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Indian Stocks Rise on FTA Hopes; Banks Hike Rates

By SivamIndian Stocks Rise on FTA Hopes; Banks Hike Rates

Indian equities climbed, boosted by India-UK FTA optimism. Equitas SFB raised FCNR rates, while Velox Shipping announced warrant exercises. Market navigates Fed rate hike concerns.

Indian equity benchmarks closed higher Thursday, recovering from an initial dip and volatility, buoyed by optimism surrounding the impending India-UK Free Trade Agreement.

Market Movers

  • The India-UK Free Trade Agreement is set to formally come into force on July 15, 2026, providing significant market support.
  • Despite this, participants remained cautious due to the Federal Reserve’s indication of a potential rate hike later this year.
  • Heavy selling in IT stocks weighed on indices for most of the session, though strong buying interest in the final hour led to a sharp rebound.

Corporate Actions Roundup

  • Equitas Small Finance Bank announced a hike in its FCNR (B) Deposits for US Dollars to 7.13% per annum for a 3-5 years tenure.
  • Velox Shipping and Logistics disclosed the allotment of convertible warrants on a preferential basis to Non-Promoters. Warrant holders paid the balance consideration of ₹1,60,03,876 and applied for exercising their rights.
  • DHP India, Orosil Smiths India, and Stylam Industries submitted disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, indicating significant share acquisition activities.
  • 7NR Retail informed that its Board of Directors decided to call an Extra-Ordinary General Meeting (EGM) on Saturday, July 11, 2026, at 03:00 PM via Video Conferencing/Other Audio-Visual Means. The cut-off date for shareholders eligible to vote is Friday, July 3, 2026.
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