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NEWS U CAN USE
Jul 24, 2026
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The Week that was…
20th Jul to 24th Jul
2
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Indian Economy
•According to the Ministry of Commerce & Industry, the Index of Core Industries rose 5.0%
YoY in Jun 2026, following an upwardly revised increase of 3.2% YoY in May 2026. Iron ore
recorded the strongest growth at 43.9%, followed by cement and electricity, which grew
9.8% each, while natural gas and refinery products declined by 7.4% and 4.7%,
respectively.
•India's debt-to-GDP ratio moderated to 58.2% in FY26 from 58.5% in FY25, reflecting
improved fiscal health. The government highlighted lower debt-servicing costs, strong
capital expenditure, and continued infrastructure investments, with FY27 effective capex
budgeted above fresh debt receipts, indicating borrowings are being directed toward
asset creation.
•The U.S. imposed a 10% tariff on Indian goods under a Section 301 investigation related to
forced-labour concerns, replacing the proposed 12.5% duty after India amended its
foreign trade policy. The tariff is expected to impact 60–65% of Indian exports to the U.S.,
while negotiations on a broader India–U.S. trade agreement continue.
•According to NITI Aayog's first Investment Friendliness Index, Gujarat emerged as the top-
ranked large state for investment readiness, followed by Maharashtra, Tamil Nadu and
Odisha. The index evaluates states and union territories across parameters such as
infrastructure, business climate, regulatory ease, financial health and governance to assess
their ability to attract and sustain investments.
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4
Domestic Equity Market Indices
Indices
24-Jul-26
1 Week Return
YTD Return
BSE Sensex
76,059.77 -2.68% -10.75%
Nifty 50
23,767.45 -2.33% -9.04%
BSE Mid
-Cap 47,475.75 -1.42% 1.11%
BSE Small
-Cap 55,384.94 -1.30% 7.49%
Source: Refinitiv
Values as on Jul 24, 2026
•Domestic equity markets declined after
posting gains in the previous week,
with the benchmark indices, BSE
Sensex and Nifty 50, falling by 2.68%
and 2.33%, respectively.
•Domestic equity markets fell as crude
oil prices continued to surge in global
markets, heightening concerns over
potential disruptions to global energy
supplies amid escalating tensions
between the U.S. and Iran. Adding to
investor caution, the U.S. President
warned that key Iranian infrastructure
could be targeted in response to any
Iranian attack on vessels passing
through the Strait of Hormuz.
Sentiment was further dampened after
the U.S. administration imposed a 10%
tariff on Indian imports, citing concerns
over forced labor practices.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.48 20.29 33.58 32.58
P/B
4.09 2.97 5.18 4.15
Dividend Yield
1.13 1.28 0.67 0.56
Source: NSE, BSE
Values as on Jul 24, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
20-Jul-26 1,992 1,642 1.21
21-Jul-26 1,883 1,630 1.16
22-Jul-26 1,147 2,350 0.49
23-Jul-26 1,154 2,292 0.50
24-Jul-26 1,651 1,815 0.91
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
59,773.92 0.10% 2.48%
BSE Bankex
64,297.00 -2.87% -1.96%
BSE CD
62,891.64 -0.78% 5.13%
BSE CG
77,369.24 -0.96% -5.03%
BSE FMCG
18,293.96 0.49% 0.23%
BSE HC
49,395.81 -0.79% 1.65%
BSE IT
27,714.16 -1.81% 3.08%
BSE Metal
39,886.83 -0.58% -1.81%
BSE Oil & Gas
26,058.29 -1.80% -2.24%
Source:BSE
Values as on Jul 24, 2026
•On the BSE sectoral front, BSE Realty fell 4.03%
as Realty stocks came under pressure as a sharp
spike in crude oil prices, triggered by escalating
geopolitical tensions in the Middle East,
heightened concerns over inflation and the
interest rate outlook. Higher crude prices are
expected to raise construction costs and reduce
the likelihood of interest rate cuts, potentially
weighing on housing demand. BSE Bankex fell
2.87% as banking stocks witnessed sustained
selling pressure amid concerns over net interest
margin compression following the Q1 FY27
earnings season.
Indian Derivatives Market Review
•Nifty Jul 2026 Futures stood at 23,806.50, a premium of 39.05 points above the spot
closing of 23,767.45.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,122.58 lakh crore as against Rs. 1,197.55 crore for the week to Jul 17.
•The put-call ratio stood at 0.87, compared with the previous week’s close of 0.78.
•The Nifty put-call ratio stood at 0.89, compared with the previous week’s close of 0.54.
Indian Equity Market (contd.)
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6.74
6.76
6.78
6.80
6.82
6.84
6.86
20-Jul 21-Jul 22-Jul 23-Jul 24-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
5.12 5.40 5.37 5.39
91 Day T
-Bill 5.32 5.32 5.27 5.48
06.36% 2031, (5 Yr GOI)
6.50 6.46 6.42 6.41
06.94% 2036, (10 Yr GOI)
6.83 6.78 6.78 6.66
Source: Refinitiv
Values as on Jul 24, 2026
•Bond yields rose as crude oil prices
surged amid escalating geopolitical
tensions in the Middle East, raising
concerns over India's macroeconomic
outlook and inflation trajectory. The
upward movement in U.S. Treasury yields
further weighed on sentiment, adding to
the pressure on domestic bond markets.
•Yield on the 10-year benchmark paper
(6.94% GS 2036) rose by 5 bps to close at
6.83% from the previous week’s close of
6.78%.
•Data from Reserve Bank of India showed
that India's foreign exchange reserves
increased to $676.24 billion for the week
ended Jul 17, 2026 compared with
$675.16 billion a week earlier.
Domestic Debt Market
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-3
0
3
6
0.00
2.00
4.00
6.00
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 24-Jul-26 17-Jul-26
Yield in %
Change in bps
Source: Refinitiv
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Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 5.76 7.52 176
3 Year 6.39 7.4 101
5 Year 6.49 7.37 88
10 Year 6.83 7.55 72
Source: Refinitiv
Values as on Jul 24, 2026
•Yields on gilt rose between 2 to 15 bps across the
maturities, barring 1 year paper that fell by 2 bps.
•Corporate bond yields increased between 2 to 6 bps
across the curve.
•Difference in spread between AAA corporate bond
and gilt expanded up to 4 bps across the segments,
barring 3 & 10 year papers that contracted between
10 & 2 bps, respectively, while 2, 7 & 15 year papers
remained steady.
Domestic Debt Market (Spread Analysis)
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8
•The RBI released draft rules to simplify India's foreign investment framework, aiming to
reduce regulatory complexity, align regulations with FDI policy, and facilitate overseas
listings of Indian companies. The proposed rules also allow foreign investors to invest on
either a repatriation or non-repatriation basis and are open for public comments until Aug
31, 2026.
•The government has allowed foreign direct investment in inventory-based e-commerce
exclusively for exports of goods manufactured in India, aiming to boost outbound
shipments and improve global market access for Indian sellers, while retaining existing
restrictions on inventory-led e-commerce in the domestic market.
•AMFI has simplified the transmission process for mutual fund nominees and legal heirs by
easing requirements related to address, name, and signature mismatches, helping reduce
paperwork-related delays in claim settlements. Under the revised guidelines, AMCs can rely
on the latest available address supported by documents and adopt a standardized
framework for handling name and signature discrepancies.
•According to SEBI, existing SIF distributors holding a valid NISM Series XIII – Common
Derivatives Certification obtained on or before Sep 21, 2026, will not be required to take the
newly introduced NISM Series V-D certification until their current certification expires. The
regulator also clarified that the NISM Series V-D certification will qualify distributors to sell
both mutual funds and Specialized Investment Funds.
Regulatory Updates in India
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9
•SEBI has proposed a mutual fund-only portfolio management service (MF-PMS)
framework, lowering the minimum investment threshold to Rs. 25 lakh from Rs. 50 lakh to
make professionally managed mutual fund portfolios accessible to a wider investor base.
•SEBI simplified the transmission of mutual fund units by introducing a fast-track process
for claims up to Rs. 30 lakh, reducing documentation requirements and mandating AMCs
to process complete requests within 21 days.
Regulatory Updates in India (contd..)
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•U.S. industrial production edged up 0.1% in Jun 2026, matching the increase recorded in
May 2026, according to a report released by the Federal Reserve.
•The U.S. Consumer Sentiment Index rose to 54.4 in Jul 2026 from 49.5 in Jun 2026,
according to the University of Michigan.
•U.S. initial jobless claims fell to 187,000 in the week ended Jul 18, 2026, a decrease of
22,000 from the previous week's revised level of 209,000, according to the Labor
Department.
•The European Central Bank (ECB) left its key interest rates unchanged on Jul 24, 2026, as
expected, following its first rate hike in nearly three years during the previous policy
meeting. The Governing Council, led by ECB President, kept the deposit rate unchanged at
2.25%, the refinancing rate at 2.40%, and the marginal lending rate at 2.65%.
•The U.K. Consumer Price Index (CPI) rose 2.6% YoY in Jun 2026, slower than the 2.8%
increase recorded in May 2026, according to the Office for National Statistics.
•China maintained its loan prime rates unchanged for the fourteenth consecutive month, as
widely expected, on Jul 20, 2026. The People's Bank of China left its one-year loan prime
rate unchanged at 3.0%. Similarly, the five-year LPR, the benchmark for mortgage rates,
was retained at 3.50%.
•Japan recorded a merchandise trade deficit of 406.906 billion yen in Jun 2026, according
to the Ministry of Finance.
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Global News/Economy
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11
Global Indices
Indices
24-Jul-26 1-Week
Return
YTD
Return
Russell 3000
3,711.22 -1.50% -0.06%
Nasdaq 100
28,128.34 -1.62% 11.40%
FTSE 100
10,736.23 1.28% 8.10%
DAX Index
25,099.00 1.08% 2.49%
Nikkei Average
64,611.15 0.73% 28.35%
Straits Times
5,588.34 1.43% 20.28%
Source: Refinitiv
Value as on Jul 24, 2026
U.S.
•U.S. equity markets fell as disappointing
earnings from the technology sector and
concerns over elevated valuations
weighed on investor sentiment and
broader risk appetite. Furthermore,
uncertainty surrounding the economic
outlook kept sentiment subdued.
Europe
•European equity markets rose as softer U.K. inflation data for Jun 2026 supported
sentiment, outweighing concerns over escalating geopolitical tensions and reinforcing
confidence in the broader economic outlook.
Asia
•Asian equity markets closed on a mixed note. Markets gained as optimism surrounding
artificial intelligence (AI) supported sentiment and partially offset concerns over escalating
Middle East tensions earlier in the week. However, gains were capped as surging oil prices,
driven by escalating regional tensions, fueled concerns about energy-driven inflation.
Global Equity Markets
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4.55
4.60
4.65
4.70
4.75
20-Jul 21-Jul 22-Jul 23-Jul 24-Jul
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury rose
by 14 bps to close at 4.68% from the
previous week’s close of 4.54%.
•U.S. Treasury prices fell as surging crude
oil prices and ongoing Middle East
hostilities reinforced fears of persistent
inflation, prompting investors to price in
a more hawkish path for Federal
Reserve policy.
•Meanwhile, investors are awaiting the
U.S. Federal Reserve's policy decision on
Jul 29, 2026.
Global Debt (U.S.)
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9.00
10.00
11.00
12.00
13.00
14.00
15.00
24-Jun-26 10-Jul-26
Global Commodity Movement
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
Global Commodity Prices
Rebased to 10
Source: Refinitiv
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Performance of various commodities
Commodities
Last Closing*
1-Week Ago
Brent Crude($/Barrel)
102.8 80.85
Gold ($/Oz)
4,052.56 4,016.69
Gold (Rs/10 gm)
143,238 140,653
Silver ($/Oz)
58.17 55.90
Silver (Rs/Kg)
222,824 215,786
Source: Refinitiv Value as o
n Jul 24, 2026
Gold
•Gold prices ($/oz) rose as concerns about
inflation eased, reducing expectations of
an interest-rate hike by the U.S. Federal
Reserve. Additionally, prices gained as
investors looked ahead to next week's
Federal Reserve meeting.
Brent Crude
•Brent crude oil prices rose as concerns over
global supply disruptions expanded
beyond the Middle East to the Black Sea
region.
Baltic Dry Index
•The index fell over the week due to
sluggish capesize and panamax activities.
Commodities Market
05-Jan-24
24-Jul-26
27.15%
0.89%
4.05%
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9.60
9.80
10.00
10.20
10.40
10.60
24-Jun-26 10-Jul-26
USD GBP Euro JPY
Source: Refinitiv
Currency Prices ( in terms of INR)
Rebased to 10
Currency Movement
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Movement of Rupee vs Other Currencies
Currency
Last Closing*
1-Wk Ago
US Dollar
96.54 96.37
Pound Sterling
128.53 129.83
EURO
109.87 110.34
100 Yen
58.93 59.35
Source: Refinitiv Figures in INR , *Value as on Jul
24, 2026
Rupee
•The Indian rupee strengthened against the U.S.
dollar amid likely intervention by the Reserve
Bank of India.
Euro
•The euro weakened against the U.S. dollar amid
concerns over escalating tensions involving the
U.S. and Iran.
Pound
•The British pound strengthened against the U.S.
dollar as renewed regional hostilities raised
concerns over energy supplies, although hopes
for a ceasefire provided some relief.
Yen
•The Japanese yen weakened against the U.S.
dollar as renewed regional hostilities raised
concerns over energy supplies, although hopes
for a ceasefire provided some relief.
Currencies Markets
25-Jan-24
24-Jul-26
0.18%
-0.71%
-0.43%
-1.00%
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15
The Week that was…
20th Jul to 24th Jul
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16
The Week that was (Jul 20 – Jul 24)
Date Events
Present
Value
Previous
Value
Monday,
Jul 20, 2026
• India Infrastructure Output YoY JUN
5.00% 3.20%
• People's Bank of China Interest Rate Decision
3.00% 3.00%
• Germany's Producer Price Index (MoM) (Jun)
-0.30% 0.30%
• Eurozone Construction Output (YoY) (May)
1.20% 0.20%
Tuesday,
Jul 21, 2026
• U.K. Claimant Count Change (Jun)
6.7K 1.3K
• U.K. Employment Change (3M) (May)
147K 100K
• U.K. Public Sector Net Borrowing (Jun)
£15.989B
£19.995B
Wednesday,
Jul 22, 2026
• U.K. Consumer Price Index (MoM) (Jun)
0.10% 0.20%
• U.K. Retail Price Index (MoM) (Jun)
0.30% 0.20%
Thursday,
Jul 23, 2026
• U.S. Initial Jobless Claims
187K 209K
• Eurozone Consumer Confidence (Jul) Prel
-15.90 -17.70
Friday,
Jul 24, 2026
• U.K. GfK Consumer Confidence (Jul)
-17.00 -23.00
• U.K. Retail Sales (MoM) (Jun)
1.00% 1.20%
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17
The Week Ahead
27th Jul to 31st Jul
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18
The Week Ahead
Day Event
Monday,
Jul 27, 2026
•
Japan Leading Economic Index (May)
•
Japan Corporate Service Price Index (YoY) (Jun)
•
Germany Buba Monthly Report
Tuesday,
Jul 28, 2026
•
India Industrial Production YoY JUN
•
India Manufacturing Production YoY JUN
•
U.S. Goods Trade Balance (Jun) Prel
•
U.S. Consumer Confidence (Jul)
Wednesday,
Jul 29, 2026
•
U.K. Consumer Credit (Jun)
•
U.S. Federal Reserve Interest Rate Decision
Thursday,
Jul 30, 2026
•
Germany Gross Domestic Product (QoQ) (Q2) Prel
•
Eurozone Industrial Confidence (Jul)
•
Bank of England Interest Rate Decision
•
U.S. Core Personal Consumption Expenditures - Price Index (MoM) (Jun)
Friday,
Jul 31, 2026
•
Bank of Japan Interest Rate Decision
•
China NBS Manufacturing PMI (Jul)
•
Eurozone Core Harmonized Index of Consumer Prices (MoM) (Jul) Prel
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
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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Trustee, their respective directors, employees, associates or representatives shall be liable in any way for any direct, indirect, special, incidental,
consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material.
All information contained in this document has been obtained by ICRA Analytics Limited from sources believed by it to be accurate and reliable.
Although reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of
any kind, and ICRA Analytics Limited in particular, make no representation or warranty, express or implied, as to the accuracy, timeliness or
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19
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