India Macro Daily(Beta Mode)
Rupee Holds Near Lows as Oil Prices Surge
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Nifty 50 | 24,238.50 | -0.39% |
| Sensex | 77,708.52 | -0.57% |
| USD/INR | 96.22 | -0.27% |
| EUR/INR | 109.79 | -0.20% |
| Reliance | 1,327.20 | +2.36% |
| HDFC Bank | 819.60 | +1.40% |
| Brent Crude | 91.52 | +2.58% |
| Gold | 4,100.50 | +2.25% |
| Bitcoin | 66,614.50 | +2.12% |
| India Short-term Rate | 5.50% | +0.00% |
| India Long-term Rate | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
India Exports Value | Type: macro_line | Exports (USD mn): 13.77 (2026-04-01) | Range: -18.76–45.75 | Trend(5pt): 44.09,-11.41,2.281,-6.985,13.77
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Friday (2026-07-24) | |||
| HSBC Composite PMI Flash | - | - | 21:00 |
| HSBC Manufacturing PMI Flash | - | - | 21:00 |
| HSBC Services PMI Flash | - | - | 21:00 |
- Equities slip as Brent crude surges and rupee volatility persists
- Finance Ministry stresses resilient macro fundamentals and 7%+ GDP growth
- HSBC PMI flashes due Friday signal next activity read
Yesterday's Recap
Nifty 50 fell 0.39% to 24,238.50 while Sensex declined 0.57% to 77,708.52 on broad-based selling. USD/INR eased 0.27% to 96.22 as the RBI limited intervention despite the currency trading near record lows. Brent crude jumped 2.58% to 91.52, amplifying imported inflation concerns for India.
Reliance rose 2.36% to 1,327.20 and HDFC Bank gained 1.40% to 819.60, providing partial support. Gold climbed 2.25% to 4,100.50 and Bitcoin advanced 2.12% to 66,614.50. The India short-term rate held steady at 5.50%.
No major data prints were released on 20 July.
The Day Ahead
HSBC Composite, Manufacturing and Services PMI flashes release at 21:00 on Friday and will update July momentum. Traders will parse the prints for signs of sustained expansion in services and manufacturing. Any surprise weakness could reinforce expectations of measured RBI policy.
Global oil moves and US data will also shape INR and G-Sec flows. Equity reaction is likely to stay contained unless PMI readings deviate sharply from recent trends.
Other Economic Notes
The Finance Ministry stated that GDP expanded above 7% for three consecutive years, underscoring structural resilience. Macro fundamentals remain strong even as the rupee faces volatility from external shocks. Foreign investment inflows are projected to rebound in FY27 according to recent reports.
Kharif sowing benefits from near-normal monsoon rainfall while IT export growth reached 7.2% in Q1. Capex momentum stays anchored to the budgeted ₹11.1 lakh crore target.
Global Macro News
US-Iran tensions elevate FY27 risks for India via elevated energy costs and supply disruptions. Brent’s advance to 91.52 intensifies pressure on the current account and inflation trajectory. Foreign portfolio flows into India remain sensitive to global risk sentiment and US rate signals.
Reports highlight potential FDI recovery next fiscal year as manufacturing incentives gain traction. <i>↓ p.2</i>
