The Indian rupee saw a slight recovery on Wednesday, closing at 94.66 against the dollar after touching an intraday low. State-run banks intervened, likely for the RBI, to curb further depreciation. This weakness stemmed from a strengthening dollar index, fueled by expectations of a US Federal Reserve interest rate hike later this year, pushing the DXY to a 13-month high.
Leading brokerages CLSA and Morgan Stanley have initiated coverage on Vedanta Aluminium and Adani Enterprises, respectively, signaling significant upside potential. CLSA sees a 16% gain for Vedanta, citing a strong aluminium upcycle and undervalued stock. Morgan Stanley anticipates an 18.5% rise for Adani Enterprises, highlighting its entry into a major earnings monetization phase driven by multiple large-scale projects.
FundsIndia has raised Rs 44.6 crore through its maiden private placement of secured non-convertible debentures, marking its entry into the corporate debt market. The proceeds will be used to strengthen its technology platform and expand investment offerings, as affluent investors increasingly seek fixed-income products for diversification amid evolving market conditions.
Indian markets saw a subdued start on Wednesday, following two days of losses. Technology stocks showed signs of recovery after a significant downturn earlier in the week. Investors are now keenly awaiting the earnings report from chipmaker Micron, which is expected to provide further direction for the market. The Dow Jones Industrial Average experienced a slight dip, while the S&P 500 saw a marginal gain at the opening bell.
Bitcoin’s dominance in the global crypto market rose to 58.2% in H1 2026, while it remained the most-held digital asset across Indian cities on CoinDCX. The report also showed a shift toward utility-driven investing, with Layer-1 assets gaining share and meme token activity falling, reflecting a more disciplined and mature investor base.
Six BSE200 stocks, including Federal Bank and Bharat Forge, hit fresh 52-week highs amid a strong market rally, reflecting bullish momentum, rising investor confidence, and sustained buying interest.
Indian stock markets, including BSE and NSE, will observe a holiday on Friday, June 26, 2026, for Muharram. While MCX will have a partial closure, NCDEX will be shut all day. This closure marks one of the 16 scheduled market holidays for 2026, offering a long weekend for many. Muharram, the Islamic New Year, holds significant religious importance.
Textile stocks rallied sharply on Wednesday after brokerages turned bullish on the sector, citing improving global demand, favourable trade agreements and India’s rising competitiveness in apparel exports. Pearl Global surged nearly 10%, while Indo Count and KPR Mill gained around 8% each. Analysts believe Indian textile exporters are entering a multi-year growth phase after years of subdued demand.
Despite easing West Asian tensions, the RBI remains cautious, with Governor Sanjay Malhotra emphasizing data dependency over pre-set interest rate paths. While the truce offers relief on inflation and growth, uncertainties surrounding crude oil prices and the monsoon necessitate continued vigilance. The central bank is closely monitoring potential inflation spillover effects and external challenges, maintaining a wait-and-watch approach for future policy moves.
Tata Motors shares rose after outlining strong growth targets, including margin expansion and cash flow improvement. Brokerages remain divided, with JM Financial bullish, while Nomura and Motilal Oswal stay cautious on near-term demand and margins. Long-term outlook remains supported by infrastructure growth, CV demand recovery and digital and EV initiatives.
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