Daily Market News Update — (21st-22nd June 2026)

Midnight News Update: 21-22 Jun 2026

The market cap of 9 out of the 10 most valuable companies listed on the NSE increased by ₹2.15 trillion during the previous week; with the gains led by Bharti Airtel. Among the big gainers for the week were Bharti Airtel gaining ₹52,433 crore, LIC of India ₹51,675 crore, Bajaj Finance ₹26,554 crore, Reliance Industries ₹22,464 crore, L&T ₹21,929 crore, SBI ₹16,754 crore, HDFC Bank ₹11,949 crore, Hindustan Unilever ₹6,661 crore, and ICICI Bank ₹4,724 crore. The only stock in the top 10 to see a fall in value was TCS, which lost ₹12,700 crore in market cap during the week.

It appears to be an important repositioning with ONGC now turning from an “oil & gas” company to a “gas & oil” company. As part of its portfolio, gas is now marginally ahead of oil, and that is a clear de-risking strategy that ONGC has been pursuing. Its future growth is likely to be driven by gas, and not by crude oil. With one of the best pricing models in the world, gas is becoming a very lucrative product for ONGC. Exploration and production accounts for 70% of ONGC revenues, with gas overtaking oil. Going ahead, new gas would account for 36% of ONGC’s output.

The last 3 months ending in mid-June has seen Indian merchandise exports going up by nearly 15%, despite the supply chain constraints imposed by the war. Even the steep tariffs imposed on India by the US had failed to dent the export performance. In May, Indian merchandise exports touched an all-time high of $45.2 billion. There is another major advantage for India from the sharp spike in service exports, but that is already helping the CAD. The surge in exports is a sign of resilience as well as a signal that initiatives like “Make in India” are finally paying off.

In a major shift in its oil to chemicals (O2C) strategy, Reliance Industries plans to turn crude into carbon fibre, green chemicals, and other critical materials. This is a big move from an entirely refining based model to a model that cracks more of downstream chemicals. This shift will also reduce its exposure to the geopolitical risks in the Middle East. This plan was outlined by Mukesh Ambani while speaking at the 49th AGM of Reliance Industries. This strategy will expand margins and also rethink the O2C business. RIL Jamnagar refines 70 million tonnes of crude annually.

With the latest thrust on capital flows, RBI has sought daily reporting of FCNR(B) deposits and ECB data from banks. On 08-June, RBI launched the special swap facility for FCNR(B) deposits and ECBs, where the forex risk will entirely be borne by the central bank, while for ECBs, the RBI will bear partial hedging cost. As a result, banks can now offer more attractive rates on FCNR(B) deposits to NRIs to attract more foreign capital flows. These FCNR(B) deposits will also be free from CRR and SLR requirements. Banks are offering 6.5% to 7.5% on FCNR(B), with zero currency risk.

According to a report by McKinsey, India’s power equipment industry could face a shortfall of $130 billion by the year 2035, unless domestic manufacture of power equipment is rapidly ramped up. To meet the rising demand, India will have to expand power equipment capacity five-fold by 2035, which does look quite steep. If that is not done, then this gap could trigger a surge in imports. Currently, India relies on imports for 33% of its power equipment needs, which could surge to 70% by year 2035, if the domestic output does not expand. It could also be a big opportunity.

According to an ICRA report, India passenger vehicles (PV) sales could grow in the range of 4%-6% in FY27, despite a fairly large base. PV sales are likely to be driven by SUVs, led by rising demand, growing middle class, and greater affordability after GST cuts. In fact, the big GST cuts late last year turned out to be a game change for auto demand in India. There are also concerns over higher fuel costs and weak rural demand this year triggered by a poor monsoon. While SUVs dominate the PV segment, this year also saw the hatchback segment make a comeback in terms of demand.

With the RBI giving an incentive to Indian companies to raise funds through the ECB route, major Indian players are already firming up plans. Big names like SBI, Bank of Baroda, Axis Bank, and Power Finance Corporation have lined up plans to raise over $2 billion from overseas market via the ECB route next week. In order to encourage foreign inflows, the RBI has provided a special incentive for companies going for ECB borrowings by offering them a 1.5% fixed rate swap incentive. This will reduce their cost of hedging and lower their borrowing costs.