11:11 | Nifty IT posts worst first half since 2001; US-Iran talks to continue after funeral, and more

Good morning!

India's IT sector has logged its weakest first-half performance in over two decades, with the Nifty IT index slumping 31% between January and June amid concerns over AI-led pricing pressure and slowing demand.

Meanwhile, the US and Iran concluded another round of indirect talks in Doha as the war in West Asia enters its fifth month. The two agreed to continue negotiations after the funeral of Iran's former Supreme Leader.

Also in today's edition: Japan's Prime Minister Sanae Takaichi’s India visit with AI, semiconductors, energy, and Indo-Pacific security on the agenda.

The Day Ahead: Eight banks react to their Q1 business updates

Shares of eight lenders — Canara Bank, Karnataka Bank, South Indian Bank, Punjab & Sind Bank, Indian Bank, Jammu & Kashmir Bank, Dhanlaxmi Bank and Tamilnad Mercantile Bank — are in focus on Thursday, July 2, after they released their provisional business updates for the quarter ended June 30, 2026, after market hours on Wednesday.



 

US-Iran talks conclude in Doha, to resume after funeral; Strait of Hormuz, frozen funds dominate discussions

The latest round of indirect talks between the US and Iran concluded in Doha on Wednesday, July 1, with mediators saying discussions made positive progress and will resume after the funeral processions of Iran's former Supreme Leader. Talks focused on restoring maritime traffic through the Strait of Hormuz and unfreezing Iran's overseas funds.

More Here

 

Nifty IT delivers worst first half of a calendar

year since 2001; Analysts warn of further downside

The Nifty IT index declined 31% between January to June this year. The only performance, worse than this, during a similar timeframe, came all the way back in 2001, when the index had declined 44%. The index is also at a three-year low.

More Here

 

Apple looks to buy Chinese-made memory chips by lobbying US

Apple Inc. is in negotiations to purchase chips from two Chinese semiconductor makers on a Pentagon blacklist to help reduce the impact of a global memory shortage that’s forced the company to raise prices across its product line.

More Here

 

Gold, silver edge lower ahead of key US payroll data

Gold and silver prices traded slightly lower on Thursday (July 2) but continued to hover near one-week high as investors stayed cautious ahead of key US employment data that could influence the Federal Reserve’s interest-rate outlook.

More Here

 

Takaichi in India: Energy, AI, semiconductor, Indo-Pacific stability on agenda in India-Japan summit

Japanese Prime Minister Sanae Takaichi arrived in New Delhi on Wednesday (July 1) night for a three-day visit, with economic security, energy security, artificial intelligence (AI), semiconductors, resilient supply chains and Indo-Pacific stability set to top the agenda in talks with Prime Minister Narendra Modi.

More Here

 

Rupee climbs 32 paise to 94.93 against dollar, but traders see pressure ahead

The Indian rupee opened stronger on Thursday (July 2) at 94.93 against the US dollar, compared with Wednesday’s (July 1'ss) close of 95.25/$, marking a recovery of 32 paise in early trade.

More Here

 

Mitessh Thakkar recommends DLF, Ashok Leyland as buys; Coforge a sell

Mitessh Thakkar, President – Retail Research at Bonanza Portfolio, has recommended buying DLF and Ashok Leyland for short-term gains, while advising traders to sell Coforge.

More Here

 

Wipro ADRs fall 17% as AI pricing pressure, weak outlook weigh on sentiment

Wipro ADRs fell more than 13% on Wednesday, extending recent losses as investor sentiment remained weak amid concerns over the company’s earnings outlook and the growing impact of artificial intelligence on traditional IT services.

More Here

 

FirstCry to sell shares in ₹1,000 crore Swara Baby IPO; check DRHP details

Swara Baby, an Indian contract manufacturer of baby diapers, adult diapers and feminine hygiene products, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

More Here

 

India extends UAE gold import quota authorisations till September 30

The government has extended the validity of tariff rate quota (TRQ) authorisations issued for gold imports under the India-UAE trade pact for FY 2025-26 until September 30, giving importers additional time to utilise their licences.

More Here

 

Red alert for Delhi-NCR; capital receives light to moderate rain

The India Meteorological Department (IMD) has issued a red alert for heavy rains in Delhi-NCR on Thursday (July 2) morning. It was forecast the previous day that the monsoon would arrive within two days in Delhi.

More Here