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Government Security Market:

* The Inter-bank call money rate traded in the range of 4.60%- 5.45% on Wednesday ended at 4.85%.

* The 10 year benchmark (6.94% GS 2036) closed at 6.8012% on Wednesday Vs at 6.7938% on Tuesday.

Global Debt Market:

U.S. Treasury yields inched higher on Wednesday as investors mapped escalating tensions across the Middle East and mulled prospects for Federal Reserve monetary policy in the months ahead. U.S. Central Command carried out its 11th consecutive round of strikes against Iran overnight. Early on Wednesday, Secretary of State Marco Rubio told ASEAN Foreign Ministers’ meeting in the Philippines that Tehran is “not serious” about peace talks. “If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies.” he added. The latest escalation helped extend the rally in oil prices, which jumped as much as 4% in early trading, while investors continue to gauge prospects for more hawkish Federal Reserve policy measures. “The probability of a July hike was back up to 26% by [Tuesday’s] close, the highest since last week’s downside surprise in the U.S. CPI print,” Deutsche Bank’s Jim Reid said in a note on Wednesday morning. “It was at 45% the day before CPI and as low as 10% the day after.” Money markets are now pricing in a 24.1% chance of a rate hike from the Fed this month, and a 69% chance of at least a quarter-point hike in September, according to the CME’s FedWatch tool. Investors will also be monitoring the latest S&P Global Flash U.S. PMI report due Friday, which measures the economic health of American manufacturing and services sectors.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.94% GS 2036) yield likely to move in the range of 6.7875% to 6.81% level on Thursday.

Stocks in News

• RUBICON RESEARCH: Acquired its first US manufacturing facility in New Jersey for $2.9 million on 21 July 2026.

• TVS MOTOR COMPANY: The company launched the TVS Raider motorcycle in Egypt, expanding its premium commuter motorcycle portfolio in North Africa.

• SONA BLW PRECISION FORGINGS: The company signed definitive agreements with DENSO to form two India-based EV and hybrid powertrain joint ventures.

• JEENA SIKHO LIFECARE: Plans to set up a 60+ bed hospital in Kalyani, West Bengal, by October 2026 with an investment of around Rs 1.30 crore.

• AZAD ENGINEERING: The company delivered its first indigenous expendable turbojet engine to the DRDO and the Ministry of Defence.

• WAARE ENERGIES: The company wholly owned subsidiary Waaree Solar Americas secured an international order to supply 125 MW of HJT solar modules, with deliveries scheduled during FY27.

• EMCURE PHARMACEUTICALS: The company completed the acquisition of the remaining 12.05% stake in Gennova Biopharmaceuticals for Rs 231.87 crore, making Gennova a wholly owned subsidiary.

• DR REDDY’S LAB: Appointed Dr. Sridevi Khambhampaty as Global Head of Biologics, Senior Management Personnel and a member of the Management Council, effective 22 July 2026.

• JINDAL POLY FLIMS: Step-down subsidiary JPF Netherlands Investment BV applied to strike off its wholly owned subsidiary JPF API Laminates UK.

• SAATVIK GREEN ENERGY: Its subsidiary Saatvik Solar Industries secured a domestic order worth Rs 138 crore for the supply of solar PV modules, with execution scheduled by December 2026.

Economic News

• RBI sold $6.1 bn in May as oil weighed on the rupee and foreign inflows showed signs of revival: The Reserve Bank of India sold six point one billion dollars in May. This intervention occurred amid global market volatility and geopolitical tensions. India's external sector remains steady with improving foreign investment inflows. The domestic economy navigated uncertainties well, supported by strong demand. Foreign exchange reserves are comfortable, covering over ten months of imports.

Global News

• Dollar Steady, Oil Climbs on Escalating U.S.-Iran Conflict: The U.S. dollar remained firm on Thursday as escalating U.S.-Iran tensions strengthened demand for safe-haven assets, while rising oil prices fueled inflation concerns and reinforced expectations that the Federal Reserve could keep interest rates higher for longer. Brent crude climbed above $95 per barrel after fresh U.S. strikes on Iran and attacks on Saudi oil tankers heightened fears of disruptions to global oil supplies, pushing U.S. Treasury yields higher. The dollar index hovered around 101.05, while the euro edged up ahead of the European Central Bank's policy decision, where rates are expected to remain unchanged but policymakers are likely to retain a hawkish stance. The Australian dollar, New Zealand dollar and British pound posted modest gains, while bitcoin and ether traded slightly lower. Meanwhile, the Japanese yen remained near a 40-year low at around 163 per dollar despite reports that the Bank of Japan could raise interest rates faster than previously expected, with investors closely monitoring the possibility of intervention by Japanese authorities to support the currency.

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