DayStarter

Market snapshot

Indian equities opened strongly on Friday. The Nifty 50 began 162 points higher at 24,125 after oil prices cooled and TCS reported results that were broadly in line with expectations. IT stocks led the early rise, and the index moved towards 24,200-24,220 during the first hour.

Equities: Friday close

The early momentum then slowed. By around 11:30 a.m., the Nifty had moved down towards 24,150-24,180 as some investors booked gains. It stayed mostly between 24,170 and 24,200 through much of the afternoon. Buying returned after 2:30 p.m., and the index closed near the day’s high at 24,206.90, above the 24,200 level.

Sector performance

Realty was the strongest sector, rising 3.49%. PSU banks gained 3.03%, while IT rose 1.96%. Most other sectoral indices also ended higher. FMCG was the only sector to close lower, with a decline of 0.08%.

F&O movers

Indian Bank was the strongest F&O stock in the list, rising 10.11%. Kalyan Jewellers, CDSL, Paytm and LTM also recorded strong gains. Page Industries was the weakest F&O stock, falling 2.93%. Swiggy and Kaynes also fell by more than 2%.

Index performance over longer periods

The one-day rise did not fully offset recent weakness in the large-cap indices. Over one week, the Sensex and Nifty 50 were down around 0.25%. Over one year, the Sensex was down 6.76% and the Nifty 50 was down 4.53%. Mid-cap, small-cap and Nifty Next 50 indices were positive over the same one-year period.

Commodities, currency and bonds

On MCX, crude oil and copper ended higher. Gold, silver, natural gas, zinc and aluminium fell. Gold closed at 144,320, down 0.67%, while silver closed at 223,550, down 1.25%.

The rupee strengthened slightly against the US dollar in Zerodha’s data. US and Indian 10-year government bond yields also moved lower. The currency figures differ across the two sources. Zerodha reported USDINR at 95.48, down 0.18% from 95.65. Mint’s front-page strip for 13 July carried the dollar at ₹95.33 with a change of ₹0.00, the euro at ₹108.93 and the pound at ₹127.83. The oil figures also refer to different instruments: Zerodha reported the MCX crude oil future at ₹6,880, up 0.38%, while Mint’s front-page strip showed oil at $75.22, down $0.93.

Institutional flows

Foreign institutional investors were net buyers of ₹3,421 crore across the five reported trading days. Domestic institutional investors were net buyers of ₹4,302 crore over the same period.

The macro view

The macro section covered policy and government measures, foreign currency deposits, steel, food stocks and the monsoon, and interest rates, credit and deposits.

Policy and government

Two people aware of the development said the Union finance ministry has asked state-run banks to connect the JanSamarth portal with their loan management systems, speed up loan disbursement and address the reasons behind a 43.2% rejection rate in FY26. The main reasons for unsuccessful applications were incomplete documents, incorrect information and applicants deciding not to continue after receiving in-principle approval.

Around 13.1 million loan applications were sanctioned through JanSamarth in FY26, more than three times the 4 million sanctioned in FY25. The portal now includes 46 government-backed credit-linked schemes. These include PMMY, PM SVANidhi, PMEGP, Kisan Credit Card, ECLGS 5.0 and Micro Credit Cards for MSMEs.

The Employees’ Provident Fund Organisation has invited provident fund trusts to apply under the Amnesty Scheme, 2026 to regularise their status. A labour ministry statement said the scheme will remain open for six months.

Commerce and industry minister Piyush Goyal is beginning a five-day visit to Spain, Belgium and Finland to discuss trade and investment. A business roundtable is scheduled in Spain on 13 July. India and Canada completed the third round of negotiations for the proposed Comprehensive Economic Partnership Agreement in Ottawa between 6 and 10 July 2026. The department of commerce said both countries remain committed to completing the negotiations in 2026.

Foreign currency deposits

Three market participants said banks are giving greater priority to FCNR deposits of more than $1 million. FCNR deposits allow non-resident Indians to place money with Indian banks in foreign currencies. Banks had initially expected strong inflows after the RBI announced new measures on 5 June, but the economics of smaller leveraged transactions have become less attractive.

Indian banks are now borrowing dollars at around SOFR plus 120-130 basis points, compared with around SOFR plus 90 basis points a few weeks earlier. Most banks are still offering around 6.5% on FCNR deposits. Higher overseas borrowing costs and tighter credit limits make it harder to offer nine-times leverage on smaller deposits.

The current shift is different from the early optimism after the RBI announcement. Banks and analysts had expected around $40 billion of inflows, partly because the 2013 FCNR scheme had brought $26 billion into India.

Indian Bank’s numbers differ across two Mint reports. In an interview, MD and CEO Binod Kumar said the bank was targeting $2 billion under the RBI’s special FCNR(B) window and had already raised $140 million. Mint’s Mark to Market column said the bank had raised $150 million and was targeting $1.5-2 billion in FY27. Punjab National Bank is targeting $2.5-3 billion under the same window. The RBI’s June measure also created a temporary dollar-rupee swap facility for fresh FCNR(B) deposits raised between 8 June and 30 September 2026. Access to the swap facility will remain available until mid-October.

Steel, food stocks and monsoon

Provisional Joint Plant Committee data reviewed by Mint showed that India became a net importer of finished steel in the first quarter of FY27. Imports rose 49.2% from a year earlier to 2.064 million tonnes during April-June. Exports rose 31.4% to 1.593 million tonnes. Finished steel production increased 5.9% to 40.994 million tonnes, while apparent consumption rose 8.3% to 41.569 million tonnes. Crude steel production rose 3% to 42.06 million tonnes. In June alone, imports increased 57.9% to 696,000 tonnes and exports rose 38.1% to 616,000 tonnes.

Data from the consumer affairs, food and public distribution ministry reviewed by Mint showed that India’s central food pool held 42.8 million tonnes of wheat and 38.95 million tonnes of rice on 1 May 2026. The combined stock of 81.75 million tonnes was far above the buffer requirement of around 21 million tonnes and higher than the 73.8 million tonnes held a year earlier.

The India Meteorological Department expects heavy to very heavy rainfall to continue in the North-East and parts of eastern India. Much of North-West, central and peninsular India is expected to remain relatively dry. On 11 July, Meghalaya recorded extremely heavy rain of at least 21 cm, while East Uttar Pradesh recorded very heavy rain of 12-20 cm.

Interest rates, credit and deposits

The West Asia war has affected the outlook for growth and inflation, leading central banks to follow different policy paths. Even so, most major central banks, including the US Federal Reserve and the Reserve Bank of India, are expected to keep rates unchanged over the next month.

Banking system credit was 17.7% higher than a year earlier in mid-June 2026. This was the fastest credit growth in two years. India imported €4.5 billion of Russian crude oil in June. The value was 34% higher than in May and reached a record level. Bank deposits increased by nearly ₹7 trillion in the fortnight ended 30 June. The rise was helped by quarter-end deposit mobilisation and capital inflows, including FCNR deposits.

Mint; Reserve Bank of India; CREA; SBI Research

Corporate action and earnings

The corporate section covered June-quarter bank results, a large leadership reshuffle at TCS, a broad set of domestic corporate developments, a Q1 earnings preview for the banks, and the economic and earnings calendar.

Bank results

Indian Bank reported a 10% year-on-year rise in Q1FY27 net profit to ₹3,273 crore. Total income increased to ₹20,724 crore from ₹18,721 crore, while net interest income rose 16.9% to ₹7,435 crore. Zerodha reported that domestic net interest margin improved to 3.41% from 3.35%.

Mint reported the same net profit of ₹3,273 crore. Gross NPAs fell to 1.86%, while net NPA remained at 0.15%. Mint reported that net interest margin rose by 6 basis points from the previous quarter to 3.29%. Loans grew 15.2% from a year earlier to ₹6.7 trillion, deposits increased 13.5% to ₹8.4 trillion, and the credit-deposit ratio was above 81%. The stock rose nearly 10% on Friday after the results. Zerodha reported domestic NIM of 3.41%, while Mint reported NIM of 3.29%; both figures are retained as reported.

Bank of Maharashtra reported a 27% year-on-year rise in Q1 net profit to ₹2,020 crore. Total income increased to ₹9,063 crore, while gross NPAs fell to 1.45% from 1.74% a year earlier.

TCS leadership changes

Two executives aware of the matter said Tata Consultancy Services has made its biggest leadership reshuffle in three years. Around a dozen senior executives have been moved, and the company is shifting from seven business segments to nine.

TCS ended the previous year with revenue of $30.02 billion, down 0.5%. This was its first full-year revenue decline since the company listed in August 2004. President Susheel Vasudevan will now lead the company’s 50 largest clients, each of which generates more than $100 million in annual revenue.

Deals, funds and disinvestment

• Jindal Steel: Jindal Steel told the stock exchanges late on 11 July that chief executive Gautam Malhotra will leave on 15 July, less than nine months after taking charge. Four executives said former Vedanta aluminium business CEO Rajiv Kumar is expected to succeed him.
• Mutual funds: Equity mutual fund schemes received net inflows of ₹28,973 crore in June, 26% higher than in May. Industry assets under management rose to ₹82.22 lakh crore from ₹81.6 lakh crore. Overall mutual funds recorded net outflows of ₹52,949 crore because debt-oriented schemes saw withdrawals of ₹1.09 lakh crore, based on AMFI data.
• Disinvestment: The government raised more than ₹20,000 crore through seven offer-for-sale transactions in a little over three months of FY27. DIPAM data showed this was the highest disinvestment amount in four years. The stake sales covered Central Bank of India, Coal India, NHPC, NLC India, General Insurance Corporation of India, Indian Railway Finance Corporation and Cochin Shipyard.
• ONGC: The company approved an expansion of India’s strategic crude oil reserves by adding 1.75 million tonnes of storage capacity in Mangaluru, Karnataka.
• Rooftop solar: The World Bank approved an $890 million financing package for India’s rooftop solar programme. It includes an $820 million loan, a $60 million concessional loan and a $10 million grant. The programme is expected to attract around $4.2 billion of private financing.

Banks, defence and workforce

• HDFC Bank leadership review: Chief executive Sashidhar Jagdishan called former chairman Atanu Chakraborty’s March resignation a “challenging event” in the FY26 annual report released on Saturday. The bank appointed Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co. to conduct an independent review. The review found “no basis” for Chakraborty’s statement. Former chief election commissioner Rajiv Kumar was appointed part-time chairman on 29 June.
• HDFC workforce: The lender’s workforce fell by 3,300 in FY26 as it increased automation and moved more staff into customer-facing roles.
• Apollo Micro Systems: The defence company will buy the promoters’ 41.33% stake in Premier Explosives for ₹1,550 crore in an all-cash deal.

Autos, airports and regulation

• Hero MotoCorp: The company became the first two-wheeler manufacturer to identify the proposed corporate average fuel efficiency rules as an “emerging risk” in its FY26 annual report. Fleet-wide fuel-efficiency targets for two-wheelers are due from April 2028. Around 5.4 million of Hero’s 6 million FY26 sales came from entry-level motorcycles with engine sizes of 75cc to 125cc.
• Airport tariffs: The Airports Economic Regulatory Authority of India proposed that airports recover the cost of major expansion projects only after the new assets are complete and operational. Under the proposal, these costs would not be included in passenger charges at the start of a tariff cycle. Bengaluru airport, run by Fairfax, has proposed capital spending of ₹18,635 crore over five years. Hyderabad airport, run by GMR, plans nearly ₹14,000 crore of expansion by 2031.
• Spam complaints: The Telecom Regulatory Authority of India is discussing a system with Meta Platforms and Google that would connect spam complaints made through WhatsApp and built-in phone diallers with telecom operators’ complaint systems. TRAI said in February that more than 1.7 million spam complaints were registered through the DND application in 2025.

Telecom, funding and food

• Bharti Airtel: Chairman Sunil Bharti Mittal said in the annual report that Airtel announced a ₹20,000 crore investment in non-banking financial company Airtel Money. Its data centre arm, Nxtra, recently raised $1 billion as part of a plan to build 1 GW of capacity.
• Dawaa Dost: Two people familiar with the development said the generic medicine pharmacy network is looking to raise ₹200-250 crore in its first institutional equity round and has appointed EY to manage the process.
• School chains: Three people aware of the discussions said Indian school operators seeking expansion capital have been in discussions with private equity firms including ChrysCapital, EQT, Permira, TPG and Partners Group over the past six to eight months. EQT did not respond to Mint’s queries. The other firms declined to comment.
• Swiggy Instamart: FSSAI issued nine notices after consumer complaints alleged that expired, spoiled and contaminated food products were supplied through the platform.
• SAIL and PT Krakatau Steel: A person with direct knowledge of the plans said the two companies, which have signed a memorandum of understanding for a joint venture, are studying a stainless steel project with capacity of 500,000 tonnes to 1 million tonnes.

Banks: Q1 earnings preview

Antique Stock Broking expects banks to report 5% year-on-year growth in net profit for the June quarter. Private banks are expected to grow profit by 11%. Public sector bank earnings are expected to fall 2% because of a one-time provision at Bank of Baroda. Excluding that provision, PSU bank earnings are expected to grow 12%. Bank lending stood at ₹215.5 trillion on 15 June, 17.7% higher than a year earlier. Deposits stood at ₹258.4 trillion, up 12%.

Upcoming economic releases

These are scheduled releases, not reported outcomes.

Upcoming earnings

The June-quarter earnings season began on Friday with results from Indian Bank and Bank of Maharashtra. Union Bank of India is scheduled to report on Wednesday, followed by Federal Bank on Friday. HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank are scheduled to report on Saturday. These are scheduled dates, not outcomes.

Mint; Zerodha AfterMarket Report

Global pulse

Global markets were mixed. The Dow Jones, Nikkei 225, Hang Seng and FTSE 100 closed higher. The S&P 500, Nasdaq 100 and Shanghai Composite ended lower.

West Asia and energy

Brent crude remained above $76 per barrel in Zerodha’s report and was heading for a weekly rise of nearly 6%. Renewed US-Iran hostilities delayed a full recovery in tanker movement through the Strait of Hormuz. Washington and Tehran were also reported to be continuing technical discussions on a longer-term agreement. Mint reported a different price path: Brent had fallen to $71-73 per barrel in early July, its lowest level since the war began, then rose 5.2% on 8 July, the tenth-largest one-day rise during the conflict, and were around $75 per barrel.

A senior US official said the US military struck 140 Iranian targets using precision weapons launched by fighter jets, drones and warships. The targets included radars, launchers, missile and drone storage sites and other military facilities in and around the Strait of Hormuz. Before Iran effectively closed the waterway during the war, around 20% of the world’s oil passed through it.

The Indian foreign ministry said 11 Indian nationals were on a vessel struck east of Oman. Ten were rescued and one was reported missing. US Central Command said the commercial vessel GFS Galaxy was disabled by a fire and engine-room damage. On Thursday, the US military also rejected Iran’s claim that it controls traffic through the waterway. It said the US had helped more than 800 commercial vessels carrying 380 million barrels of crude oil pass through the area since early May.

Companies and markets

• SK Hynix: The company raised around $26.5 billion through a US ADR offering priced at $149 per ADR, a 2.7% premium to its recent Seoul-listed share price. The ADRs began trading on the Nasdaq Global Select Market on Friday and rose 14% above the offer price. Taiwan Semiconductor Manufacturing, Samsung Electronics and SK Hynix together now account for more than 30% of the MSCI Emerging Markets Index. South Korea’s Kospi has fallen 20% from its June record.
• Shein: China approved the fast-fashion retailer’s Hong Kong IPO. The decision by the China Securities Regulatory Commission clears the way for a listing after earlier New York and London plans failed.
• Volkswagen: Global deliveries fell 8.6% in the second quarter. Deliveries dropped 36.6% in China, which more than offset growth of 7.7% in North America and 1.8% in Western Europe.
• Vodafone: Xavier Niel is set to become the company’s largest shareholder after UAE telecom operator e& agreed to sell its entire Vodafone stake for nearly $6 billion.
• Meta: The European Union charged Meta over Facebook and Instagram features that regulators say encourage addictive behaviour and break the bloc’s technology rules. Meta has been asked to change features such as autoplay and infinite scroll or face possible fines.

Zerodha; Mint

Management commentary

Verbatim comments from named leaders, reproduced exactly as carried by the source publications.

K. Krithivasan, CEO and MD, Tata Consultancy Services, on AI revenue:

Aarti Subramanian, COO, Tata Consultancy Services, on AI-led monitoring:

Binod Kumar, MD and CEO, Indian Bank, on the FCNR window:

Ajay Marwaha, President and Head of Fixed Income, Nuvama Group, on leveraged FCNR returns:

Sandeep Pandey, Chief Investment Officer, SBI Pension Fund, on government spending:

Zerodha AfterMarket Report; Mint

Weekend recap

Every item in this section is from The Economic Times, Mumbai edition, Sunday, 12 July 2026.

Startup funding: fewer rounds, larger cheques

Late-stage startup funding is being concentrated in fewer, larger deals. The average cheque size reached $86 million in H1 2026, while the private market received $3.3 billion of flows up to June. The Economic Times headline stated that the average January-June deal size had doubled from the previous year.

Growth capital is being concentrated in companies with visible revenue, hard assets, contracts and clearer routes to exit. The largest late-stage deals listed for the year were Cred at $900 million, described as a Meta strategic infusion with almost half in secondary sales; Rapido at $730 million, with more than 60% involving secondary share sales; Nxtra at $710 million from private equity; Neysa at $600 million for AI infrastructure; and Inox at $344 million for clean energy.

Trade and diplomacy

India has challenged the basis of the US Section 301 investigation and the proposed 12.5% tariff. It said the USTR data and method were unsound. India’s objections included that the USTR did not identify or engage with separate elements of the relevant section; that import bans are not the only main tool used to address forced labour; that no reason was given for choosing a 12.5% tariff; and that no link was shown between forced labour, import restrictions and the effect on US commerce.

India and New Zealand upgraded their relationship to a strategic partnership and launched a 2030 roadmap. Prime Ministers Narendra Modi and Christopher Luxon set a target to double annual bilateral trade in goods and services to around ₹35,000 crore by 2030.

West Asia

US President Donald Trump said missiles aimed at Iran were “locked and loaded” as both sides exchanged threats and the truce was described as “over”. Tensions increased on Saturday after Trump threatened to strike Iran in response to what he described as threats to assassinate him.

Corporate and earnings developments

• LTM: Q1FY27 net profit rose 17% from a year earlier to ₹1,468 crore, helped by better operations. Revenue increased 18%. Quarterly revenue was $1.2 billion, and AI revenue reached $150 million. Deal flow was unchanged from the previous quarter at $1.48 billion and was 3% higher than a year earlier.
• HDFC Bank: The bank is moving more employees from backend work to customer-facing roles as technology improves efficiency. MD and CEO Sashidhar Jagdishan said, “Our focus is on enabling our people to work more productively, and with greater alignment to our customer needs, leveraging technology.”
• Meta: The company removed an AI image tool after criticism over privacy. Muse Image, launched on Tuesday by Meta Superintelligence Labs, allowed users to create and modify images from public Instagram accounts without consent. Meta withdrew the tool on Friday and said it “missed the mark”.
• Apple and OpenAI: Apple sued OpenAI, alleging that the AI company was trying to obtain trade secrets while developing its own consumer hardware. The suit accused OpenAI of trying to hire Apple employees and obtain confidential information.
• US technology exports: The Trump administration is easing export restrictions on the United Arab Emirates, opening the way for advanced technologies including semiconductors.
• Reliance Industries: The company plans to develop a second coal bed methane asset to increase gas output. It will begin exploration in the eastern Sohagpur block in Madhya Pradesh with a test-phase investment of ₹300-400 crore. Production from 320 wells in Sohagpur West averaged 0.88 mmscmd in FY26.
• Influencer marketing: Consumer companies remain divided over the value of influencers. HUL had a creator network of 30,000 in FY26. Myntra carried out 500,000 creator collaborations each month. Digital channels accounted for 45% of Marico’s advertising spending. Amul produced its own content in 16 languages. Perfetti described influencer marketing as “not mainstay”.
• Connected cars: Automakers are finding it difficult to earn revenue from connected software services after free introductory periods end. Connected-car penetration rose from 21% in 2022 to 27% in 2025. The number of connected cars on the road increased from 0.3 million in 2022 to 5.5 million by May 2026 on a year-to-date basis.

Gold market

Gold prices in India rose 33% from a year earlier in FY2025 and 60% in FY2026. Prices reached a peak of ₹1.6-1.7 lakh per 10 grams in January 2026. More than 500,000 customers exchanged over 11,000 kg of gold at Tanishq stores during the past nine months. Global gold jewellery consumption was 1,452 tonnes in FY2026. India consumed 425 tonnes, equal to 29.3% of the global total.

Day at a glance

Closing

Sources: Mint; Zerodha AfterMarket Report; The Economic Times.