Oil and Natural Gas Corporation (ONGC), Indian Hotels Company, Lupin, Bharat Forge, Biocon, Muthoot Finance, Petronet LNG and others are also scheduled to report earnings on Thursday.
An analyst from Master Capital Services said that Indian Oil has delivered a clear consolidation breakout on the daily chart, backed by strong volume participation, signaling fresh buying interest.
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India and the United States have agreed to reduce tariffs on Indian exports to 18% after an intense trade standoff, but a dramatic claim about stopping Russian oil imports clouds the celebration. President Trump says Prime Minister Modi agreed to shift away from Russian crude — a move that unlocked tariff relief — yet Indian officials have offered no formal confirmation on halting purchases. Data shows Indian imports of Russian oil have dipped but not disappeared, and energy markets say full disengagement remains elusive. With Russia dismissing U.S. claims and India balancing energy security, this deal may reshape global crude flows — but the real story lies in the geopolitical complexities beneath the headlines.
Russian oil flows into India remain steady for now, easing near-term concerns for refiners. A Kepler report suggests there is no immediate risk of a sharp cut in Russian crude imports, with supply deals already locked in for the next 10 weeks. Any rapid exit from Russian oil would pose operational challenges for Indian refiners. The report adds that US crude imports are expected to rise to about 10% of India’s total intake, largely replacing African barrels rather than Russian supplies. With OPEC keeping production unchanged amid geopolitical uncertainty, oil and gas stocks gained, led by ONGC and Oil India, while refiners traded higher, supporting the broader market.
Sensitive sectors like agri and dairy have been protected under the deal, says Piyush Goyal
Our strategic partnership with India is most important. We intend to develop our strategic partnership with India, says Kremlin
In Business Today's Market Commentary, Shailendra Bhatnagar discusses the explosive rally following the late-night US-India trade deal announcement on February 2, 2026. US President Donald Trump and PM Narendra Modi confirmed a pact slashing US tariffs on Indian exports from 50% (25% reciprocal + 25% punitive for Russian oil buys) to 18% effective immediately, in exchange for India halting Russian oil imports and boosting US purchases (energy, agriculture, tech). Devan Choksi (MD, Dr Choksi Finserv) views it as a landmark $500B bilateral deal, building on recent FTAs (EU, UAE, etc.), positioning India for $1T exports. He ties it to Budget 2026's 20-22 year tax holiday for data centers, rare earth corridors, semiconductors, and GCC incentives (safe harbor rates), fueling AI/digital economy growth from $400B to $2T in a decade. Market surge: Nifty up ~700 points, Bank Nifty +1,500; realty/auto sectors +3-5%. Key beneficiaries: IT/GCCs (AI integration, large orders), chemicals (3 zones for global standards), textiles (parks, competitive tariffs vs. China/Vietnam), auto ancillaries (ADAS, exports), power/renewables (data center ecosystem, green hydrogen). Long-term: manufacturing revival, lower power costs, multi-bagger potential in construction/real estate. Optimistic outlook-wait for clarity on fine print.
In Business Today's "What's Hot" segment, anchor Sakshi Batra discusses the major US-India trade deal announced by President Donald Trump on February 2, 2026, slashing US tariffs on Indian exports from 50% (including 25% reciprocal + 25% punitive) to 18%, effective immediately, in exchange for India halting Russian oil purchases and increasing US imports (e.g., energy, agriculture). Economist Karan Basin calls the 18% rate a "sweet surprise," boosting India's competitiveness over neighbors like Vietnam/Bangladesh, easing rupee concerns, and paving a smoother path to Viksit Bharat. He notes pharma/electronics remain largely unaffected (zero tariffs), while textiles, gems/jewellery, and most exports gain significantly; fine print awaited on exclusions and concessions. Market expert Prashanth Tapase highlights broad rally in export sectors, chemicals, gems/jewellery, auto ancillaries, IT with Nifty up ~2.5%. He favors IT, auto ancillaries, and select names, advising caution on immediate buys post-spike, awaiting clarity. Panel sees lifted overhangs, potential FII reversal, earnings pickup, and shift from gold/silver to equities for long-term portfolios.
Instead of letting officials handle the fine print later, Trump chose to lay out the terms himself in public, presenting the agreement as an outcome of personal outreach and quick decision-making
Trump said discussions with the Indian Prime minister extended beyond tariffs, touching on energy, geopolitics and global security. A central element of the claimed understanding involves India reducing its purchases of Russian oil and instead buying more energy from the United States and, potentially, Venezuela.
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