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NEWS U CAN USE
Jun 26, 2026
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The Week that was…
22nd Jun to 26th Jun
2
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Indian Economy
•According to the Ministry of Commerce & Industry, the combined Index of Eight Core
Industries rose by 0.5% YoY in May 2026, following a 1.8% increase in Apr 2026. Electricity
recorded the strongest growth at 8.7%, followed by cement at 8.4%, while output in coal
and refinery products declined by 9.3% and 8.7%, respectively.
•World Bank approved a $1.5 bn loan to support India’s structural reforms aimed at
boosting private sector–led job creation, improving the business environment, easing
trade and investment, and enhancing access to capital.
•India and the U.S. concluded ministerial-level talks on a proposed bilateral trade
agreement, aiming to finalize an initial deal before the expiry of Washington’s temporary
tariffs on Jul 24, 2026. Discussions focused on reviewing progress and strengthening
economic engagement, with both sides adopting a constructive and forward-looking
approach to deepen ties.
•MoSPI released a discussion paper to develop an appropriate methodology for compiling
monetary asset accounts of coal, aligned with UN environmental accounting standards, to
support data-driven policymaking, assess resource value and depletion costs, and
strengthen sustainability analysis.
•India shipped Banganapalle mangoes to Singapore via sea for the first time, with
government support, achieving nearly double the domestic price for farmers and
highlighting the potential of cost-efficient, sustainable export logistics.
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4
Domestic Equity Market Indices
Indices
25-Jun-26
1 Week Return
YTD Return
BSE Sensex
77,100.47 0.39% -9.53%
Nifty 50
24,056.00 0.18% -7.94%
BSE Mid
-Cap 47,469.13 -0.70% 1.10%
BSE Small
-Cap 55,587.46 -0.24% 7.88%
Source: Refinitiv Values as on Jun 25, 2026
•Domestic equity markets gained for the
third consecutive week, with the
benchmark indices, the BSE Sensex and
Nifty 50, rising by 0.39% and 0.18%,
respectively.
•Domestic equity markets rose,
supported by easing geopolitical
tensions and increasing optimism
surrounding a potential U.S.–India
bilateral trade agreement. The rally was
further fueled by a decline in global
crude oil prices, as signs emerged that
tankers stranded in the Gulf since the
onset of the Iran conflict were
beginning to transit through the Strait
of Hormuz. Additionally, investor
sentiment strengthened after the RBI
Governor indicated that discussions
around interest rate hikes were
premature, reinforcing expectations of
a supportive monetary environment.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.93 20.75 31.04 33.58
P/B
4.14 3.17 5.22 4.18
Dividend Yield
1.26 1.37 0.70 0.56
Source: NSE, BSE Values as on Jun 25, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
22-Jun-26 2,271 1,274 1.78
23-Jun-26 1,095 2,388 0.46
24-Jun-26 1,861 1,675 1.11
25-Jun-26 1,281 2,174 0.59
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
59,666.96 1.70% 2.29%
BSE Bankex
65,599.62 0.81% 5.64%
BSE CD
59,369.44 -2.78% 2.37%
BSE CG
80,938.07 -3.19% 2.31%
BSE FMCG
18,342.45 -0.39% -1.22%
BSE HC
48,562.22 1.50% 2.36%
BSE IT
26,650.91 -0.67% -5.22%
BSE Metal
40,065.29 -4.72% -9.00%
BSE Oil & Gas
26,309.83 -0.64% -4.52%
Source:BSE
Values as on Jun 25, 2026
•On the BSE sectoral front, BSE Healthcare rose
1.50% following reports that the U.S. Food and
Drug Administration has approached Indian
drugmakers to help address a shortage of
ifosfamide injection, a generic chemotherapy
treatment used for multiple cancers, including
testicular, bladder, and lung cancer.
•BSE Metal fell 4.72% amid a sharp decline in
base metal prices on the London Metal
Exchange, driven by easing supply concerns, a
stronger U.S. dollar, and expectations of an
interest rate hike by the U.S. Federal Reserve.
Indian Derivatives Market Review
•Nifty Jun 2026 Futures stood at 24,102.30, a premium of 46.30 points above the spot
closing of 24,056.00.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,093.01 lakh crore as against Rs. 1,198.00 crore for the week to Jun 19.
•The put-call ratio stood at 0.87, compared with the previous week’s close of 0.97.
•The Nifty put-call ratio stood at 0.45, compared with the previous week’s close of 0.41.
Indian Equity Market (contd.)
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6.70
6.75
6.80
6.85
6.90
22-Jun 23-Jun 24-Jun 25-Jun
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
6
Debt Indicators
(%)
Current
Value
1-
Wk
Ago
1-
Mth
Ago
6-
Mth
Ago
Call Rate
5.38 5.36 5.35 5.46
91 Day T
-Bill 5.25 5.23 5.53 5.25
06.36% 2031, (5 Yr GOI)
6.43 6.50 6.82 6.33
06.94% 2036, (10 Yr GOI)
6.77 6.85 6.98 6.56
Source: Refinitiv Values as on Jun 25, 2026
•Bond yields declined as crude oil prices
continued to ease, reflecting reduced
market anxiety over the U.S.–Iran conflict
as peace talks progressed. Gains were
further supported after the RBI Governor
said it was “premature” to discuss rate
hikes, noting that the central bank would
first assess the second-round impact of
rising crude oil prices on broader inflation
before making any rate decisions.
•Yield on the 10-year benchmark paper
(6.94% GS 2036) fell by 8 bps to close at
6.77% from the previous week’s close of
6.85%.
•Data from Reserve Bank of India showed
that India's foreign exchange reserves
increased to $672.59 billion for the week
ended Jun 19, 2026 compared with
$671.63 billion a week earlier.
Domestic Debt Market
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-18
-11
-4
3
10
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 25-Jun-26 19-Jun-26
Yield in %
Change in bps
Source: Refinitiv
7
Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 5.76 7.38 162
3 Year 6.19 7.31 112
5 Year 6.43 7.26 83
10 Year 6.77 7.58 81
Source: Refinitiv Values as on Jun 25, 2026
•Yields on gilt fell between 3 to 14 bps across the
maturities.
•Corporate bond yields fell between 5 to 8 bps
across the curve.
•Difference in spread between AAA corporate bond
and gilt expanded up to 9 bps across the segments,
barring 4 year paper that contracted by 2 bps, while
5 year paper remained steady.
Domestic Debt Market (Spread Analysis)
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8
•The RBI clarified that banks can extend loans to non-residents and issue standby letters of
credit (SBLCs) against FCNR(B) deposits under its swap scheme, allowing such deposits to be
used as collateral. The move provides regulatory clarity, supports broader adoption of
structured deposit products, and aims to boost foreign currency inflows, with the swap
facility covering only the principal amount.
•The RBI rejected requests for special exposure relaxations for state-owned NBFCs,
reaffirming its principles-based regulatory approach and declining higher counterparty
limits for PSUs. However, it allowed grandfathering of existing breaches and limited
flexibility for run-off exposures, while tightening overall norms to enhance regulatory clarity
and discipline.
•The RBI tightened rules on recovery of excess pension payments, directing banks to notify
pensioners and obtain consent before any deductions, while requiring a written undertaking
to ensure transparency and prevent abrupt debits.
•SEBI has allowed mutual funds to undertake intraday borrowing to manage temporary
liquidity mismatches arising from settlement cycles, forex transactions, and derivative
margin obligations. Borrowing is restricted to expected same-day receivables and must be
fully repaid within the same day. If it extends beyond the day, it will fall under existing limits,
which allow borrowing up to 20% of scheme assets for permitted purposes. The framework
prohibits use for leverage and requires strict safeguards such as board-approved policies,
proper documentation, and controls to prevent misuse.
Regulatory Updates in India
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9
•IRDAI has proposed a revised fee framework requiring banks, brokers, and insurance
marketing firms to pay an annual regulatory fee based on commission income, set at the
higher of Rs. 10,000 or 0.04% of receipts. The proposal also introduces stricter disclosures,
penalties for delays, and enhanced governance and accountability norms for
intermediaries.
•SEBI has proposed allowing celebrity endorsements for mutual fund companies’ brand
promotion while prohibiting endorsements of specific products, as part of a new
advertisement code aimed at simplifying regulations, strengthening investor protection,
and ensuring such costs are borne by AMCs.
•SEBI eased certification norms for Registered Investment Adviser (RIA) firms by
introducing a simpler, role-specific exam, NISM Series-XXV-B: Persons Associated with
Investment Advice (Sales and Other Non-Core Services) Certification Examination, for sales
and support staff, replacing the earlier two-level adviser certification. The move reduces
compliance burden for non-advisory personnel while retaining stricter requirements for
those providing investment advice, in line with ease-of-doing-business efforts.
Regulatory Updates in India (contd..)
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•U.S. consumer sentiment index for June was upwardly revised to 49.5 in Jun 2026 from the
previously reported 48.9, according to the University of Michigan.
•U.K. flash composite output index dropped to a 14-month low of 49.4 in Jun 2026, down
from 49.7 in the previous month, according to a survey by S&P Global.
•The Eurozone’s flash composite output index registered 49.5 in Jun 2026, up from 48.5 in
the previous month, according to survey results from S&P Global.
•Germany’s consumer sentiment index rose to -29.2 in Jul 2026 from -29.7 in the previous
month, according to the NIM Consumer Climate powered by GfK.
•China held its benchmark interest rates steady for the thirteenth consecutive month, as
widely expected, on Jun 22, 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 kept at 3.50%.
•Hong Kong’s Consumer Price Index (CPI) rose 2.0% YoY in May 2026, accelerating from
Apr’s stable increase of 1.7%, according to the Census and Statistics Department.
•Singapore’s Consumer Price Index (CPI) increased by 1.8% YoY in May 2026, unchanged
from the previous two months, according to the Monetary Authority of Singapore and the
Ministry of Trade and Industry.
•Hong Kong’s trade shortfall widened to HK$44.2 billion in May 2026 from HK$27.3 billion
in the same month last year, according to the Census and Statistics Department.
10
Global News/Economy
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11
Global Indices
Indices
26
-Jun-
26
1-Week
Return
YTD
Return
Russell 3000
3,762.91 -3.39% 1.34%
Nasdaq 100
29,118.24 -4.24% 15.32%
FTSE 100
10,508.02 1.40% 5.81%
DAX Index
24,671.22 -1.26% 0.74%
Nikkei Average
69,360.88 -2.65% 37.79%
Straits Times
5,191.73 -0.02% 11.74%
Source: Refinitiv
Value as on Jun 26, 2026
U.S.
•U.S. equity markets fell amid concerns
that the outlook for the AI trade could
contribute to initial weakness in tech
stocks. Furthermore, markets declined as
investors assessed emerging risks in
artificial intelligence pricing dynamics and
shifting industry strategies, while broader
uncertainty kept risk appetite subdued.
Europe
•European equity markets closed on a mixed note. Markets rose as improving sentiment
around potential progress in U.S.-Iran negotiations and softer oil prices helped ease
inflation concerns. However, gains were limited as AI rally momentum waned amid
challenging macroeconomic conditions.
Asia
•Asian equity markets fell amid a broad sell-off in semiconductor and artificial intelligence
related companies, following price increases in some of their most popular products.
Additionally, fears of potential Federal Reserve rate hikes weighed on investor sentiment
across the region.
Global Equity Markets
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4.30
4.35
4.40
4.45
4.50
4.55
22-Jun 23-Jun 24-Jun 25-Jun 26-Jun
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury fell
by 8 bps to close at 4.37% from the
previous week’s close of 4.45%.
•U.S. Treasury prices rose, tracking lower
oil prices, after crude shipments
through the Strait of Hormuz reached
their highest level since the U.S.-Israeli
conflict with Iran began, fueling hopes
that the worst of the recent inflation
shock may be passing.
•Additionally, prices increased after
inflation data for May 2026 came in
slightly softer than some investors had
feared, offering a measure of relief even
as Federal Reserve policymakers weigh
whether further interest rate increases
will be needed to bring prices under
control.
Global Debt (U.S.)
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6.00
7.00
8.00
9.00
10.00
11.00
26-May-26 11-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($/Barrel)
69.06 80.36
Gold ($/Oz)
4,088.23 4,160
Gold (Rs/10 gm)
[1] 139,843 144,606
Silver ($/Oz)
59.16 64.90
Silver (Rs/Kg)
[1] 218,680 231,829
Source: Refinitiv Value as o
n Jun 26
, 2026,
[1]Value as on Jun 25, 2026
Gold
•Gold prices ($/oz) fell as investors assessed
conflicting signals regarding U.S.-Iran peace
talks and increased bets on Federal
Reserve rate hikes this year.
Brent Crude
•Brent crude oil prices declined as optimism
grew over the resumption of oil flows from
the Arab region. Prices also fell amid
indications that more tankers stranded in
the Gulf since the start of the Iran conflict
were beginning to move through the Strait
of Hormuz.
Baltic Dry Index
•The index fell over the week due to
sluggish capesize and panamax activities.
Commodities Market
05-Jan-24
26-Jun-26
-14.06%
-1.73%
-8.84%
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9.40
9.60
9.80
10.00
10.20
10.40
10.60
26-May-26 11-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
94.48 94.47
Pound Sterling
124.50 124.60
EURO
107.36 108.03
100 Yen
58.38 58.55
Source: Refinitiv Figures in INR , *Value as on Jun
25, 2026
Rupee
•The Indian rupee fell against the U.S. dollar
amid concerns over geopolitical tensions.
Euro
•The euro fell against the U.S. dollar as markets
positioned for U.S. Federal Reserve rate hikes.
Pound
•The British pound declined against the U.S.
dollar as markets priced in U.S. Federal Reserve
rate hikes.
Yen
•The Japanese yen weakened against the U.S.
dollar as markets positioned for U.S. Federal
Reserve rate hikes.
Currencies Markets
25-Jan-24
25-Jun-26
0.01%
-0.29%
-0.61%
-0.08%
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15
The Week that was…
22nd Jun to 26th Jun
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16
The Week that was (Jun 22 – Jun 26)
Date Events
Present
Value
Previous
Value
Monday,
Jun 22, 2026
• People's Bank of China Interest Rate Decision
3.00% 3.00%
• Eurozone Consumer Confidence (Jun) Prel
-17.70 -19.00
• U.S. 3
-Month Bill Auction 3.70% 3.64%
Tuesday,
Jun 23, 2026
• Germany HCOB Services PMI (Jun) Prel
46.80 48.10
• Eurozone HCOB Services PMI (Jun) Prel
48.90 47.70
• U.S. S&P Global Manufacturing PMI (Jun) Prel
55.70 55.10
Wednesday,
Jun 24, 2026
• U.S. New Home Sales (MoM) (May)
0.58M 0.626M
• Germany IFO
– Expectations (Jun) 84.10 83.90
Thursday,
Jun 25, 2026
• Germany GfK Consumer Confidence Survey (Jul)
-29.20 -29.70
• U.S. Core Personal Consumption Expenditures
- Price Index (MoM) (May) 0.30% 0.30%
Friday,
Jun 26, 2026
• U.S. Michigan Consumer Expectations Index (Jun)
50.70 49.30
• U.S. Goods Trade Balance (May) Prel
$
-
105.8B
$-
83.7B
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17
The Week Ahead
29th Jun to 03rd Jul
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18
The Week Ahead
Day Event
Monday,
Jun 29, 2026
•
India Industrial Production YoY MAY
•
India Manufacturing Production YoY MAY
•
Japan Retail Trade (YoY) (May)
•
Eurozone Business Climate (Jun)
Tuesday,
Jun 30, 2026
•
India External Debt Q1
•
China NBS Manufacturing PMI (Jun)
•
U.S. Consumer Confidence (Jun)
Wednesday,
Jul 01, 2026
•
India HSBC Manufacturing PMI Final JUN
•
China RatingDog Manufacturing PMI (Jun)
•
Eurozone Harmonized Index of Consumer Prices (YoY) (Jun) Prel
Thursday,
Jul 02, 2026
•
Eurozone Unemployment Rate (May)
•
U.S. Initial Jobless Claims
•
U.S. Unemployment Rate (Jun)
Friday,
Jul 03, 2026
•
Germany HCOB Services PMI (Jun)
•
U.K. S&P Global Composite PMI (Jun)
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,
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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
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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.
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19
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