India Macro Daily(Beta Mode)
RBI Holds Rate at 5.50% as Nifty Falls 0.6%
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Nifty 50 | 24,013.10 | -0.64% |
| Sensex | 76,802.90 | -0.78% |
| USD/INR | 94.31 | -0.03% |
| EUR/INR | 108.16 | +0.14% |
| Reliance | 1,329.10 | +0.08% |
| HDFC Bank | 780.65 | -2.30% |
| Brent Crude | 81.45 | +2.00% |
| Gold | 4,179.40 | -1.06% |
| Bitcoin | 63,673.99 | -0.88% |
| India Short-term Rate | 5.50% | +0.00% |
| India Long-term Rate | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
India Short-term Policy Rate | Type: macro_line | Percent: 5.5 (2026-05-01) | Range: 4.25–6.75 | Trend(5pt): 4.25,5.75,6.75,6.75,5.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Tuesday (2026-06-23) | |||
| HSBC Composite PMI Flash | 59.30 | - | 01:00 |
| HSBC Manufacturing PMI Flash | 55 | - | 01:00 |
| HSBC Services PMI Flash | 59.80 | - | 01:00 |
- Equity benchmarks fell with Nifty 50 down 0.64% to 24,013.10 and Sensex off 0.78% to 76,802.90
- RBI repo rate remains at 5.50% as MPC minutes downplay pre-emptive easing
- HSBC Manufacturing, Services and Composite PMI Flash prints due Tuesday
Yesterday's Recap
Indian equities closed lower on June 20 as Nifty 50 dropped 0.64% to 24,013.10 and Sensex declined 0.78% to 76,802.90. USD/INR traded in a narrow range and finished at 94.31, little changed on the day. Brent crude advanced 2.00% to 81.45 amid supply concerns in West Asia.
No economic data releases occurred. RBI officials stated that strong fundamentals enabled India to withstand recent regional tensions without external stress. A parliamentary panel announced plans to review the growth outlook amid global uncertainty.
Banks showed signs of caution on MSME lending following rising stress indicators.
The Day Ahead
Markets will focus on the HSBC PMI Flash releases scheduled for Tuesday at 01:00 ET. The manufacturing, services and composite readings will provide the first high-frequency gauge of June activity. No other major Indian data prints are due tomorrow.
Traders will also monitor global equity flows and any updates on oil transit through the Strait of Hormuz. Positioning for the June 23 prints is expected to keep INR and rates markets range-bound.
Other Economic Notes
Remittances and services exports produced a surprise current-account surplus in Q4 FY26 despite global headwinds. External commercial borrowing inflows are projected to increase in FY27, supported by RBI liquidity measures that should offset any current-account pressure. IT services exports expanded 7.2% y/y in April-May, aided by AI-related contracts.
Southwest monsoon progress remains above the long-period average, supporting rural demand and food-price stability. Parliament will examine fiscal and external risks in the coming weeks.
Global Macro News
The Federal Reserve’s hawkish tone lifted the dollar and weighed on emerging-market currencies including the rupee. Three Indian-flagged oil tankers carrying over 860,000 metric tons safely transited the Strait of Hormuz under a US-Iran shipping arrangement. The ECB left policy rates unchanged, reinforcing a broadly steady global monetary backdrop.
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