Key Market Insights - Altifi Weekly Bulletin | 10 July 2026

Economy and regulatory updates

• India HSBC Services Purchasing Managers’ Index (PMI) edged lower to 57.4 in June compared with 58.9 in May. Meanwhile, the HSBC Composite PMI declined to 57.4 from 59.3.

• The International Monetary Fund lowered India’s 2026 calendar year growth forecast to 6.4% but raised its 2027 outlook to 6.7%, reflecting near-term moderation and continued medium-term resilience.

• The Asian Development Bank revised down India’s gross domestic product growth forecast to 6.6% for this fiscal, citing higher global oil prices and external uncertainties, while continuing to project the country as one of the fastest-growing major economies.

• India and Australia signed a new technology partnership, expanding collaboration in critical technologies, innovation, research and emerging sectors, reinforcing their strategic and economic ties.

• India launched a letter of authorisation regime for high-seas fishing, aimed at boosting seafood exports, improving regulatory oversight and promoting sustainable marine resource utilisation.

• The government waived basic customs duty on key components used in electronics and battery manufacturing, aiming to reduce production costs, strengthen domestic manufacturing competitiveness and support the growth of India's electronics and electric vehicle supply chain.

• The Reserve Bank of India (RBI) launched its Inflation Expectations Survey of Households and Rural & Urban Consumer Confidence Surveys across multiple cities to gauge inflation outlook and economic sentiment, with the findings serving as key inputs for future monetary policy decisions and economic assessments.

• The RBI brought its new Integrated Ombudsman Scheme, 2026 into effect on July 1, 2026.

• The Securities and Exchange Board of India (SEBI) notified amendments to the Foreign Portfolio Investor regulations, mandating registration and related fees be paid in Indian rupees instead of dollars, simplifying compliance and reducing currency-related costs for foreign investors.

• SEBI revised rules governing unpaid client securities, easing operational compliance for brokers while strengthening investor protection and settlement efficiency.

Source: MOSPI, RBI

Indian debt market update

• The interbank call money rate ended higher at 5.35% in the week ended July 10 compared with 5.28% in the week ended July 3.

• The yield on the 10-year benchmark 6.94% GS 2036 paper closed flat at 6.71% on July 10 compared with the previous week, as favourable domestic factors offset pressure from escalating tensions between US Iran.

• Earlier in the week, government bond yields traded in a narrow range and ended the week broadly unchanged, as supportive domestic factors offset pressure from global developments.

• Expectations of India's inclusion in Bloomberg's Global Aggregate Index and sustained foreign portfolio inflows lent support to sentiment.

• In the latter part of the week, robust demand at the government securities auction and continued overseas buying further underpinned the market.
  
  
  

Source: CRISILFixed Income Database, RBI ^Data as of 3rd Jul 2026 vs 26th Jun 2026 vs 29th May 2026 respectively

Source: CRISIL Fixed Income Database

Indian equity market updates

• Indian equities ended the week lower, as profit booking and renewed geopolitical uncertainties in West Asia weighed on sentiment during the early part of the week. However, optimism surrounding the upcoming first quarter earnings season restricted further losses. The BSE Sensex and Nifty 50 declined by a marginal 0.25% and 0.26%, respectively.

• Sectoral performance was mixed during the week. Realty, consumer durables and information technology emerged as the top gainers, advancing 5.38%, 2.15% and 1.80%, respectively, supported by improved demand outlook and optimism ahead of the earnings season.

• Fast-moving consumer goods, auto and healthcare indices declined 1.18%, 0.60% and 0.29%, respectively, amid profit booking and cautious investor sentiment.

• Weekly flows: Domestic Institutional Investors (DIIs) recorded net inflows of Rs 6,321.73 crore, while Foreign Institutional Investors (FIIs) saw net inflows of Rs 6,025.21 crore. •

• MTD trend: DIIs reported net inflows of Rs 11,265.37 crore, whereas FIIs registered net inflows of Rs 4572.89 crore.

• YTD positioning: DIIs remained net buyers at Rs 4,73,850.07 crore, while FIIs stand as net sellers at Rs 3,33,715.23 crore.
  
  

Source: BSE, NSE

Source: SEBI, NSE, NSDL

Global Equity market summary

• US stocks were mixed during the week. Dow Jones declined amid renewed Middle East tensions, while gains in AI and semiconductor stocks lifted Nasdaq Composite.

• Britain’s FTSE 100 declined during the week as investors remained cautious amid renewed geopolitical tensions in the Middle East. Sentiment was further affected by disappointing second-quarter earnings from a major pharmaceutical company. However, losses were partially offset by gains in mining and banking stocks.

• Asian equities ended mixed. Japan's Nikkei index ended lower during this week. Gains in AI and semiconductor-related stocks and expectations of higher domestic investment in local financial assets were outweighed by weakness in chipmakers following a broader semiconductor sector selloff and mixed investor positioning across technology shares.

• Hong Kong's Hang Seng Index ended higher, helped by gains in technology and AI stocks due to improving sentiment towards China's IT sector and expectations of continued policy support from Beijing.

• China’s Shanghai Composite Index closed lower; weaker-than expected June Consumer Price Index data and continued weakness in consumer and metal stocks outweighed gains in semiconductor shares, reflecting persistent concerns over domestic demand.
  
  

Source: Websites of respective stock exchanges

Global Yield

• The US 10-year Treasury yield rose as investors reassessed the interest rate outlook following resilient US economic data and a rise in oil prices, which renewed concerns over inflation.

• During the week, the US Department of Labor reported initial jobless claims for the week ended July 5 declined more than expected, signalling continued labour market resilience.

• Meanwhile, crude prices rose amid renewed geopolitical tensions in the Middle East, fuelling inflation concerns and reinforcing expectations that the Federal Reserve could keep interest rates higher for longer.

• The benchmark US 10-year Treasury yield rose to 4.56% on July 10 from 4.49% on July 2
  
  

Source: Financial Websites

Commodities and Currency

• Crude oil prices strengthened during the week on the NYMEX to $71.41 per barrel in the week ended 10, July 2026 compared with $68.69 per barrel in the week ended 2, July 2026, amid concerns over potential supply disruptions in the Middle East and increased geopolitical risk surrounding key energy transit routes, including the Strait of Hormuz.

• Gold prices declined to Rs 1,43,368 per 10 grams as of July 10 from Rs 1,46,344 per 10 grams as of July 3 due to the strong US dollar index.

• Silver prices decreased to Rs 2,20,390 per kg on July 10 compared with Rs 2,33,858 per kg on July 3, tracking losses in gold and reflecting concerns over weak global demand for the industrial metal.

• The rupee ended the week lower at Rs 95.31 against the US dollar, as lingering geopolitical uncertainties kept demand for the greenback firm. However, support from RBI interventions, and steady foreign inflows helped cushion the downside.
  
  

Source: Respective commodity exchanges, ibjarates.com

Source: RBI Reference Rate

Global Economic

• US S&P Global Services PMI rose to 51.2 in June of 2026 from 50.7 in the previous month while composite PMI increased to 51.9 from 51.5.

• US ISM Services PMI fell to 54.0 in June 2026, down from 54.5 in May 2026.

• Eurozone S&P Global Services PMI Index increased to 48.9 in June 2026 compared to 47.7 in May 2026, while S&P Global Composite PMI rose to 50.0 from 48.5.

• UK S&P Global Services PMI declined to 48.7 in June 2026 compared to 49.3 in May 2026. Meanwhile, the S&P Global Composite PMI slipped to 49.4 from 49.7.

• China's annual inflation eased to 1.0% in June 2026 compared to 1.2% in both April and May 2026.
  
  

Source: Financial Websites

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