India Weekly Kickstart

India's equity market saw a slight rebound after a historically weak first half, while significant weather-related challenges persist due to a deficient monsoon. The report notes earnings revisions remain pressured by energy costs.

Key Takeaways

• 1.NIFTY rose 1% for the week after a 9% decline in 1H 2026, which was the weakest relative performance in 30 years.
• 2.Monsoon rainfall is tracking 33% below normal for the first five weeks, impacting reservoir levels and crop sowing.
• 3.Domestic fund inflows into equity mutual funds moderated by 40% month-over-month in May.

Table of Contents

• Focus: 1H Recap
• Focus: Deficient Monsoon Rains
• Focus: Monsoon rains 30% below normal so far
• Views: MW India; Expect NIFTY to reach 26,500 in 12m
• Performance summary: Global Markets, Commodities, FX, and Rates
• India: Sector performance
• Relative performance of MSCI India sectors
• Thematic monitor
• Style investing monitor
• Earnings Revisions
• Valuations
• FII equity flows
• Foreign positioning in India
• Domestic fund flows moderated in May
• India Equity Risk Barometer (GSSRIERB)
• Market Breadth, Volatility and Derivatives Positioning

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