India Daily Briefing

Commerce Minister Piyush Goyal departed for London ahead of the formal India-UK Free Trade Agreement rollout. The pact removes tariffs on Indian textile and engineering exports into the UK — sectors that have been running at compressed margins under current duty structures. Investors in pharma exporters and IT services should watch for details on data-localisation and professional services chapters, which could expand the market for mid-sized Indian firms.

Reliance Industries share price will stay in focus on Thursday, according to Mint Markets, with technical observers watching the ₹2,800-2,850 band as a near-term decision zone. Reliance's conglomerate breadth — from Jio Platforms 5G subscribers to the retail EBITDA ramp and green energy capex — means any move in the counter signals broad market sentiment rather than sector-specific news. FII selling pressure remains the headwind; DII accumulation at this range has been consistent across the last five sessions.

Experian data shows gold loans now account for 41% of India's retail credit portfolio, up from 18% in FY23 — a structural shift that directly benefits NBFCs like Muthoot Finance and Manappuram Finance, which operate with faster disbursement and competitive LTV ratios versus scheduled banks. For SIP investors, this trend suggests sustained outperformance potential in the NBFC sub-index within midcap funds, while bank-heavy large-cap funds face a headwind from slowing unsecured personal loan growth.