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Indian equities posted modest gains in Samvat 2081 after a strong rally in the previous year, which took the markets to new highs in September 2024. Since then, volatility returned as high valuations, mixed corporate results, and global uncertainty — including the impact of Trump’s tariff moves — led to foreign investor selling. However, steady buying by domestic investors helped support the market, with the Nifty rising 6.4%, the Midcap index up 4.3%, and the Smallcap index down 4%. As Samvat 2082 begins, investor sentiment is turning positive again. Hopes of GST simplification, liquidity support from the RBI, and the government’s push to boost manufacturing are expected to aid earnings recovery. Experts anticipate better returns this year than in the previous Samvat with opportunities likely to come from selective stock picking, particularly in banking, consumption, and other domestic focused sectors. Against this backdrop, HIMADRI BUCH analysed the top gainers and losers on the BSE 200 between Samvat 2081 and 2082, indicating investor preferences over the year. 124731375Among the gainers, Muthoot Finance led the pack with a stunning 69.6% jump, followed by Bajaj Finance (56.9%) and Aditya Birla Capital (47.7%), reflecting a strong comeback for finance stocks. Maruti Suzuki (47.5%) and TVS Motor (45.6%) reflected sustained strength in the auto sector. Among the losers, Adani Green Energy (-36.3%) and Thermax (-35.7%) lagged the most, hurt by valuation corrections and margin pressures. Sona BLW Precision Forgings (-33.8%) and Trent (-32.9%) also reported steep declines after strong rallies in the previous year. Public sector lenders such as Central Bank of India (-32.8%) and UCO Bank (-30.6%) cooled off after an extended run-up.

Mumbai: In what could lower the standalone earnings of the National Stock Exchange (NSE), fees charged by its clearing corporation, which absorbs most of the risks on behalf of the bourse, would go up. A working group looking into the financial independence of clearing houses and unbundling of charges, is veering around to the view that the transaction charges of clearing corporations should be reviewed, scientifically designed, and suitably linked to the total volumes of stocks settled, according to a person familiar with the deliberations. In the stock market architecture, exchanges like NSE offer the platform where deals are cut while their clearing arms, like NSE Clearing, a subsidiary of NSE, acts as the legal counterparty for clearing and settling the transactions. An overhaul of the charge structure would mean NSE and other exchanges settling for a lower share of the transaction fees collected from its members, and letting their clearing arms (which bears the risks) receive a higher portion than they presently do, earn more and strengthen their balance sheets. 124731339 The working group, constituted by the Securities and Exchange Board of India (Sebi) and headed by former RBI deputy governor RS Gandhi, is also learnt to be exploring a proposal under which the 'clearing members' would have to contribute to the settlement guarantee fund (SGF). Such a fund, held by a clearing corporation, is created to meet contingencies arising from payment default by any member or broker of the stock exchange. A 'clearing member' is a member of the clearing corporation who clears and settles deals through the corporation. Such a member can execute trades on his own account as well as on account of his clients; it can also clear and settle trades executed by themselves as well as by other trading members who choose to use the clearing services of the member. "Since clearing members bring in more risk, they should pay something more than the regular transaction charges. So, there is a proposal for clearing members to support the SGF through bank guarantees, or marking lien on fixed deposits. It is practiced in some of the markets," said another person. The discussions of the working group, which is expected to finalise its report by this year, assumes significance as a concrete plan to improve the financial health of the clearing corporation is understood to be a prerequisite for NSE's much-talked-about IPO plan. The panel has also studied the findings of an internal report which says that the present earning structure of clearing corporations is not robust enough to make them self-sufficient. Given their flow of earnings and growth in trade volumes, the clearing houses could find it tough after some years to make meaningful contributions to the SGF, it says. At present, NSE Clearing receives about 5-6% of the fees that NSE collects from members. A revision of the clearing corporation's charge structure and appropriately linking them to volumes, would raise the share to 25% or even a little higher. This was originally the share that NSE Clearing received during the years when NSE was headed by its founder managing director RH Patil. After Patil's exit, the number was whittled down over the years under subsequent NSE chiefs. In some of the advanced markets, this share is close to 50%. Since Sebi has made it clear that the charges applicable on brokers would not be raised - so that transaction costs for investors do not rise - it would mean NSE receiving a reduced share of the fee pool. While at a consolidated level it would not mean any change in financials as NSE Clearing is a wholly-owned subsidiary of NSE, Sebi would prefer to review and finalise the charges before NSE goes for listing. "Ideally, NSE Clearing should rise from a position where it has to depend on fund infusion from the parent to grow the SGF. It should have a strong, independent balance sheet. The path to make that happen should be laid down before NSE becomes a publicly listed company with diverse shareholders," said another person.

A French prosecutor on Tuesday said that the financial damage from the audacious Louvre heist was estimated at 88 million euros ($102 million) after thieves made off with priceless royal jewels.Paris prosecutor Laure Beccuau told broadcaster RTL the museum's curator had estimated the losses at that amount but the thieves would not earn the equivalent if they had "the very bad idea of melting down these jewels".

WASHINGTON: There are no plans for U.S. President Donald Trump and Russian President Vladimir Putin to meet "in the immediate future," a senior White House official said on Tuesday, days after Trump floated another summit with his Russian counterpart.U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov also have no plans to meet in person, the official said, saying their call on Monday was "productive."

India's eight key infrastructure sectors' growth stood at 3 per cent in September 2025, according to official data released on Tuesday.The core sectors' output growth was 6.5 per cent in the preceding month.It was 2.4 per cent in September last year.During April-September of this fiscal year, the eight infrastructure sectors expanded by 2.9 per cent compared to a rise of 4.3 per cent in the same period of the last year.

Japan's Nikkei share gauge closed at a record high on Tuesday, led by consumer stocks, after fiscal dove Sanae Takaichi clinched a parliamentary vote to become the nation's first woman prime minister.Earlier in the day, the share gauge rose as much as 1.55%, but gave up most of its gains in choppy trade after Japan's two houses of parliament confirmed Takaichi as premier.The Nikkei 225 Index closed 0.3% higher at an unprecedented 49,316.06. The broader Topix pared early gains to settle near the flatline. Japanese government bonds rallied and the yen weakened.As Takaichi campaigned for and won the leadership of the ruling Liberal Democratic Party earlier this month, the so-called "Takaichi trade" emerged that was bullish on equities and bearish for long-term bonds and the yen. But her ascent to the prime minister's seat was delayed after long-time political partner Komeito split from the coalition.In the previous session, the Nikkei soared after the LDP secured a new partner in the Japan Innovation Party, known as Ishin, to strengthen Takaichi's support in the Diet.The coalition will still be a minority in government, which may limit the scope of their fiscal plans, according to Mizuho Securities senior market economist Yusuke Matsuo."We think the administration will be compelled to take a pragmatic approach to economic policy and do not expect the Takaichi trade to gain significant traction in the medium term," Matsuo wrote in a note.Takaichi received 237 votes in a lower house vote on Tuesday, topping the majority of the 465-seat chamber. Market attention now turns to who may fill out her cabinet for signs of how the new government will approach spending and debt management.The new prime minister has finalised a plan to appoint former regional revitalisation minister, Satsuki Katayama, as finance minister, broadcaster FNN reported on Tuesday. Katayama, an upper house lawmaker and former finance ministry bureaucrat, told Reuters in March that Japan's economic fundamentals suggest the yen's real value is stronger than where it has traded of late.There were 125 advancers on the Nikkei index against 99 decliners. The largest gainers were video game maker DeNA , which gained 6.6%, followed by online fashion retailer ZOZO, up 4.1%.Prices for JGBs broadly rose, sending yields lower. The benchmark 10-year JGB yield fell 1 basis point (bp) to 1.655%, and the five-year yield slid 2 bps to 1.22%. The yen slid 0.4% to 151.36 to the U.S. dollar.Structural reforms and strategic investment under the new administration may come to define an updated version of the Takaichi trade, according to Naka Matsuzawa, chief macro strategist at Nomura Securities."The new Takaichi trade is more of a flattening of the yield curve and a stock market rally driven by the domestic demand stocks," Matsuzawa said. "The stock market will probably lose momentum after investors realize that Takaichi is not as reflationary as they thought and the yen actually strengthens."