India-UK Trade Pact Takes Effect; Indian Markets Close Lower

The India-UK Comprehensive Economic and Trade Agreement took effect on July 15, 2026. The first jewellery export consignment under the pact, valued at $10 million, left India that day from 27 exporters based in Delhi, Mumbai, Surat, Kolkata, Jaipur and Chennai. Kirit Bhansali, chairman of GJPEC, said the shipment marked a milestone for the gem and jewellery sector.

The agreement removes UK import tariffs of up to 4 percent on Indian jewellery. India’s gem and jewellery exports to the UK reached approximately $754 million in 2025. Bhansali stated that exports are expected to reach nearly $2.5 billion over the next three years.

The SENSEX closed at 77,054.94, down 561.46 points. The NIFTY closed at 24,052.05, down 158.95 points. Gift Nifty stood at 24,045, pointing to a slightly negative open for Indian markets on July 16. Crude oil traded at 7,577.00, up 217.00.

Gold traded at 142,300.00, up 1,991.00. Silver traded at 223,122.00, up 5,404.00. In the United States, the Dow Jones closed 0.02 percent above the flatline. The Nasdaq rose 0.9 percent. The S&P 500 rose 0.4 percent.

JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs reported second-quarter earnings that beat expectations, driven by equities trading revenue. IBM stock fell more than 25 percent after the company released preliminary results below expectations. Chief executive Arvind Krishna said clients had shifted purchases to AI hardware and memory chips.

President Donald Trump dropped plans to impose a 20 percent fee on ships traveling through the Strait of Hormuz. TSMC announced it would add $100 billion to its Arizona investment, bringing the total to $265 billion.2 billion, 36 percent higher than a year earlier, and profit of just over $22 billion, nearly 80 percent higher year over year.