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NEWS U CAN USE
Jul03, 2026
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The Week that was…
29th Jun to 03rd Jul
2
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Indian Economy
•The Index of Industrial Production (IIP) expanded by 5.1% YoY in May 2026, picking up
from the 4.9% increase in the previous month, based on the revised IIP series with 2022–
23 as the base year. Manufacturing output growth, which accounts for 76% of domestic
industrial production, eased to 5.5% from 6.1% in the previous month.
•Government data showed that India’s fiscal deficit for the period from Apr to May of FY27
stood at Rs. 1.62 lakh crore or 9.6% of the Budget Estimates (BE) of the current fiscal.
India’s fiscal deficit was at 0.8% of the BE in the corresponding period of the previous fiscal
year. Total expenditure stood at Rs. 8.81 lakh crore or 16.5% of the BE as compared to
14.7% of the BE in the corresponding period of the previous fiscal year.
•Total gross Goods and Services Tax (GST) revenue grew 13.9% YoY to Rs. 1.95 lakh crore in
Jun 2026 from Rs. 1.71 lakh crore in Jun 2025.
•The Manufacturing Purchasing Managers’ Index (PMI) eased to 54.2 in Jun 2026 from 55.0
in May 2026. Manufacturing activity expanded at its slowest pace in three months during
June, as growth in international sales, output, purchasing activity, and employment
moderated.
•India’s Services Purchasing Managers’ Index (PMI) fell to 57.4 in Jun 2026 from 59.8 in May
2026, as domestic demand softened, client interest weakened across some service
segments, and hiring activity remained broadly stagnant. Composite PMI also declined to
57.1 in Jun 2026 from 59.3 in the previous month.
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4
Domestic Equity Market Indices
Indices
03-Jul-26
1 Week Return
YTD Return
BSE Sensex
77,763.91 0.86% -8.75%
Nifty 50
24,270.85 0.89% -7.11%
BSE Mid
-Cap 47,850.03 0.80% 1.91%
BSE Small
-Cap 56,426.84 1.51% 9.51%
Source: Refinitiv
Values as on Jul 03, 2026
•Domestic equity markets gained for the
fourth consecutive week, with the
benchmark indices, the BSE Sensex and
Nifty 50, rising by 0.86% and 0.89%,
respectively.
•Domestic equity markets gained on the
back of the continued decline in crude
oil prices, supported by improving
traffic through the Strait of Hormuz
and reports of positive progress in
indirect talks between Washington and
Tehran in Doha. Market sentiment was
further supported by easing inflation
and interest-rate concerns after both
the U.S. Federal Reserve Chair and the
European Central Bank President
indicated that price pressures had
moderated in recent weeks.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
21.11 20.92 31.29 34.08
P/B
4.18 3.17 5.26 4.24
Dividend Yield
1.11 1.25 0.71 0.56
Source: NSE, BSE
Values as on Jul 03, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
29-Jun-26 1,378 2,146 0.64
30-Jun-26 2,033 1,571 1.29
01-Jul-26 2,066 1,569 1.32
02-Jul-26 2,380 1,204 1.98
03-Jul-26 1,892 1,634 1.16
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
59,766.40 0.17% 3.98%
BSE Bankex
65,450.30 -0.23% 7.13%
BSE CD
60,699.40 2.24% 5.97%
BSE CG
78,740.83 -2.71% -0.77%
BSE FMCG
18,629.02 1.56% 4.31%
BSE HC
50,088.47 3.14% 7.70%
BSE IT
26,730.46 0.30% -6.53%
BSE Metal
40,547.66 1.20% -8.47%
BSE Oil & Gas
26,201.08 -0.41% -1.21%
Source:BSE
Values as on Jul 03, 2026
•On the BSE sectoral front, BSE Realty surged
7.81%, supported by a weaker U.S. dollar index
and easing expectations of U.S. Fed rate hikes.
The rally was further aided by improved
sentiment toward domestic demand-driven
sectors and optimism around the real estate
sector's growth prospects. BSE FMCG gained
1.56% as investors turned optimistic on the
sector's near-term earnings outlook, supported
by expectations of steady demand, improving
consumption trends, and easing input cost
pressures following the recent decline in crude
oil prices.
Indian Derivatives Market Review
•Nifty Jul 2026 Futures stood at 24,352.70, a premium of 81.85 points above the spot
closing of 24,270.85.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,335.65 lakh crore as against Rs. 1,093.01 crore for the week to Jun 25.
•The put-call ratio stood at 1.01, compared with the previous week’s close of 0.87.
•The Nifty put-call ratio stood at 0.6, compared with the previous week’s close of 0.45.
Indian Equity Market (contd.)
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6.68
6.70
6.72
6.74
6.76
29-Jun 30-Jun 1-Jul 2-Jul 3-Jul
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
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Debt Indicators
(%)
Current
Value
1-
Wk
Ago
1-
Mth
Ago
6-
Mth
Ago
Call Rate
5.28 5.38 5.27 5.39
91 Day T
-Bill 5.26 5.25 5.55 5.23
06.36% 2031, (5 Yr GOI)
6.41 6.43 6.83 6.32
06.94% 2036, (10 Yr GOI)
6.71 6.77 7.02 6.61
Source: Refinitiv
Values as on Jul 03, 2026
•Bond yields declined, supported by
sustained foreign inflows amid
expectations that Indian government
bonds will be included in the Bloomberg
Global Aggregate Bond Index, a move
expected to attract significant overseas
investment into the domestic bond
market. However, gains were capped by a
widening monsoon deficit, with the all-
India cumulative rainfall shortfall
increasing to 43.1% as of June 28, 2026,
from 42.2% a week earlier.
•Yield on the 10-year benchmark paper
(6.94% GS 2036) fell by 6 bps to close at
6.71% from the previous week’s close of
6.77%.
•Data from Reserve Bank of India showed
that India's foreign exchange reserves
decreased to $666.93 billion for the
week ended Jun 26, 2026 compared with
$672.59 billion a week earlier.
Domestic Debt Market
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-10
-4
2
8
5.00
6.00
7.00
8.00
3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs
India Yield Curve Shift (%) (W-o-W)
Change in bps 03-Jul-26 25-Jun-26
Yield in %
Change in bps
Source: Refinitiv
7
Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 5.83 7.38 155
3 Year 6.21 7.35 114
5 Year 6.41 7.26 85
10 Year 6.71 7.51 80
Source: Refinitiv
Values as on Jul 03, 2026
•Yields on gilt fell up to 10 bps across the maturities,
barring 2 & 3 year papers that rose by 2 bps each,
while 4 year paper was unchanged.
•Corporate bond yields fell between 2 to 7 bps
across the curve, barring 2 to 4 year papers that
increased by 2 or 4 bps, while 1 & 5 year papers
were unchanged
•Difference in spread between AAA corporate bond
and gilt moved by 1 bps across the segments,
barring 4 year paper that expanded by 2 bps.
Domestic Debt Market (Spread Analysis)
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8
•The government has reduced export duties on diesel to Rs. 8.5/litre from Rs. 14/litre and on
aviation turbine fuel (ATF) to Rs. 7.5/litre from Rs. 12.5/litre, while increasing the duty on
petrol exports to Rs. 4/litre from Rs. 1.5/litre to ensure adequate domestic supplies. The
revised rates will take effect from Jul 1, 2026, following a decline in global crude oil prices.
•The government notified new EPFO social security schemes under the Code on Social
Security, emphasizing digital compliance and faster claim processing. Under the revised
framework, EPFO officials may face a 12% annual penal interest for delays beyond 20 days
in settling eligible claims, while the existing employee and employer contribution structure
remains unchanged.
•According to the SEBI Executive Director, SEBI is reviewing Regulation 24B, which governs
activities of asset management companies (AMCs) to prevent conflicts of interest, and may
introduce further relaxations to make the mutual fund regulatory framework more enabling
while maintaining investor protection. The regulator is also examining portfolio
management services (PMS) regulations for potential reforms.
•SEBI has proposed a uniform 75% investor approval threshold for key decisions in
Alternative Investment Funds (AIFs), replacing the current framework that prescribes
different consent levels for similar governance matters. The regulator has also proposed
three standardized voting methodologies to streamline the investor consent process,
improve regulatory consistency, and strengthen investor protection across the AIF industry.
Regulatory Updates in India
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9
•SEBI revised norms for handling unpaid client securities, mandating that such securities be
credited directly to clients' demat accounts and auto-pledged in favour of brokers. The
new framework also requires brokers to follow stricter timelines for pledge invocation,
release, and liquidation, strengthening investor protection and operational transparency.
•IRDAI has proposed a Policyholders' Education and Protection Fund (PEPF), seeded with
Rs. 800 crore, to enhance insurance awareness, help policyholders recover unclaimed
benefits, and strengthen consumer protection. The fund will support insurance literacy
initiatives, grievance redressal, and systems to trace unclaimed insurance amounts, which
exceeded Rs. 9,305 crore at the beginning of FY25.
•IRDAI is evaluating reforms to the insurance commission framework, with proposals
including a trail commission-like structure that distributes payouts more evenly over the
policy tenure, or product-specific commission caps to curb distribution costs. The move is
aimed at aligning agent incentives with long-term policy performance, while improving
cost efficiency and transparency across the insurance industry.
Regulatory Updates in India (contd..)
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•U.S. manufacturing PMI fell to 53.3 in Jun 2026 from 54.0 in May 2026, according to the
Institute for Supply Management.
•U.S. initial jobless claims slipped to 215,000 in the week ended Jun 27, 2026, a decrease of
1,000 from the previous week's revised level of 216,000, according to the Labor
Department.
•U.S. nonfarm payroll employment increased by 57,000 jobs in Jun 2026, following a gain of
129,000 jobs in May 2026, according to the Labor Department.
•U.K. gross domestic product grew 0.6% QoQ in the first quarter of 2026, following a
revised 0.1% expansion in the fourth quarter of 2025, according to the Office for National
Statistics.
•Eurozone house prices rose 4.7% YoY in the first quarter of 2026, slowing from a 5.1%
increase in the fourth quarter of 2025, according to Eurostat.
•China’s manufacturing Purchasing Managers’ Index (PMI) stood at 51.7 in Jun 2026, down
from 51.8 in May 2026, according to survey data released by S&P Global.
•China’s Services Purchasing Managers' Index (PMI) fell to 54.1 in Jun. 2026 from 54.4 in the
previous month, according to survey data from S&P Global.
•Japan’s retail sales advanced 5.3% YoY in May 2026, higher than the 2.8% increase
recorded in Apr 2026, according to the Ministry of Economy, Trade and Industry.
10
Global News/Economy
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11
Global Indices
Indices
03-Jul-26 1-Week
Return
YTD
Return
Russell 3000
[1] 3,828.18 1.73% 3.09%
NASDAQ 100
[1] 29,329.21 0.72% 16.16%
FTSE 100
10,679.03 1.63% 7.53%
DAX Index
25,779.31 4.49% 5.26%
Nikkei Average
69,744.07 0.55% 38.55%
Straits Times
5,244.29 1.01% 12.87%
Source: Refinitiv
[1]Value as on Jul 02,
2026
U.S.
•U.S. equity markets rose primarily driven
by a softer-than-expected Jun 2026 jobs
report, which eased inflation concerns
and reduced pressure on the Federal
Reserve to raise interest rates.
Europe
•European equity markets advanced as strong gains in the AI and technology sectors
supported investor sentiment. Meanwhile, easing geopolitical concerns and resilient
corporate earnings further strengthened risk appetite.
Asia
•Asian equity markets mostly rose as geopolitical tensions eased and expectations of a
Federal Reserve rate hike diminished. Gains were further supported by investor optimism
surrounding the potential resumption of U.S.-Iran talks in Qatar aimed at resolving
differences over the Strait of Hormuz and issues related to asset releases.
Global Equity Markets
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4.30
4.35
4.40
4.45
4.50
29-Jun 30-Jun 1-Jul 2-Jul
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury rose
by 11 bps to close at 4.48% from the
previous week’s close of 4.37%.
•U.S. Treasury prices fell despite
following a round of economic data
releases and comments from the
Federal Reserve Chairman. Speaking on
a panel with other central bankers, he
said that inflation expectations and
inflation risks have declined in recent
weeks.
•Meanwhile, investors monitored
developments regarding potential
peace talks between the United States
and Iran.
Global Debt (U.S.)
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6.00
7.00
8.00
9.00
10.00
11.00
3-Jun-26 19-Jun-26
Global Commodity Movement
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
Global Commodity Prices
Rebased to 10
Source: Refinitiv
13
Performance of various commodities
Commodities
Last Closing*
1-Week Ago
Brent Crude($/Barrel)
67.26 69.06
Gold ($/Oz)
4,174.90 4,088.23
Gold (Rs/10 gm)
145,764 139,843
Silver ($/Oz)
62.40 59.16
Silver (Rs/Kg)
233,669 218,680
Source: Refinitiv Value as o
n Jul 03, 2026
Gold
•Gold prices ($/oz) rose as expectations of a
U.S. Federal Reserve rate hike eased.
Additionally, prices increased after the U.S.
Federal Reserve Chair and the President of
the European Central Bank indicated that
inflation risks had eased in recent weeks.
Brent Crude
•Brent crude oil prices declined amid signs
of improving shipping traffic through the
Strait of Hormuz. However, prices fell
despite ongoing concerns over potential
supply disruptions in the Middle East.
Baltic Dry Index
•The index rose over the week due to
improved capesize and panamax activities.
Commodities Market
05-Jan-24
3-Jul-26
-2.61%
2.12%
5.48%
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9.40
9.50
9.60
9.70
9.80
9.90
10.00
10.10
3-Jun-26 19-Jun-26
USD GBP Euro JPY
Source: Refinitiv
Currency Prices ( in terms of INR)
Rebased to 10
Currency Movement
14
Movement of Rupee vs Other Currencies
Currency
Last Closing*
1-Wk Ago
US Dollar
95.24 94.48
Pound Sterling
127.41 124.50
EURO
109.15 107.36
100 Yen
59.25 58.38
Source: Refinitiv Figures in INR , *Value as on
Jul 03, 2026
Rupee
•The Indian rupee weakened against the U.S.
dollar despite expectations that the recent
measures announced by the Reserve Bank of
India would attract significant foreign capital
inflows.
Euro
•The euro strengthened against the U.S. dollar as
expectations of a U.S. Federal Reserve rate hike
eased.
Pound
•The British pound strengthened against the U.S.
dollar as expectations of a U.S. Federal Reserve
rate hike eased.
Yen
•The Japanese yen strengthened against the U.S.
dollar as expectations of a U.S. Federal Reserve
rate hike eased.
Currencies Markets
25-Jan-24
3-Jul-26
0.80%
1.49%
1.66%
2.34%
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15
The Week that was…
29th Jun to 03rd Jul
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16
The Week that was (Jun 29 – Jul 03)
Date Events
Present
Value
Previous
Value
Monday,
Jun 29, 2026
• India Industrial Production YoY MAY
5.10% 4.90%
• India Manufacturing Production YoY MAY
5.50% 6.10%
• India External Debt Q4FY26
$762.8B
$765.5B
• Eurozone Economic Sentiment Indicator (Jun)
95.00 93.70
Tuesday,
Jun 30, 2026
• China NBS Non
-Manufacturing PMI (Jun) 50.20 50.10
• U.K. Gross Domestic Product (QoQ) (Q1)
0.60% 0.60%
• Germany Unemployment Change (May)
-1K -12K
Wednesday,
Jul 01, 2026
• Eurozone Core Harmonized Index of Consumer Prices (MoM) (Jun) Prel
0.20% 0.30%
• U.S. ISM Manufacturing PMI (Jun)
53.30 54.00
Thursday,
Jul 02, 2026
• U.S. Initial Jobless Claims
215K 216K
• U.S. Nonfarm Payrolls (Jun)
57K 129K
Friday,
Jul 03, 2026
• India HSBC Services PMI Final JUN
57.40 59.80
• China RatingDog Services PMI (Jun)
54.10 54.40
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17
The Week Ahead
06th Jul to 10th Jul
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18
The Week Ahead
Day Event
Monday,
Jul 06, 2026
•
Germany Factory Orders (YoY) (May)
•
U.S. ISM Services PMI (Jun)
•
Eurozone Retail Sales (YoY) (May)
•
Eurozone Sentix Investor Confidence (Jul)
Tuesday,
Jul 07, 2026
•
Japan Labor Cash Earnings (YoY) (May)
•
Germany Industrial Production (MoM) (May)
•
U.S. Redbook Index (YoY)
Wednesday,
Jul 08, 2026
•
Japan Current Account (May)
•
U.S. Wholesale Inventories (May)
Thursday,
Jul 09, 2026
•
China Consumer Price Index (MoM) (Jun)
•
U.S. Initial Jobless Claims
Friday,
Jul 10, 2026
•
Germany Harmonized Index of Consumer Prices (YoY) (Jun)
•
Japan Producer Price Index (YoY) (Jun)
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The information herein is meant only for general reading purposes and contains all factual and statistical information pertaining to Industry and
markets which have been obtained from independent third party sources and which are deemed to be reliable. The information provided cannot be
considered as guidelines, recommendations or as a professional guide for the readers. It may be noted that since Nippon Life India Asset
Management Limited (NAM India) has not independently verified the accuracy or authenticity of such information or data, or for that matter the
reasonableness of the assumptions upon which such data and information has been processed or arrive data; NAM India does not in any manner
assures the accuracy or authenticity of such data and information. Some of the statements & assertions contained in these materials may reflect NAM
India’s views or opinions, which in turn may have been formed on the basis of such data or information. The Sponsor(s), the Investment Manager, the
Trustee or any of their respective directors, employees, associates or representatives do not assume any responsibility for, or warrant the accuracy,
completeness, adequacy and reliability of such data or information. Whilst no action has been solicited based upon the information provided herein,
due care has been taken to ensure that the facts are accurate and opinions given are fair and reasonable, to the extent possible. This information is
not intended to be an offer or solicitation for the purchase or sale of any financial product or instrument. Recipients of this information should rely
on information/data arising out of their own investigations. Before making any investments, the readers are advised to seek independent
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consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material.
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Although reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of
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19
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