Reliance mirrors top 5 IT; Nifty becomes AI-free hedge

A steep sell‑off in Indian IT stocks has cut the combined market capitalisation of Infosys, TCS, HCL, Tech Mahindra and Wipro to roughly ₹18.12 lakh crore, essentially equal to Reliance Industries’ valuation. The parity highlights investor anxiety over AI‑driven disruption and lingering macro headwinds, while underscoring Reliance’s outsized influence across the Indian corporate landscape.

India’s biggest mutual‑fund house will sell up to ₹2,000 cr of shares in a pre‑IPO placement, part of a larger ₹11,400 cr offer‑for‑sale slated for July. The sale represents about 10% of equity, with SBI offloading 12.8 cr shares and Amundi 7.5 cr, setting a valuation around ₹1.68 lakh cr.

As AI‑driven rallies wane, the Nifty 50’s low volatility and modest daily moves have drawn foreign capital seeking diversification. Stable rupee, lower commodity prices and defensive growth outlook make Indian equities a macro‑asset class offsetting AI‑centric risk.

JSW Steel broke ground on a 2‑Mtpa integrated plant in Rayalaseema, with a first‑phase ₹4,500 crore, 1‑Mtpa low‑carbon electric‑arc furnace. The $2 billion investment doubles JSW’s capacity and anchors Andhra Pradesh’s push for greener manufacturing, boosting domestic steel output and ancillary industries.

June's HSBC Services PMI fell to 57.4, the weakest expansion in 17 months, as new orders slowed to a two‑and‑a‑half‑year low and hiring stagnated. Export demand stayed strong, but weaker home demand and rising input costs signal mounting pressure on India’s service‑driven growth.

Prime Minister Narendra Modi inaugurated CG Semi's outsourced semiconductor assembly and test facility in Sanand, marking India's third OSAT plant. The plant targets an initial 200 million chips per year, bolstering domestic supply chains and advancing the Make‑in‑India semiconductor push.

Commerce Minister Piyush Goyal announced a $1 trillion export goal for FY27, needing merchandise exports to hit $530 bn (16‑17% growth) and services to reach $470 bn (≈11% growth). The push leans on new free‑trade agreements and aims to lift India’s trade surplus and global market share.

Bank of Baroda settled with the administrators of collapsed UAE healthcare giant NMC Health for about $600 million (₹5,700 crore), closing protracted cases in Abu Dhabi and the UK. The out‑of‑court deal includes no admission of liability and marks one of the largest cross‑border banking disputes for an Indian lender.

Facing supply shocks from the Red Sea and Strait of Hormuz closures, India will open about 250,000 sq km of unexplored offshore blocks for bidding under the 'Samudra Manthan' program. The move, aimed at cutting reliance on imports that cover 90% of its crude need, brings major majors and deep‑water experts into the Andaman‑Nicobar basin.

India’s monsoon is running 40% below average, shrinking paddy sowing to 2.57 million ha, down 25% from last year. The shortfall could curb rice output, nudging prices up, though government stocks should blunt an immediate spike.