India Market Weekly: India | Equity Strategy

Research evidence excerpt

India Market Weekly: India | Equity Strategy

India | Equity Strategy EquityJulyResearch3, 2026

STRATEGY NOTEIndia Market Weekly (Jul 03, 2026)

The MSCI India was up 0.7% WoW. It underperformed the EM Index

by 14bps and the AxJ Index by 24bps. Realty and Healthcare were top Exhibit 4 - MSCI India Index

outperformers, while Industrials and Banks were the top underperformers. 29502940 2943

2938The INR was down 0.9% against the USD this week. Ten-year G-Sec bond 2930

2922 2919yields were down 6bps WoW to 6.71%. Jefferies India Model Portfolio 29202910

2900 2906 2903outperformed MSCI India by 83bps this week.

Exhibit 1 - MSCI India performance vs. regional indices . 26th Jun 29th Jun 30th Jun 1st Jul 2nd Jul 3rd Jul

Source: Bloomberg, Jefferies

80 (%) 66

60 Research highlights of the

50 46

40 week:

30 23 19 India Strategy: Rising Equity Supply to

20 10 13 14 9

10 5 3 2 2 2 2 2 1 1 1 Cap Returns

(10) (1) India Strategy: Worrisome start to the

(20) (8) (6) monsoons

(30) (20)

Taiwan China Japan USA ASEAN AxJ EM India Korea Indiathe summerUtilities:behindSteam still left – even with MSCI MSCI Indonesia MSCI Singapore MSCI MSCI MSCI MSCI India Quick Commerce - Rapid MSCI MSCI

Developments in a High-Stakes Game MSCI 1W 3M MSCI

.

Source: Bloomberg, Jefferies. *in local currency India Alcobev: Premium tailwind intact;Exhibit 2 - MSCI India top OPFers and top UPFers over the week

Top Outperformers Top Underperformers Radico, ABD to outperfom UNSP

Lodha Developers Ltd GE Vernova T&D India

Maruti Suzuki (BUY) Easing Macro

Oberoi Realty Ltd Siemens Energy India

Concerns; Upgrade to Buy

Eternal Ltd Bank of Baroda

L&T Finance Hitachi Energy Ltd Multi Commodity Exchange of India

DLF Ltd Union Bank of India Ltd (BUY) A Long Runway in an.