Key Market Insights - Altifi Weekly Bulletin | 24 July 2026

Economy and Regulatory Updates

• India’s infrastructure output rose 5.0% on year in June 2026, up from the final 3.2% increase recorded in May 2026.

• The government has permitted foreign direct investment (FDI) in inventory-based e-commerce models for exports only, supporting India’s outbound shipments while ensuring products sold under the framework are manufactured in India.

• The Union government announced a Rs 40,000 crore corpus for scientific mine closure and land restoration to promote sustainable mining practices, ecological rehabilitation and long-term economic opportunities for mining-dependent communities.

• The Reserve Bank of India (RBI) clarified that banks acquiring immovable properties through recovery proceedings cannot sell those assets back to the defaulting borrower or related parties, strengthening transparency and governance in resolution and recovery.

• The RBI proposed a principle-based regulatory framework to rationalise provisions, harmonise definitions and simplify the regulatory structure improving clarity and reducing the compliance burden for foreign investors.

• The Securities and Exchange Board of India (Sebi) has eased certification requirements for distributors of Specialised Investment Funds (SIFs), allowing newly certified distributors to sell both mutual fund and SIF products without a separate mutual fund distributor qualification.

• SEBI has proposed a ‘Mutual Fund Only’ Portfolio Management Services (PMS) framework with a lower minimum investment requirement of Rs 25 lakh.

• SEBI has extended Systematic Withdrawal Plan (SWP) and Systematic Transfer Plan (STP) facilities to demat-held mutual fund units, improving flexibility and convenience for investors.

• SEBI introduced a single certification examination for individuals selling and distributing mutual funds and Specialised Investment Funds, a move aimed at simplifying eligibility requirements for distributors.

• The Association of Mutual Funds in India (AMFI) has simplified transmission procedures for deceased unit holders by permitting consideration of address and name mismatches to enable smoother claim processing.
  

Source: MOSPI, RBI

Indian debt market update

• The interbank call money rate ended the week lower at 5.12% in the period ended July 24, 2026, compared with 5.40% in the week ended July 17, 2026.

• The yield on the 10-year benchmark 6.94% GS 2036 closed at 6.83% on July 24, 2026, compared with 6.77% on July 17, 2026.

• Yields rose during the week, driven by persistent gains in global crude oil prices, escalating geopolitical tensions and higher US Treasury yields, which weighed on sentiment and reduced demand for government securities.

• Value buying supported bonds early in the week but selling pressure soon took over as inflation concerns and cautious market sentiment intensified.

Source: CRISIL Fixed Income Database, RBI ^ Data as of 17th Jul 2026 vs 10th Jul 2026 vs 12th Jun 2026 respectively

Indian equity market updates

• Indian equities ended the week lower, weighed down by persistent geopolitical tensions, a sharp rise in crude oil prices that revived inflation concerns and US tariff threats on imported generic drugs that increased uncertainty for exports. However, optimism around the ongoing earnings season helped cushion losses. The BSE Sensex and Nifty 50 declined 2.68% and 2.33%, respectively.

• Sector performance was largely negative. BSE Realty, BSE Bankex and BSE Information Technology (IT) fell 4.03%, 2.87% and 1.81%, respectively, as investors turned cautious amid rising geopolitical concerns. In contrast, BSE Fast Moving Consumer Goods (FMCG) and BSE Auto were the top gainers, rising 0.49% and 0.10%, respectively, supported by defensive buying.

• Weekly flows: Domestic Institutional Investors (DIIs) recorded net inflows of Rs 8,637.58 crore, while Foreign Institutional Investors (FIIs) saw net outflows of Rs 7,182.08 crore.

• MTD trend: DIIs reported net inflows of Rs 29,711.59 crore, whereas FIIs registered net outflows of Rs 11,728.95 crore.

• YTD positioning: DIIs remained net buyers at Rs 4,92,296.29 crore, while FIIs stand as net sellers at Rs 3,50,017.07 crore.

Source: BSE, NSE

Source: SEBI, NSE, NSDL

Global Equity market summary

• US stocks fell during the week after disappointing earnings from several major large-cap technology companies renewed concerns about the pace and sustainability of heavy AI-related spending. Higher oil prices intensified inflation worries and weighed on sentiment.

• In Britain, the FTSE closed higher, supported by gains across banks, energy and commodity-linked stocks as oil and metal prices rose.

• Japan's Nikkei ended higher during the week, supported by bargain hunting after the previous week's sharp decline and optimism over the upcoming earnings season.

• However, decline in the later part of the week, driven by concerns over heavy AI spending limited overall gains.

• Hong Kong’s Hang Seng Index ended higher this week, supported by improved sentiment on signs of policy support in China and strength in financial stocks, while gains were limited by weakness in technology shares and caution ahead of the Chinese Communist Party Politburo meeting.

• China's Shanghai Composite ended higher during the week, supported by signs of state-backed buying, expectations of additional policy measures ahead of the Politburo meeting and optimism that Beijing would introduce further measures to stabilise economic growth and financial markets.

Source: Websites of respective stock exchanges

Global Yield

• US Treasury yields rose during the week as resilient US economic data reinforced expectations that the Federal Reserve may keep interest rates elevated for longer.

• The increase in Treasury yields was primarily supported by a sharp rise in oil prices, which dampened expectations for near-term monetary easing by the Federal Reserve. Additionally, stronger-than-expected US labour market data, including lower jobless claims, indicated continued economic resilience, reinforcing the possibility of a prolonged higher-rate environment.

• Meanwhile, investors remained cautious ahead of the upcoming Federal Reserve policy meeting due on July 28-29.

• The US 10-year Treasury yield finished higher at 4.69% on July 24, up from 4.55% on July 17.

Source: Financial Websites

Commodities and Currency

• Crude oil prices strengthened during the week on the NYMEX closing to $89.31 per barrel on July 24, 2026, compared with $82.49 per barrel on July 17, 2026, amid escalating geopolitical tensions and renewed supply disruption fears in the Strait of Hormuz and the Red Sea.

• Gold prices rose to Rs 1,43,781 per 10 grams as of July 24, 2026, from Rs 1,41,159 per 10 grams as of July 17, 2026, supported by safe haven buying.

• Silver also gained, rising to Rs 2,22,721 per kg on July 24, 2026, from Rs 2,15,474 per kg on July 17, 2026, tracking gold and supported by steady safe-haven demand and firm industrial signals.

• The rupee ended the week lower at Rs 96.54 against the US dollar, pressured by sustained high crude oil prices, geopolitical tensions in West Asia and higher importer and corporate demand for dollars.

Source: Respective commodity exchanges, ibjarates.com

Source: RBI Reference Rate

Global Economic

• US industrial production increased 1.1% year-on-year in June 2026, following a downwardly revised 1.6% rise in May 2026.

• The European Central Bank (ECB) kept its key interest rates unchanged at its July 2026 meeting, maintaining the deposit facility rate at 2.25%, the main refinancing operations rate at 2.40%, and the marginal lending facility rate at 2.65%.

• The UK annual inflation rate eased to 2.6% in June 2026, down from 2.8% in May 2026, while core inflation remained steady at 2.6%.

• The People’s Bank of China (PBoC) maintained the 1-year and 5-year loan prime rate (LPR) at a record low of 3% and 3.5%, respectively for a 14th consecutive month in its June 2026 fixing.

• Japan’s annual inflation rate accelerated to 1.7% in June 2026 compared to 1.5% in May 2026, while the core inflation rate increased to 1.6% from 1.4%.

Source: Financial Websites

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