Daily Market News Update — (23rd-24th June 2026)

Midnight News Update: 23-24 Jun 2026

RBI has issued some long pending clarifications on FCNR(B) deposits. Banks can give loans and issue standby letters of credit (LC) against FCNR(B) deposits. In short, leveraging NRI deposits are allowed. Banks can also structure their deposits through the Gift City (IFSC) for tax efficiency. Even existing deposits with original maturity of at least 3 years, can avail the swap facility even if the residual maturity is less than 3 years. RBI also clarified that the swap facility will only be applicable to the principal component of the FCNR(B) deposit and not to the interest component.

According to an Experian report, the share of gold loans has surged in retail consumer loans from 18% in FY23 to 41% in FY26. This has coincided with the sharp spike in gold prices. One more trend has been that the non-banking finance companies (NBFCs) have outpaced the banks in the mobilization of gold loans in the latest financial year. This is despite the fact that the RBI had tightened the rules pertaining to the issue of gold loans as well as limiting the loan to value (LTV) ratio to just 75%. A sharp fall in gold prices could post a huge systemic risk.

As per S&P Global Energy, despite the end of war, Brent Crude prices may average $80-$90/bbl. That is because, demand is likely to see a pick-up and most countries have depleted their oil inventories. Also, the production of oil in the Middle East has been disrupted and that may take time to get back to normal levels. Another perspective is that; 4 months of inactivity has made most SIPs urgently need servicing. Hence, it may take more time for the full volume of 130 ships to pass through the Straits of Hormuz on a daily basis. Till then, oil prices could remain elevated.

The pressure on precious metals continues with silver touching a new 2026 low of near $60/oz. Even as US PCE inflation data is expected this week, markets are preparing for a gradual shift to a more hawkish policy; something that will raise the opportunity cost of holding gold and silver and make them less attractive. Commodity analysts are pegging silver to take support in the range of $56-59/bbl. Silver is now down a full 50% from the January 2026 peak levels of $120/oz. The dollar index (DXY) hardening to 101 levels, has also contributed to putting pressure on silver.

Micro SIPs are finally going to happen in a big way with Swiggy tying up with Zerodha to administer SIP investments for gig workers with denominations as small as ₹100 per month. This will enable the gig workers to save part of their earning and create a social security cover for themselves. The investment will be channelled into Zerodha funds and can be managed via WhatsApp. These will be Direct Plans so the costs will be lower, which is critical in a micro-SIP. This will force many of these gig workers into a long-term savings plan early in their careers.

A few swallows do not a summer make, but the NASDAQ appears to be witnessing a sharp sell-off in chip stocks. These were the very stocks that led the rally in the US markets, and across the world in countries like China, South Korea, and Taiwan. Even as the NASDAQ fell by 2%, the sell-off led to chip stocks like AMD, Intel, Scandisk, and Micron correcting over 12% in a single day. Most of these chip stocks were beneficiaries of the AI boom. However, there are increasing concerns that the companies may go slow on AI spending and focus more on productivity of AI investments.

The Niti Aayog admitted that India’s pharma supply chain was still almost 65% dependent on China for most of its critical inputs. This applies to APIs and intermediates. The report by Niti Aayog also underlined problems beyond supply chain; like weak innovation and tepid commercialization framework. This had discouraged investments and innovation in the pharma field. Niti Aayog has recommended a bigger shift to high-value pharma and stronger academic-industry collaboration. It also highlighted the need for a bigger focus on IP protection to boost innovation.

Bharti Airtel has successfully raised its stake in Airtel Africa from 62.7% to 79.0% at a value of ₹28,200 crore. However, this was a non-cash transaction and entailed swapping of stake. While Bharti Airtel bought these shares in Airtel Africa from the promoter group, the company in turn, issued shares in Bharti Airtel to the promoter group. This has allowed the promoters to hike their stake in Bharti Airtel, while the company has been able to better consolidate the business of its profitable African venture. Airtel Africa is expected to eventually touch revenues of $10 billion.