Top 10@10 | India-UK ink historic FTA, IEX crashes, Trump targets EU, and more
Meanwhile, the US-EU trade standoff continues to simmer. US President Donald Trump, addressing an event on July 23, claimed European NATO allies will now foot the entire bill for military equipment sent to Ukraine. He also hinted at a steep 15–30% tariff on EU goods if a deal isn’t reached by August 1.
Back home, Indian markets slipped sharply on Thursday. The Sensex lost 542 points and the Nifty 50 fell 158 points, weighed down by losses in IT and FMCG shares. The steepest decline came from the Indian Energy Exchange (IEX), which plunged 30% after the CERC cleared market coupling norms effective January 2026. Mutual funds are still buying, but retail investors have been exiting for five quarters straight.
IndusInd Bank’s board has cleared a ₹30,000 crore fundraising plan via debt and equity, and the government has appointed former DEA secretary Ajay Seth as IRDAI chief for a three-year term.
In global markets, Tesla shares fell 5% in after-hours trading after Elon Musk warned of “a few rough quarters ahead.” And in Russia, tragedy struck as an Antonov plane crashed with nearly 50 feared dead.
Scroll down for the top 10 stories today.
FTA to open UK market for Indian food, drinks and oilseeds
India and the United Kingdom on Thursday signed a landmark free trade agreement (FTA), aimed at eliminating tariffs and expanding market access across sectors, including food processing, automobiles, textiles, and alcoholic beverages. The deal was formalised during Prime Minister Narendra Modi’s visit to London—his fourth since taking office in 2014—and comes after three years of stop-start negotiations. The pact is expected to increase bilateral trade by 25.5 billion pounds ($34 billion) by 2040 and will come into effect following approvals from the British Parliament and India’s federal cabinet, likely within a year.
Donald Trump says European allies will pay 100% for military equipment
US President Donald Trump on Wednesday (July 23) touted a recent deal between the US and NATO whereby European allies would purchase weapons and send them to Ukraine as it fights Russia. These comments come amid a staunch stalemate over trade talks between the European Union and the US. Previously, Trump had threatened the EU and Mexico with a 30% tariff upon the deadline of August 1. In another statement made at the AI summit, Trump suggested that he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising.
Stocks end near day’s low as IT, consumer stocks drag; IEX tumbles 30%
The stocks closed sharply lower on Thursday, dragged down by losses in IT and FMCG stocks, with broader market sentiment also turning negative after a steep fall in Indian Energy Exchange (IEX) shares and weak internals from key mid-tier tech companies. The benchmark Sensex fell 542 points to close at 82,184, while the Nifty 50 shed 158 points to end at 25,062, finishing near its key support level. The Nifty Bank index ended in the red but outperformed the benchmarks, cushioned by gains in PSU banking names following upbeat earnings.
IndusInd Bank board clears ₹30,000-crore fundraise via debt, equity instruments
Private sector lender, IndusInd Bank Limited, on Wednesday (July 23), announced that its board of directors has approved proposals to raise funds aggregating up to ₹30,000 crore through various modes, subject to necessary approvals. The board approved raising up to ₹20,000 crore through debt securities in any permitted mode on a private placement basis, including foreign currency issuances, subject to approval from the bank’s members and regulatory/statutory clearances.
IEX Share Price Crash: Retail shareholding has dropped for five straight quarters but MFs keep buying
Shares of Indian Energy Exchange Ltd. (IEX) fell 30% on Thursday, July 24, after the CERC approved market coupling norms, which will be implemented from January 2026. The back and forth over the market coupling implementation has been a key overhang for IEX for a long period of time. So did this overhang prompt retail shareholders to trim their stake before any negative developments took place?
Former DEA Secretary Ajay Seth appointed IRDAI chairman for three years
The government has appointed former Department of Economic Affairs (DEA) Secretary Ajay Seth as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), government said. He will hold the post for three years. The post has been vacant since March 2025 after Debasish Panda resigned. In March this year, the government had given Seth, then Department of Economic Affairs (DEA) Secretary, additional charge of Revenue Secretary after Tuhin Kanta Pandey moved to SEBI as its Chairperson.
ED raids premises linked to the Anil Ambani Group for allegedly defrauding banks of ₹14,000 crore in loans
The Enforcement Directorate (ED) is conducting search operations at 40 sites in Delhi and Mumbai, linked to Anil Ambani group companies in connection with a money laundering investigation. Following the ED action and related media reports, Reliance Infrastructure Limited issued a statement clarifying that the said actions have “absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure.”
Tesla shares fall 5% afterhours after Elon Musk warns of ‘a few rough quarters’
Shares of Tesla Inc. the Electric Vehicle manufacturing giant fell as much as 5% in extended trading on Wednesday, July 23, after its CEO Elon Musk warned that the company could face a “few rough quarters ahead” during its earnings call with analysts. “We probably could have a few rough quarters. I am not saying that we will, but we could,” Musk said. Tesla’s results were a miss on expectations on both revenue as well as the earnings front. Revenue declined 12%, marking the sharpest fall in over a decade to $22.5 billion, while adjusted EPS stood at $0.4, which was also lower than the analyst expectation of $0.43.
Soviet-era Antonov plane crashes in Russia; nearly 50 on board feared dead
A Soviet-era Antonov An-24 passenger aircraft carrying around 50 people crashed in Russia’s far eastern Amur region on Thursday, with initial reports indicating no survivors, according to Russian emergency services officials cited by Reuters. The aircraft, operated by Siberian airline Angara, was flying from Blagoveshchensk to the remote town of Tynda when it vanished from radar while approaching its destination. A helicopter later spotted the burning wreckage in a densely forested area about 15 kilometres from Tynda, Reuters reported.
Thailand deploys F-16 fighter jet amid escalating border clashes with Cambodia, 11 killed
At least 11 people, mostly civilians, were killed on Thursday (July 24) as Thai and Cambodian soldiers clashed across multiple locations along their disputed border, marking one of the deadliest escalations in recent years. The violence involved exchanges of small arms, artillery, and rocket fire, with Thailand also launching airstrikes on Cambodian military positions.
The Thai military confirmed it had deployed an F-16 fighter jet to strike two Cambodian positions in retaliation for a rocket attack that wounded three Thai civilians near the contested area.
Beyond #Newsroom
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go!- CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market- Real-time market updates
We’ll see you on Friday with another engaging ‘Top 10@10.’
Source: www.cnbctv18.com