ET NEWS

Jaipur: A three-storey building collapsed in Rajasthan’s Kota on Saturday night, killing at least two people and leaving several trapped under the debris, an official said.The incident occurred in the Talwandi area, where a restaurant was operating in the building. Police and rescue teams rushed to the spot and launched a rescue operation.So far, five people have been pulled out from the rubble and shifted to a hospital, officials said. According to initial information, some customers and employees were present in the restaurant at the time of the collapse.— PTI_News (@PTI_News) BJP MLA Sandeep Sharma, who reached the spot soon after the incident said, "Prima facie, the reason appears to be that a nearby old building was dismantled, which may have led to issues with its foundation. We cannot reach a final conclusion yet. So far, 10 people have been recovered. The operation is ongoing and relief work is currently underway.”"There is a possibility that several people are trapped. The police and administration reached the site promptly, and rescue operations are underway. Some people have been pulled out," he said.Minister Madan Dilawar said, “This is a very major incident. We have received information about around two casualties so far. A total of nine people have been taken to the Medical College hospital. Four are currently admitted there, while three to four others have either gone to private hospitals or returned home... Investigation is underway. Rescue teams are on the spot and relief and rescue operations are underway.” With inputs from PTI

New Delhi: American goods ranging from wines and spirits to dry fruits will enter India either duty-free or at reduced import tariffs, a move expected to make these imports cheaper for domestic consumers. India and the US on Saturday announced that they have reached a framework for the first phase of the bilateral trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade. The framework will be converted into a legal agreement, which is expected to be signed by mid-March. The duty concessions will take effect on the day of implementation. According to a joint statement, India will eliminate or reduce tariffs on all US industrial goods and a wide range of American food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, and wine and spirits. The other US goods which will enjoy duty concession by India include walnuts, almonds, pistachios, and some lentils. New Delhi will also grant duty concession on goods such as high-end cars and motorcycles. It said that the US and India have also agreed to address non-tariff barriers that affect bilateral trade. "India agrees to address long-standing barriers to the trade in US medical devices; eliminate restrictive import licensing procedures that delay market access for, or impose quantitative restrictions on, US Information and Communication Technology (ICT) goods," the statement said. India needs these ICT goods for its data centres and other industrial activities. India has also agreed to address long-standing non-tariff barriers to the trade in US food and agricultural products. Commerce and Industry Minister Piyush Goyal said that India has opened its market under the pact in a "very calibrated" way for American goods. Minimum import prices have been fixed on certain products like apples to protect interests of MSMEs and farmers, he said. Under the pact, India will eliminate import duties on certain US goods on the day the agreement comes into force, while duties on other items may be phased out over time. In some sectors, tariffs will be reduced, while in others, quota-based concessions will be provided. Duty benefits will also be extended by New Delhi on certain American medicines for neuro, heart and diabetes, cosmetics, medical devices, X-ray valves, diagnostic reagents, pacemakers, imaging apparatus, hearing aid, and artificial joints. American aircraft, semiconductor chips, and high quality machinery will be allowed into India, he said. On the other hand, India's exports to the US, including spices, tea, coffee, copra, coconut oil, areca nut, cashew, Brazil nut, chestnut, avocado, banana, guava, mango, kiwi, papaya, pineapple, shiitake mushroom, vegetable planting material and saplings, roots and tubers such as taro, barley, canary seeds, bakery goods, cocoa and cocoa products, sesame seeds, poppy seeds, and fruit jams and pastes, will attract zero reciprocal tariffs in the American market.Spices, tea, coffee, copra, vegetable wax, areca, chestnut, cashews, several fruits and vegetables exported from India to the US will also attract nil reciprocal tariffs.

In a 6-day trading week, the Nifty traded with heightened volatility throughout the week and ended with gains. The week was marked by sharp swings as markets first reacted nervously to the Union Budget announced on Sunday, followed by a strong positive response to the India–US deal that led to a gap-up move. As a result, the index oscillated in a wide intra-week range of 1661.80 points before settling higher. India VIX cooled off meaningfully over the week, declining by about 12%, reflecting easing volatility after the event-heavy phase. On a weekly basis, the Nifty posted a gain of 373 points. Structurally, the broader trend of the market remains positive, though the index is currently navigating a consolidation phase after a strong up-move. 128031431On the weekly chart, Nifty continues to hold above its key medium-term moving averages, but recent price action shows hesitation near the upper end of the rising channel. The index is dealing with a supply zone around the recent highs, where selling pressure has emerged repeatedly. While the primary trend is still up, a sustained move above the recent swing high would be required to reassert momentum on the upside, whereas a decisive break below the lower end of the recent consolidation band could trigger a deeper corrective move. For the coming week, the markets may see a positive start after the volatile but event driven week gone by. Immediate resistance for the Nifty is placed around 26,000, followed by a stronger hurdle near 26,300. On the downside, supports are seen at 25,400, with the next important support placed near 24,850, which also coincides with key moving average support.Momentum indicators present a neutral-to-slightly-positive picture. The weekly RSI is placed near 53, staying in the neutral zone and not indicating any bullish or bearish divergence against price. The weekly MACD remains below its signal line, but the histogram has started to narrow, suggesting a loss of downside momentum. On the candlestick front, the week has resulted in a relatively long-range candle, highlighting volatility and indecision near higher levels rather than outright strength. From a pattern perspective, the weekly chart shows Nifty closing above the falling trendline support. The recent pullback from the highs does not damage the larger trend, as the index continues to trade comfortably above its 50-week and 100-week moving averages. This setup suggests that the long-term trend is intact, but short-term consolidation cannot be ruled out. Given the current setup, traders and investors should adopt a balanced and selective approach in the coming week. Aggressive long positions may be avoided until the index shows a clear breakout above resistance, while existing positions should be managed with disciplined trailing stops to protect gains. Fresh opportunities are likely to remain stock-specific rather than index-led. Overall, the focus for the week ahead should be on prudent risk management, selective participation, and closely tracking how the index behaves around the identified support and resistance zones. In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks.128031417Relative Rotation Graphs (RRG) show that the Nifty Financial Services, IT, Banknifty, Services Sector, Metal, and the PSU Bank Indices are inside the leading quadrant of the RRG. While some relative momentum is being lost on the PSU Banks, these groups will continue to relatively outperform the broader markets. 128031410The Nifty Midcap 100 Index has rolled inside the weakening quadrant. This may see a slowdown in the Midcap Index’s relative performance. Along with this, the Nifty Auto and the Infrastructure Indices are also inside the weakening quadrant. The Nifty Realty and the FMCG Indices languish inside the lagging quadrant with the Realty Index showing a slight improvement in its relative momentum. The Energy Index has rolled inside the improving quadrant. Besides this, the Media Index is also inside the improving quadrant. Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals. (The author Milan Vaishnav is CMT, MSTA Consulting Technical Analyst)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)