India Market Weekly (Jul 10, 2026)

Research evidence excerpt

India Market Weekly (Jul 10, 2026)

India | Equity Strategy EquityJulyResearch10, 2026

STRATEGY NOTEIndia Market Weekly (Jul 10, 2026)

The MSCI India was down 0.1% WoW. It outperformed the EM Index by

187bps and the AxJ Index by 184bps. Realty and IT were top outperformers, Exhibit 4 - MSCI India Index

while FMCG and Utilities were the top underperformers. The INR was down 2980

29570.1% against the USD this week. Ten-year G-Sec bond yields were flat 2940

2943 2947

2920WoW to 6.71%. Jefferies India Model Portfolio outperformed MSCI India by

121bps this week. 2900 2898

Exhibit 1 - MSCI India performance vs. regional indices . 3rd Jul 6th Jul 7th Jul 8th Jul 9th Jul 10th Jul

Source: Bloomberg, Jefferies

50 (%)

40 29 Research highlights of the

week:

20 14 11 9 12 9

10 5 3 2 2 2 1 2 India Strategy: Return of the Large Caps?

0 - We Stay Selective

(10) (0) (1) (2) (2) (3)

(8) (8) India Strategy: Low Risk for FY27 EPS

(20)

Growth of 14%

(30) (24)

MSCI MSCI Singapore China ASEAN USA India Japan AxJ EM Taiwan Korea IndiaRevenueStrategy:growth inJun26focus Qtr preview - MSCI Indonesia MSCI MSCI MSCI MSCI India Consumer: Getting Close & Personal MSCI MSCI

(GC&P) with Priya Nair, CEO - Hindustan MSCI 1WMSCI 3M

.Source: Bloomberg, Jefferies. *in local currency Unilever

Exhibit 2 - MSCI India top OPFers and top UPFers over the week

Top Outperformers Top Underperformers India EMS: Decoding PLIs: Looking Back,

Info Edge India Ltd Trent Ltd Moving Forward

Lodha Developers Ltd Dr Reddy's Laboratories Ltd

Kirloskar Oil Engines (BUY) Steady

Swiggy Ltd Page Industries Ltd

Growth Ahead; Initiate at Buy

One 97 communications (PAYTM) Varun Beverages Ltd

Indian Bank Power Finance Corp Ltd

.

Exhibit 3 - Sectoral Performance

30 (%) 24 24

20 17

15 9 9

10 5 4 5 3 1 5 2 1 1 0 2