Top 10@10 | India slams Trump’s 50% tariff move, PM Modi heads to China, RBI hits pause & more
Top 10@10 — CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 pm.
In a sharp escalation of trade tensions, the US has slapped an additional 25% tariff on Indian exports, citing India’s ongoing oil trade with Russia. With the new levy kicking in from August 27, total tariffs on key goods like textiles, automobiles, and jewelry will now reach 50%. India has strongly condemned the move, calling it "unfair and unjustified," and reaffirmed its sovereign right to ensure energy security for its people.
Meanwhile, PM Modi is set to visit Tianjin, China for the SCO Summit starting August 31—his first trip to the country since 2019.
Back home, the RBI hit pause on rate cuts, keeping the repo rate steady at 5.5% and sticking with its GDP forecast. Markets ended the day in the red, dragged down by IT and pharma stocks.
On the regulatory front, SEBI brushed off rumors about curbing weekly expiries, calling them speculative. In earnings, Bajaj Auto reported a 5.4% jump in profit year-on-year.
In other business news, Antfin is looking to sell a 2% stake in Eternal, and NSDL made a solid debut on the markets—listing at a 10% premium and touching ₹920.
On a sombre note, Uttarakhand was hit by cloudburst-triggered floods, causing serious damage. Internationally, tensions are rising as Israel weighs expanding its control over Gaza, sparking concerns both publicly and within the military.
Catch all the details and more in Wednesday’s newsletter:
President Trump imposes an additional 25% tariff on Indian imports over Russian oil trade
Watch here: https://youtu.be/o9-ZqiwYvTY?si=ixd9QJcd4nSDourd
In a sharp escalation of trade pressure, US President Donald Trump has signed an executive order imposing a 25% additional ad valorem duty on a broad range of Indian goods, citing India’s continued import of Russian oil in defiance of American sanctions. This takes the total effective rate on many items to 50%, which is now on par with Brazil.
The move, effective from August 27, 2025, affects a wide range of Indian exports, including textiles, automobiles, and jewelry. However, pharmaceuticals and semiconductors are exempt under Section 232 of the Trade Expansion Act, 1962. Goods already in transit before the deadline are also excluded.
India calls US tariffs as ‘unfair, unjustified, unreasonable’; vows to protect national interest
Watch here: https://youtu.be/jhp8JBkQrVk?si=kAbjCeGoF9-LpZZv
India has hit back strongly at the United States after President Donald Trump signed an executive order imposing an additional 25% tariff on Indian imports, owing to India’s continued oil trade with Russia. In a statement issued by the Ministry of External Affairs (MEA) on Wednesday evening, India called the US action “unfair, unjustified, and unreasonable,” and emphasised its sovereign right to pursue energy security for its 1.4 billion citizens.
PM Modi to visit China for SCO summit in Tianjin; first visit since 2019
Prime Minister Narendra Modi is set to travel to Tianjin, China, to attend the Shanghai Cooperation Organisation (SCO) summit from August 31 to September 1, marking his first visit to the country since 2019. The summit in Tianjin will bring together leaders from SCO member nations to discuss key issues, including regional security, counterterrorism, trade cooperation, and strategic dialogue. There is also speculation of possible informal interactions between PM Modi and Chinese President Xi Jinping as well as Russian President Vladimir Putin during the two-day summit. However, so far, no formal bilateral meetings have been confirmed.
RBI Monetary Policy: Central bank takes a pause after three cuts; GDP forecast maintained
Watch here: https://youtu.be/kBnToY9ekLg?si=zCfYkUZhTo7tqrNs
The Monetary Policy Committee (MPC) of the Reserve Bank of India kept its benchmark interest rates unchanged at 5.5% on Wednesday, August 6, marking a pause after three consecutive rate cuts worth 100 basis points across February, April and June. The decision to keep interest rates unchanged was taken unanimously.
Also Read: RBI trims FY26 inflation forecast again, now at 3.1%
Stocks end lower as RBI policy weighs, IT and pharma drag; Reliance, HDFC Bank limit losses
Watch here: https://www.youtube.com/watch?v=9JRdVHBiLPM
The stock market closed lower on Wednesday, dragged by weakness in IT and pharma stocks, after the Reserve Bank of India kept its key policy rate unchanged, dampening sentiment. However, a late recovery in heavyweights Reliance Industries and HDFC Bank helped the indices pare some losses. The benchmark BSE Sensex fell 166 points, or 0.21%, to end at 80,544, while the NSE Nifty 50 declined 75 points, or 0.30%, to settle at 24,574, slipping below the 24,600-mark.
SEBI Chairman says reports on curbing weekly expiry are 'speculative'
Watch here: https://youtu.be/_WuvFOB7-HA?si=RT_n5Y6q1sNvv-DK
SEBI Chairman Tuhin Kanta Pandey on Wednesday (August 6) said that a recent report suggesting changes to the weekly options expiry cycle is 'speculative'. His comment followed a report that stated SEBI is in talks with the Finance Ministry to replace weekly options expiries with bi-monthly or monthly ones in an effort to reduce speculative activity.
Bajaj Auto Q1 Results: Realisations improve, 125cc+ market share increases; stock recovers
Watch here: https://www.youtube.com/watch?v=fljgMxOW44A
Shares of Bajaj Auto Ltd., the two and three-wheeler manufacturer reported results for the June quarter, that were marginally better against the already muted expectations. Net profit for the period increased by 5.4% from the same quarter last year to ₹2,096 crore, while a CNBC-TV18 poll was working with an estimate of ₹2,019 crore.
Also Read: Hero MotoCorp Q1 results: Beats profit, margin estimates; revenue falls 6% YoY
Eternal Block Deal: Antfin set to exit its second company in three days on Thursday
Watch here: https://youtu.be/4gLW_AacKe4?si=oInix39XMLY8pEOA
Eternal Ltd., parent company of food delivery aggregator Zomato and Quick-commerce operator Blinkit will likely see a block deal on Thursday, August 7, where Antfin is said to be the seller. According to available data, Antfin is likely to sell 18.85 crore shares as part of the block deal in Eternal. The number of shares that Antfin plans to sell, amounts to 2% of the company's outstanding equity.
NSDL shares list at 10% premium to IPO price, hits day's high of ₹920
Watch here: https://www.youtube.com/watch?v=dn4eT0bR7Mw
Following a healthy subscription, shares of National Securities Depository Ltd. (NSDL) made their Dalal Street debut on Wednesday, August 6. The stock listed at ₹880 per share, which is a premium of 10% compared to its issue price of ₹800 per share. Post listing, the stock went on to hit a day's high of ₹920 per share.
Uttarkashi cloudburst: Death toll rises to 6, over 100 still missing in Dharali, CM Dhami reviews rescue op
Watch here: https://youtu.be/ztVA3CmsAxI?si=EN5TMbfVAEoeMgrI
Flash floods have wreaked havoc in Uttarakhand's Uttarkashi after a cloudburst on Tuesday (August 5). The high-altitude villages of Dharali bore the brunt of the calamity. Two bodies was recovered under the debris in Dharali, taking the toll to six. At least 150 people were rescued as authorities swung into action despite incessant rain in the region.
Israel weighs full Gaza takeover despite concerns of armed forces
Israel is weighing an expansion of its armed presence in Gaza, despite concern by military chiefs and a majority of the country’s public that the move risks jeopardising the prospect of freeing the remaining hostages held by Hamas. Prime Minister Benjamin Netanyahu is considering whether to deploy the Israel Defence Forces into 25% of the Palestinian territory not already under its control, according to an Israeli official briefed on the matter, who asked not to be identified discussing sensitive information.
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3dLooks India is successfully diverting the US 50% tariff issue of India's feulling Russia-Ukraine war thru buying and arbiteraging/profiting from sale of Russian oil issue to "India will not compromosing farmers interest" for the sake of 50% Tariff. T