The day's top news includes Prime Minister Narendra Modi's announcement on India-UK's Free Trade Agreement conclusion and a slew of key fourth quarter earnings. On the equity markets front, US stocks saw a selloff on the eve of the Federal Reserve decision, and Indian benchmark indices snapped their upward trajectory.
Here's a quick roundup of today's top stories.
India, UK Conclude FTA
India and the United Kingdom have concluded the free trade agreement, which was under negotiation since January 2022. The pact will catalyse trade, investment, growth and job creation, Prime Minister Narendra Modi said.
Read full story here.
India Softens Tariff Stance Amid US Trade Deal Talks
India is open to offering zero tariffs to the United States on “select goods” such as steel, auto components, and pharmaceuticals—but only up to a certain volume of imports, in order to mitigate risk of trade imbalance between the two nations, people privy to the trade talks told NDTV Profit.
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HPCL Q4 Results: Net Profit Rises 11%
Hindustan Petroleum Corp.'s net profit soared 11% sequentially in the quarter ended March 31, 2025, as per the financial results declared by the company.
Check full Q4 results here.
Nationwide Mock Drill On May 7
The central government has directed states and Union Territories to carry out a countrywide mock drill on May 7 at 244 locations, including major cities such as Delhi, Mumbai and Chennai.
Check full details here.
8th Pay Commission Update
The forum representing central government employees and pensioners will accelerate its discussions around the fitment factor and minimum wages after the Terms of Reference for the 8th Pay Commission gets the government's nod, persons privy to the matter said.
Read full story here.
Market Recap
The US market's risk-off mode prevailed on the eve of the Federal Reserve decision, with stocks falling as disappointing corporate and economic signals fueled concern about the repercussions of President Donald Trump's trade war. The S&P 500 fell nearly 1%. Meanwhile, the Nasdaq 100 fell 1.1% and the Dow Jones Industrial Average fell 0.7%.
Meanwhile, India's benchmark equity indices snapped the winnning streak and ended lower after gaining for two sessions in a row on Tuesday. The NSE Nifty 50 closed 81.55 points or 0.33% lower at 24,379.60, while the BSE Sensex ended 155.77 points or 0.19% down at 80,641.07.
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SBI Likely To Raise Up To Rs 10,000 Crore Via Infra Bonds
India's largest lender State Bank of India plans to tap the debt market with infrastructure bond issuance worth up to Rs 10,000 crore in June, two merchant bankers aware of the development told NDTV Profit. The state-owned bank is looking to issue infrastructure bonds maturing in 15 years.
Click here to read exclusive.
Bhushan Power Insolvency Case Update
JSW Steel and the Committee of Creditors are preparing to file separate review petitions in the Bhushan Power & Steel case, according to people familiar with the matter. The development comes ahead of the NCLT hearing on Bhushan Power & Steel's liquidation set for May 14.
Read latest update for the case here.
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