WEEKLY TRENDSETTER ( JULY 10 ,2026)
| 2026 | JUNE 26 | JULY 3 | Ch % |
| NIFTY | 24056 | 24271 | 0.89 |
| BANK NIFTY | 58177 | 57938 | -0.41 |
| USD/INR | 94.59 | 95.33 | 0.78 |
MARKET REVIEW-The July series made a decent beginning with banking, IT, FMCG, telecom leading the market. A revival in monsoon also boosted spirits and global markets were also supportive.
INTERESTING CUES
Domestic power equipment manufacturers see sudden Chinese competition ahead
The government opened tenders to Chinese manufacturers, causing giants like Hitachi Energy, CG Power, and GE Vernova to experience sharp single-day corrections of up to 10%. Following the 2020 border clash, India had mandated that Chinese companies register with a government panel and obtain political as well as security clearances before participating in any government contract.
The latest exemption comes as India accelerates the expansion of its transmission infrastructure to meet rising electricity demand and support the rapid addition of renewable energy capacity. The order stated that the exemption will remain valid for two years from the date of issuance. While the demand scene appears robust the bidding process will be keenly watched as to what extent the Chinese counterparts provide cheaper options.
GST collections surge but gives mixed signals
June collections jumped by 13.9% on y-o-y basis. However, while domestic collection increased by 6.5% gross revenue from imports surged by 34.6% to Rs 60038 cr. This was largely led by imports of machinery, electronic components, energy inputs and industrial raw material. Whether the imports are creating domestic production would be the key as to the health of the economy. With crude cooling off the coming months could possibly see some easing of import bill.
NIFTY –The index did well for the week and briefly crossed 24300 before profit-taking saw closing just below the level. The levels of 24300-400 still will continue to be a challenge for the coming week and if the index manages to hold 24100 there is a decent chance this will be conquered soon.
BANK NIFTY-The index has had a stellar run in June. Some profit taking creeped in last week.58500-700 looks like an immediate resistance and the 56800-57000 should act as a decent support.
Looking ahead –Last week the Indian Railways had a test run of a 10-car hydrogen powered train in the Jind-Sonepat segment. It is expected to operate at a speed of 75 kmph with a maximum speed of 110 kmph. This is a major breakthrough offering clean alternative to fossil fuel fired based traction system. India is only the 5th country in the world along with Japan, Germany, China and US to explore this mode of transportation. Companies which could directly or indirectly benefit from this in the long run are Reliance, Adani Enterprises, Tata Motor, Ashok Leyland, L&T, Linde India, NTPC to name a few as besides railways even buses and trucks could see this innovative fuel being used.
Wishing all readers a great week ahead!
Note: Any queries /clarifications may be addressed to stockmasala@gmail.com .
Krish Subramanyam
DISCLAIMER: Kindly note that I am not SEBI registered and the above content is for educational/informational use only and users should consult a registered professional before investing.