On World Anti-Counterfeiting Day, Philip Morris India (PM India) reiterated the need for stronger enforcement and greater collaboration to combat the growing illicit tobacco trade. According to the Tobacco Institute of India (TII), illicit cigarettes account for nearly one-fourth of India's domestic cigarette market, resulting in estimated annual revenue losses of Rs 23,000 crore.

The challenge extends beyond cigarettes to include smuggled, banned, and unregulated products such as e-cigarettes and vapes that evade regulatory oversight. A report by the EU-ASEAN Business Council and Euromonitor International estimated that the illicit tobacco market across ASEAN-6 generated US$12.6 billion during 2024-25, with illicit cigarette sales rising 14% and illicit e-vape sales increasing 24% in the past year.

Recent enforcement actions in India have highlighted the scale of the issue, including major seizures of prohibited vaping devices and illicit cigarettes across multiple cities.

Commenting on the issue, Navaneel Kar, Managing Director, PM India, said, "Addressing illicit tobacco trade requires sustained intelligence-led enforcement, stronger industry-government collaboration, and robust track-and-trace mechanisms to safeguard consumers, protect government revenues, and strengthen regulatory compliance."

PM India reaffirmed its commitment to supporting authorities in curbing illicit trade and promoting a secure, transparent marketplace.

According to experts, investors often see faster returns from solar projects in India than in many developed markets. Read full report here

AU Small Finance Bank (AU SFB), India's largest Small Finance Bank and the first institution in over a decade to receive in-principle approval from the Reserve Bank of India to transition into a Universal Bank, has revised its deposit interest rates across Fixed Deposits (FDs), Recurring Deposits (RDs), and Foreign Currency Non-Resident [FCNR (B)] deposits, effective June 10, 2026.

Under the revised structure, customers can now earn up to 7.40% p.a. on FDs and RDs, while senior citizens can earn up to 7.90% p.a., making AU SFB's offering among the more competitive and attractive savings avenues in the current rate cycle.

The revision comes at a time when savers across India are increasingly looking for stable, high-yield deposit options, while NRIs continue to seek secure and efficient avenues to manage savings across geographies.

AU Small Finance Bank (AU SFB), India's largest Small Finance Bank and the first institution in over a decade to receive in-principle approval from the Reserve Bank of India (RBI) to transition into a Universal Bank, has significantly enhanced its Foreign Currency Non-Resident [FCNR (B)] deposit rates, with the peak USD deposit rate increasing from 5.15% p.a. to 7.10% p.a., effective June 10, 2026. This revision underscores the Bank's strategic focus on strengthening its NRI franchise amid rising demand for stable foreign currency deposits and diversified funding sources.

FCNR deposits remain a key channel for mobilising overseas Indian savings into India, while offering protection against exchange rate fluctuations. The revision is further supported by the RBI's announcement dated 08 June 2026 (RBI/2026-27/99 FMOD.MAOG.No.S-56/01.06.016/2026-27), which provides additional headroom for banks to offer more competitive foreign currency deposit rates.

India's mobile phone production has surged to Rs 5.45 lakh crore, while smartphone exports have jumped to more than Rs 2 lakh crore. Read full report here

Lumina Datamatics, a strategic partner to global publishers and eCommerce retailers, is pleased to announce that Sameer Kanodia, Vice Chairman and CEO of Lumina Datamatics and TNQTech, has been honored with India's Top 50 CEOs, MDs, and Founders Recognition by the Great Manager Institute for 2026, marking his second consecutive year receiving this prestigious recognition. 

Officially announced on June 9, 2026, this recognition celebrates leaders who have demonstrated exceptional capabilities in inspiring, empowering, and developing their teams while consistently delivering outstanding business outcomes. 

The honor underscores Sameer's commitment to building people-centric organisations and fostering a culture rooted in collaboration, innovation and excellence.

Under his leadership, Lumina Datamatics and TNQTech have continued to reinforce their position as trusted global partners, driven by a strong focus on customers, employees, and long-term sustainable growth. His leadership philosophy emphasizes creating an environment where people are encouraged to learn, grow, and contribute meaningfully to organizational success.

Vikaas M Sachdeva, CEO - BitDelta India

"Every asset class moves through phases where price action becomes detached from fundamentals, and the recent correction in Bitcoin reflects one such phase. For those familiar with how institutional-grade assets behave under macro stress, this correction has a familiar shape - rising yields, geopolitical uncertainty, and shifting institutional behaviour have triggered a broad risk-off move, and Bitcoin, now deeply integrated into global capital markets, has moved with it. That is not a sign of weakness. It is a sign of maturation.

What is equally significant is how different this correction looks compared to earlier cycles. Past drawdowns were structurally deeper and driven by crypto-specific failures. Today, with regulated investment vehicles holding meaningful institutional assets, the CLARITY Act advancing through the U.S. Senate, and corporate treasuries carrying Bitcoin on their balance sheets, the foundations underneath this market have evolved considerably. When Gold ETFs were first absorbed into institutional portfolios, they too experienced sharp sentiment-driven selloffs the 2013 taper tantrum being the clearest example. Bitcoin ETFs are navigating a similar passage today.

For markets like India, the takeaway is consistent with what we have seen across every maturing financial category. Sustainable participation begins when investors approach an asset class with discipline rather than momentum, and when allocation is calibrated to volatility rather than short-term direction. The structural case for VDAs has not changed. What this moment calls for is context, perspective, and a clear-eyed view of the long term."

Divya Kumar Gulati, Chairman, CLFMA of India

"The European Union's decision to continue authorising imports of aquaculture products, eggs, honey and animal casings from India beyond September 2026 is a major boost for the country's agri-food and seafood export sectors. For the fisheries industry, this is particularly significant as the EU remains one of India's most valuable seafood export destinations, with exports currently valued at nearly USD 1.6 billion.

This approval reaffirms global confidence in India's food safety, quality assurance and traceability systems. It reflects the concerted efforts of the government, regulatory authorities and industry stakeholders in aligning production and export practices with evolving international standards.

As global markets place greater emphasis on sustainability, transparency and responsible use of antimicrobials, such recognition strengthens India's reputation as a reliable supplier of high-quality seafood and animal-origin products. By ensuring continuity of trade, it opens the door for exporters to deepen their presence in the European market and capture new growth opportunities. The development will provide a positive impetus to farmers, aquaculture producers, processors and exporters across the value chain."

The AI experimentation phase is over, and the private cloud is where enterprise AI workloads are being deployed for security and scale. That is the central finding of the Private Cloud Outlook 2026, a new report from Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops, and supplies semiconductor and infrastructure software solutions.

Where last year's report documented a deliberate "cloud reset" toward balance between public and private cloud, 2026 marks an acceleration into a full AI tipping point. The shift is being shaped by three forces - costs, complexity, and control - that public cloud environments are increasingly failing to address for production AI at scale. Key findings from the report include:

AirBrick Infra, India's foremost AI-powered commercial design and build company and the benchmark for technology-led workspace transformation, today announces the appointment of Gaurav Bansal as Chief Operating Officer (COO), India. The appointment is a defining step in fortifying AirBrick's operational leadership as the company accelerates its technology-driven expansion across India and global markets, building on an unmatched track record of delivering enterprise-grade commercial spaces at scale.

Gaurav brings a rare combination of strategic depth and operational mastery across the Design & Build ecosystem, with a consistent record of scaling high-growth organisations. Before joining AirBrick, he served as Business Head at 91Squarefeet, where he led India operations and drove significant business expansion. He previously held the position of Business Head at Flipspaces, spearheading Vizstore - a SaaS marketplace platform for retailers and scaling B2B transactions across India.

With deep expertise in operational transformation, systems institutionalization, and multi-team orchestration, Gaurav offers the ideal fusion of visionary thinking and executional rigour. He holds an MBA in International Business from the Delhi School of Economics, anchoring his extensive industry experience in a strong academic foundation.

Ajeet Kumar Singh, Managing Director & Co-Founder, SAVE Group

The RBI's decision to maintain the repo rate at 5.25% reflects a calibrated and forward- looking approach amid a global environment characterized by geopolitical uncertainties, volatile commodity prices, and evolving inflation dynamics. The decision underscores the central bank's commitment to balancing growth objectives with price stability, while preserving macroeconomic resilience.

At a time when global economies continue to grapple with uncertainty, policy continuity and predictability remain critical for sustaining investment sentiment and economic momentum. A stable interest rate environment provides confidence to businesses, financial institutions, and consumers, enabling better financial planning and long-term decision-making.

For sectors such as housing, MSMEs, and financial services, monetary stability supports credit flow and helps maintain affordability, which is essential for driving inclusive economic growth. The RBI's measured stance also signals confidence in the strength of domestic demand while retaining adequate flexibility to respond to future economic developments.

Going forward, the focus will remain on monitoring inflation trends, global market conditions, and domestic growth indicators. As India advances towards its long-term development aspirations, a stable and predictable policy framework will continue to play a vital role in supporting investment, employment generation, entrepreneurship, and broad-based economic progress.

Nitin Agrawal, CEO, Mutual Funds, InCred Money, on the AMFI data for May 2026

Industry AUM stands at Rs 81.58 lakh crore as on May 31, 2026, broadly holding its ground relative to April's Rs 81.92 lakh crore. This stability is worth pausing on: May was a month of elevated macro headwinds,failed US-Iran negotiations and steep fall in domestic currency leading to increased volatility and uncertainty. Despite that backdrop, equity market performance provided a meaningful tailwind, and the equity portion of the industry's book continued to attract money with conviction.

Equity-oriented schemes pulled in net inflows of Rs 22,908 crore in May 2026, continuing a streak of positive monthly inflows that has now held for several quarters, through market corrections, geopolitical uncertainty, and sentiment-driven volatility. Continuity at this scale is the real story, not the marginal month-on-month movement.

Within equity, the category composition reflects where investor conviction currently sits. Flexi-cap retained its position as the default mandate of choice for retail investors. Small-cap funds came in a close second at Rs 4,946 crore, ahead of mid-cap at Rs 4,385 crore. Large & Mid Cap attracted Rs 3,278 crore, and Multi-cap added Rs 2,291 crore.

The small-cap overtaking mid-cap in May is worth noting. It likely reflects a combination of relative value recognition after a period of compression and some recovery-driven momentum. Whichever of the two is the dominant driver, it is a trend worth watching value-driven accumulation and momentum-driven chasing look identical in the flow data but have very different implications for investor outcomes.

Flexi-cap's continued dominance, meanwhile, is structurally sound behaviour. In a market where cap-curve leadership is shifting and earnings delivery is being scrutinised across segments, mandates that give fund managers the freedom to navigate are proving consistently attractive. That is a lesson the retail investor base appears to have genuinely internalised.

Gold ETFs recorded a net outflow of Rs 725 crore in May, a meaningful reversal after the significant inflows the category attracted through much of the gold rally. This is not a bearish signal on gold; it reflects profit-booking after a sharp price run-up. The structural case for a measured gold allocation in retail portfolios remains intact.

The ₹96,948 crore net outflow from debt-oriented schemes is a headline that requires context. The bulk of the redemptions came from liquid, overnight, and money market categories, instruments that move with corporate treasury cycles and tax payment schedules, not with investor sentiment. This is seasonal noise, not a structural retreat from fixed income.

The Indian mutual fund industry has structurally crossed a threshold where the monthly data conversation needs to move beyond the aggregate AUM number to the quality and composition of the flows beneath it. That shift in how media and investors read this data is itself a sign of the industry's maturity.

Aditya Agrawal, CFA, Chief Investment Officer at Avisa Wealth Creators

The AMFI Monthly Report for May 2026 reflects a healthy but more cautious investor sentiment. Equity mutual fund inflows moderated sharply to Rs 22,907 crore, the lowest level in the last one year, amid heightened global uncertainties and market volatility. However, SIP inflows remained resilient at Rs 30,954 crore, marking the third consecutive month above the Rs 30,000 crore level and underscoring continued retail investor confidence. Overall, while near-term risk appetite has softened, the strength of systematic investments indicates that long-term wealth creation through mutual funds remains firmly intact.

The Thesis

PSU banks at record highs, 125bps of rate cuts already done, and Brent cooling near $94 despite fresh Iran strikes: today's basket leans into India's domestic credit engine while hedging a possible oil shock.

Where We're Concentrated

Heaviest tilt is PSU and private banks - Bank of India, Indian Bank, Federal Bank - surfing a 21% six-month sector rally and RBI's Friday rupee-defence package. Secondary lean into auto-ancillary and metals - Bosch and Vedanta - plays rural demand and Strait-of-Hormuz-tightened base-metal supply. Thesis breaks if Brent reclaims $100 or FII outflows accelerate on rupee stress.

Conviction Picks

Highest Conviction

Bosch Ltd.

Auto-ancillary on cooling crude and 125bps of rate cuts already done - discretionary recovery and margin tailwind in one.

Bank of India

PSU bank surfing record sector levels and RBI's Friday rupee-defence package - credit cycle insulated from oil stress.

Indian Bank

Hit a fresh PSU high recently - secured SME plus retail traction keep its book among the cleanest in the sector.

Federal Bank

Private-sector counterweight to the PSU lean - granular deposits, stable margins, zero direct oil-import drag in the book.

Vedanta Ltd.

Base-metals hedge while the Hormuz blockade keeps supply pinched; rupee weakness sweetens dollar-priced realisations.

One Thing to Watch

Brent reclaiming $100. Overnight US strikes on Iran and Tehran's retaliation against US forces in Bahrain and Jordan keep the tail risk live; a clean break flips the crude tailwind into a headwind for financials and FII flows.

NPST stock gained over 5% in today's session ahead of the company's Q4 and FY26 results announcement. The rally comes amid continued investor interest in the digital payments space and follows Tata Mutual Fund's recent Rs 300 crore investment in the company, which has further strengthened market sentiment around NPST's growth prospects.

With digital payments adoption continuing to accelerate in India and NPST expanding its presence across banking and payment infrastructure solutions, the company remains closely watched by investors ahead of its earnings announcement.

Ashish Singhal, Co-founder at CoinSwitch

Bitcoin's correction, despite its magnitude, should be viewed within the context of broader macroeconomic conditions, liquidity cycles, and evolving risk appetite across global markets. While capital has recently rotated toward high-growth sectors such as artificial intelligence, digital assets continue to remain highly sensitive to shifts in monetary policy, investor sentiment, and liquidity availability.

Over the past two years, spot Bitcoin ETFs have attracted tens of billions of dollars in cumulative inflows and now hold well over $100 billion in assets, fundamentally changing how institutional capital accesses the asset class. At the same time, Bitcoin's current drawdown remains materially lower than the 70-90% corrections witnessed in earlier cycles, pointing to a market structure that is gradually maturing._

While short-term sentiment has weakened amid ETF outflows and capital rotation into high-growth sectors such as AI, the long-term investment thesis around digital assets continues to be driven by adoption, institutional access, and the increasing integration of crypto into mainstream financial markets. For long-term investors, periods of correction often serve as a reminder that market cycles are temporary, but structural adoption trends tend to play out over much longer horizons."

BTC climbed back above $63,000 after buying from large investors helped improve market confidence following last week's sharp decline. A major boost came from Strategy, which purchased 1,550 BTC worth about $101 million, easing concerns that its recent sale of 32 BTC signaled a change in its long-term commitment to BTC. Other firms, including Strive and Bitmine, also took advantage of lower prices to increase their crypto holdings. While the rebound is encouraging, investors are closely watching Bitcoin ETF flows, upcoming U.S. inflation data, and the Federal Reserve's policy decision to assess whether the recovery can continue.

Rajesh Palviya, Head of Research, Axis Direct

The Nifty 50 staged a smart recovery on Tuesday, gaining 119.10 points (0.52%) to close at 23,242.10, snapping its two-day losing streak. The rebound was led by strong buying in PSU banks, financials and auto stocks, with Bank Nifty outperforming and rising more than 2%. Improved sentiment was aided by easing crude oil prices and optimism after US President Donald Trump indicated that diplomatic engagement with Iran remains active, helping temper immediate geopolitical concerns.

Global cues, however, remain mixed. While the Dow Jones ended marginally higher, weakness in the Nasdaq and S&P 500 reflected profit booking in technology and semiconductor stocks amid lingering uncertainty over developments in the Middle East. Investors continue to balance hopes of de-escalation against the risk of renewed geopolitical tensions that could disrupt energy supplies and global risk sentiment.

For domestic markets, crude oil remains the most critical variable. Brent crude has cooled from recent highs, offering some relief on inflation, the current account deficit and the rupee outlook. However, risks to Red Sea shipping routes and any escalation in the West Asia conflict could quickly reverse this trend and trigger volatility across global markets.

Looking ahead, the market's undertone remains cautiously constructive. The Nifty has managed to hold above the 23,000 mark, but sustained strength will require a decisive breakout above the 23,300 resistance zone. A move beyond this level could open the path towards 23,400-23,500 in the near term. On the downside, immediate support is placed at 23,050, followed by the crucial 23,000 level; any breach could invite profit booking towards 22,900. With GIFT Nifty indicating a subdued start, markets are likely to remain stock-specific and headline-driven, with crude oil trends and geopolitical developments continuing to dictate sentiment.

Piyush Walke, Derivatives Research Analyst, Delta Exchange

Capital is flowing out of Bitcoin ETFs, key technical indicators have weakened and changing interest-rate expectations are adding pressure to the market. While this crypto winter has so far been less intense than previous cycles, that resilience could indicate that the full extent of the downturn has not yet unfolded. Spot Bitcoin exchange-traded funds in the U.S. saw another day of net outflows on Monday, following four weeks of negative flows.

Bitcoin still face strong resistance near the $64,000-$64,300 zone and yesterday a fall was evident from the same level. A sustained move above this range could open room toward $65,500-$66,500. The immediate strong support lies at $60,200-$60,500 zone. Bitcoin's short term modest rebound may prove short-lived as structural frailties are exposed.

Ethereum's market structure remains comparatively weak, with ETH repeatedly failing to maintain momentum above the $1,700 level. The cryptocurrency has faced multiple rejections within the $1,700-$1,730 resistance zone, highlighting persistent selling pressure. For the recovery rally to gain traction, bulls must successfully reclaim and hold the $1,720-$1,760 range as support.

Liquid funds can be useful for maintaining immediate access to cash, parking short-term surplus money and managing monthly cash-flow requirements. Read full report here

"Bitcoin is trading near $61,244, with an RSI of 23.47 and daily technicals firmly in the sell zone. Meanwhile, CME's launch of Bitcoin volatility futures introduces a regulated way to trade BTC price swings, further expanding institutional access beyond spot and directional exposure.

Ethereum is holding around $1,625, with neutral oscillators despite cautious daily signals. Supporting long-term network growth, Starknet's v0.14.3 upgrade, scheduled for June 22, is expected to improve Layer 2 fees, transaction speed, and scalability.

On the regulatory front, the UK's FCA has proposed allowing mutual funds to allocate up to 10% of assets to crypto ETNs, widening regulated exposure to digital assets.

In India, evolving currency conditions are boosting interest in Bitcoin and stablecoins as diversification tools and dollar-linked digital asset exposure.

Coinbase's new USDC-backed credit card partnership with Cardless also highlights the growing role of stablecoins in everyday finance."

Akshat Siddhant, Lead quant analyst, Mudrex

Bitcoin is trading near the $61,000 level as risk aversion continues to dominate global markets following renewed U.S. military action against Iran during the ceasefire period. The cautious sentiment has weighed on most asset classes, with even traditional safe-haven assets like gold struggling to attract sustained buying interest. Investors are also adopting a wait-and-watch approach ahead of the upcoming U.S. CPI release, leading to lower liquidity and reduced risk-taking. A softer inflation reading could help Bitcoin regain momentum and move toward $65,000, while a hotter-than-expected print may increase pressure and push BTC back toward the $59,000 support zone.

At the close on Tuesday, the total market cap of all BSE Sensex companies stood at Rs 4,59,56,456.