Mumbai, Sep 26: Brent crude prices have remained steady, trading between $67-$69 per barrel, with no fresh global triggers driving volatility, and India’s Russian oil buying has kept the prices in check, a report showed on Friday.

India, among the biggest importers of crude oil, has reiterated that its top priority is ensuring affordable energy for its citizens.

“The country’s imports currently stand at around 1.50 million barrels per day — a level expected to hold steady — with Russian supplies playing a critical role in keeping costs down,” according to the report by Emkay Wealth Management Ltd, the wealth management arm of Emkay Global Financial Services.

The next big move will hinge on how US sanctions and tariff policies unfold in the coming months, the report mentioned.

China, too, is ramping up Russian oil purchases to meet domestic demand.

The report further stated that with both India and China sourcing heavily from Russia, oil prices are expected to remain range-bound, a trend that comes as a relief to importing nations.

Lower energy costs are particularly significant for India, where they help cushion inflation and stabilise the broader economy.

As energy security moves back into the global spotlight, India’s strategy of securing affordable crude supplies underscores the delicate balance between geopolitical shifts and domestic economic priorities, said the report.

Meanwhile, US Energy Secretary Chris Wright has hailed New Delhi as an “awesome ally” and said he is a “huge fan of India,” while calling for deeper energy cooperation between the two countries.

Addressing a press conference in New York this week, Wright praised the country as a “dynamic society” with a “rapidly growing energy demand.”

“A lot of my early time when I arrived in my position was dealing with India, the world’s largest democracy, an awesome ally of the United States, a fast-growing economy, a truly dynamic society that has rapidly growing energy demand because people are increasing their prosperity, their opportunities. I’m a huge fan of India. We love India,” he added.

His statement comes as Commerce and Industry Minister Piyush Goyal also called for expanding India-US energy trade.

Mumbai, Sep 26: The Indian benchmark indices opened lower on Friday, following US President Donald Trump’s announcement of tariffs on pharma imports and sustained selling by foreign institutional investors.

As of 9.25 am, Sensex was down 388 points, or 0.48 per cent at 80,771 and Nifty was down 119 points, or 0.48 per cent at 24,771.

Shares of Indian and other Asian pharmaceutical companies fell after Trump announced tariffs of up to 100 per cent on imports of branded and patented pharmaceutical drugs, starting October 1, 2025.

Apart from drugs, President Trump announced a 50 per cent duty on imports of kitchen cabinets and bathroom vanities, 30 per cent on upholstered furniture, and 25 per cent on heavy trucks.

America is India’s largest export market for pharmaceutical goods, absorbing 31 per cent of the country’s pharma exports.

Analysts said that India, as an exporter of generic drugs, is unlikely to be affected by Trump’s actions; however, they noted that a sentimental impact on pharmaceutical stocks is likely, since the US President may target generic drugs next.

The broad cap indices, Nifty Midcap 100 and Nifty Smallcap 100, dipped by 0.18 and 0.20 per cent, respectively. Cipla, Dr Reddy’s Labs, Titan Company, Asian Paints and Bajaj Finance were among major losers on the Nifty, while gainers were L&T, Hero MotoCorp, Hindalco, Tata Steel and ONGC.

Among sectoral indices, Nifty pharma, the top loser, lost 2.39 per cent. Nifty PSU Bank (down 1.11 per cent) and Nifty Healthcare Index (down 2.20 per cent) were other major losers.

On the technical front, Nifty decisively closed below the 25,000 mark, signalling a growing downside bias. Resistance is now placed around 25,000–25,050, while immediate support is seen near 24,700–24,750 zone.

The US markets ended in the red zone overnight, as Nasdaq dipped 0.50 per cent, the S&P 500 dropped 0.50 per cent, and the Dow lost 0.38 per cent in the last trading session.

All the Asian markets were trading in the red during the morning session. While China’s Shanghai index lost 0.18 per cent, and Shenzhen dropped 0.79 per cent, Japan’s Nikkei declined 0.43 per cent, while Hong Kong’s Hang Seng Index dipped 0.79 per cent. South Korea’s Kospi lost 2.52 per cent.

Market participants said that the global backdrop is turning more challenging as the US economy edges toward stagflation, with growth momentum slowing, unemployment inching higher, and inflation trending upward from its trough.

On Thursday, foreign institutional investors (FIIs) sold equities worth Rs 4,995 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,000 crore.

Greater Noida, Sep 25: Stressing that the country must become self-reliant, Prime Minister Narendra Modi on Thursday said that despite global uncertainties, India’s growth remains resilient and remarkable.

During his keynote address at the Uttar Pradesh International Trade Show 2025 here, PM Modi said that this time, the country partner of the trade show is Russia, which means “we are further strengthening this time-tested partnership”.

Stressing that the government is doubling down on its efforts towards the ‘Make in India’ initiative, PM Modi said that we aim to make ‘chips to ships’ in the country.

The Prime Minister also informed that the first, fully indigenous AK-203 assault rifles are set to be delivered to the Army soon.

The Indo-Russian Rifles Private Limited (IRRPL) is a joint venture company that has been established for the indigenous production of AK-203, named ‘Sher’ in India, in Uttar Pradesh’s Amethi. The AK-203 rifles are significantly more modern compared to the AK-47 and AK-56 rifles. They are one of the most lethal rifles in the Kalashnikov series.

PM Modi further stated that Indians now believe that swadeshi products are getting better, user-friendly and long-lasting. “Hence, there should be no compromise on quality,” the Prime Minister told the gathering, adding that the country must become self-reliant and every product that can be made in India should be made here.

As soon as the Prime Minister reached the venue to inaugurate the mega trade show, he took a tour of the exhibition area, where he witnessed next-generation innovations across the spectrum.

The third edition of the mega event — envisioned under the leadership of Chief Minister Yogi Adityanath — is taking place at the India Expo Centre and Mart from September 25 to 29 — showcasing the state’s industrial, agricultural, cultural, and innovation strengths on a global stage.

The event focuses on showcasing industrial progress, promoting trade collaborations, and attracting investments. Attendees will include business leaders, industry experts, startups, exporters, and government officials. Over 2,400 exhibitors and 1,25,000 B2B visitors are expected to participate in the trade show.