Saturday, March 07
US President Trump's push for India to reduce Russian oil imports could significantly impact Moscow's revenue, potentially forcing price cuts. Recent data shows a notable decline in Indian purchases, with further reductions anticipated due to refinery maintenance and limited alternative buyers like China. While India cites energy security, geopolitical pressures and alternative supply options are reshaping global oil flows.
CREDAI expressed disappointment with the Union Budget 2026-27, stating it lacked concrete measures to boost affordable housing. The industry body warned that without policy support, the segment's share in new home launches could significantly shrink, impacting the middle class.
Shares of major IT companies, including Infosys, Wipro, HCL Tech and Persistent Systems, slid as much as 6 per cent in early trade. The negative sentiment mirrored weakness on Wall Street, where the technology-heavy benchmark Nasdaq declined 1.4 per cent, erasing nearly $300 billion in market capitalisation across the sector.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmarks, opened flat in trade on Monday, a day after 2% crash on Budget’s hike in STT on futures and options. While Nifty50 went below 24,800, BSE Sensex was down over 100 points.
