, innovation

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New Delhi, Oct 3: Commerce and Industry Minister Piyush Goyal on Saturday said he highlighted India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.

During his US visit, the minister met several global leaders and CEOs.

“Met Greg Case, CEO of Aon, and discussed the company’s operations in India and the opportunities for further expansion,” Goyal posted on social media platform X.

He also met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging Cognition’s pioneering AI solutions and deepening its presence in India.

“Highlighted how India’s rich engineering ecosystem and dynamic startup culture provide a strong launchpad for building and deploying next-generation technologies for the world,” said Goyal.

During an engaging interaction with the Institute of Chartered Accountants of India (ICAI) leadership and members from Chicago, Michigan, and Ohio Chapters, the minister discussed the expanding opportunities in the India-US economic partnership and “highlighted how India’s economic momentum, marked by record FDI inflows and strong GDP growth, reflects PM Narendra Modi’s vision of a confident, self-reliant and globally competitive India”.

“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” the minister noted.

Goyal also delivered the keynote address at the USIBC Roundtable in Chicago.

“Discussed venture investment, commercialisation, and corporate partnerships to help Indian and US startups scale across markets. Explored opportunities to deepen India–US innovation linkages and foster the next generation of high-growth enterprises,” Goyal said.

He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM).

They discussed avenues to expand ADM’s presence and investment opportunities in India.

“With our rapidly expanding food processing sector, modernising agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long-term collaboration,” said Goyal.

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