Daily Market News Update — 28th-29th June 2026

Midnight News Update: 28-29 Jun 2026

With crude below $75/bbl and looking likely to stay subdued, economists are reworking their estimates for India GDP growth and India inflation for FY27. Apparently, if crude stays lower, then it not only eases inflation risks, but also the risks to CAD. Already, crude is down nearly 40% from its recent peak levels. Even the RBI, in its recent monetary policy, had assumed crude oil at $95/bbl in FY27. If crude were to stay below $75/bbl, then even the RBI may be favourably revising GDP growth and inflation estimates. Also, the pressure on RBI to hike rates may recede.

A recent note by ICRA has estimated losses by Indian aviation companies in FY27 at closer to ₹38,000 crore. That is more than thrice its previous estimates. Apart from high fuel costs, even the very busy Middle East sector is likely to see reduced flights amid geopolitical unrest. Domestic passenger traffic growth rate is likely to taper from 8% to just about 3%, while the international passenger traffic is likely to see flat growth. The pain of the last few months is likely to impact the discretionary demand. Due to big dollar payouts, currency risk remains key for airlines.

In an interesting move, a US judge has refused immediate closure of all pending criminal cases against Gautam Adani in the US. He has demanded a detailed explanation from the Department of Justice (DOJ). The charges against Adani were serious as they pertained to bribery and securities fraud. The judge has given the prosecutors time till 13-July to furnish a detailed explanation. While the Adani group paid up the penalty, the Judge was of the view that cases cannot be dropped just because the DOJ asks them to do it. Hence, a more detailed explanation was warranted.

GIFT City (IFSC) is rapidly emerging as a major Indian financial gateway for global investors. It has already attracted $111 billion in banking assets and $39 billion in fund capital till date. The GIFT City ecosystem comprises of 1,500 entities and nearly 27,000 workers. GIFT City is already getting into a wide range of activities. As of date, 35 aircraft lessors and 36 ship lessors are operating from GIFT City. It is also emerging as a major hub for specialized financial services and treasury innovation. GIFT City offers a tax-neutral route to invest and do business in India.

ITC Ltd is now working towards making its FMCG business the real powerhouse of future growth. While the FMCG vertical already contributes substantially to the top line, it is the cigarettes business that brings in nearly 70% of the profits of the company. Within the FMCG space, ITC is focusing on scaling digital agriculture, growing its fresh foods business and boosting its sustainable packaging business. The Digital Agriculture business will onboard nearly 4,000 farmer producer organizations (FPOs), and reach out to more than 1 crore farmers by the year 2030.

For the fortnight to June 15, 2026, RBI reports that the gap between credit growth and deposit growth had widened to 570 basis points. While credit grew at 17.7%, deposits grew at just about 12.0%. With higher rates being offered on FCNR(B) deposits, the rupee deposits are likely to feel further disadvantaged. Unless banks raise the rates on deposits and make them more attractive, this 570-bps gap will impel more banks to resort to short-term certificates of deposits (CD) market to bridge their funding gaps. However, it runs the risk of asset liability mismatch for banks.

India’s mid-sized IT company, Persistent Systems, will acquire Nagarro SE of Germany. The combined entity post-acquisition will generate annual revenues of $2.9 billion. The acquisition is being made at a substantial premium to the market price of the stock. Nagarro SE is a leading German digital engineering company and its skill sets are expected to complement the skill sets of Persistent Systems. The deal will substantially boost the European presence of Persistent Systems. Apart from $2.9 billion in revenues, the combined entity will have 46,000 employees.

Contract Manufacturer, Amber Group, has invested ₹6,750 crore in projects in the state of UP and is now eyeing revenues of nearly $2 billion. The boost will come from robust growth in its consumer durables, electronics, and railway / defence sectors. It is also expanding its manufacturing capacity in Jewar, Uttar Pradesh. It is seeing major orders from companies in the consumer electronics, railways and defence business. In Jewar (UP), Amber Group will set up a high-density interconnect (HDI) printed circuit board (PCB) and semiconductor substrate manufacturing unit.