India Market Weekly (Jul 17, 2026): India | Equity Strategy

Research evidence excerpt

India Market Weekly (Jul 17, 2026): India | Equity Strategy

India | Equity Strategy EquityJulyResearch17, 2026

STRATEGY NOTEIndia Market Weekly (Jul 17, 2026)

The MSCI India was up 0.1% WoW. It outperformed the EM Index by 424bps

and the AxJ Index by 436bps. IT and Banks were top outperformers, while Exhibit 4 - MSCI India Index

Realty and Industrials were the top underperformers. The INR was down 29552950

2945 2947 2945 29491.0% against the USD this week. Ten-year G-Sec bond yields were up 7bps

2935WoW to 6.78%. Jefferies India Model Portfolio underperformed MSCI India

by 34bps this week. 29302925 2929 2935 2931

Exhibit 1 - MSCI India performance vs. regional indices . 10th Jul 13th Jul 14th Jul 15th Jul 16th Jul 17th Jul

Source: Bloomberg, Jefferies

20 (%) 17 18

15 13 Research highlights of the 10 6 6

3 4 4 5 1 0 1 0 1 week:

0 India Strategy: China Trip Takeaways

(5) (1) (1)

(4) (4) (4) (10) (6) India Internet: Lots Continue to Happen in

(15) (10) (10) Q/C & Food Delivery

(20)

(25) (19) India Financials: Indian FinTech Coming

MSCI MSCI Indonesia ASEAN India China USA Japan EM AxJ Taiwan Korea of Age MSCI MSCI Singapore MSCI MSCI MSCI SMID—EarningsHealthcare:AccelerationFour Ideas, One Theme MSCI MSCI

MSCI 1WMSCI 3M. [Watch the Video] Decoding PLIs: Looking

Source: Bloomberg, Jefferies. *in local currency Back, Moving ForwardExhibit 2 - MSCI India top OPFers and top UPFers over the week

Top Outperformers Top Underperformers

ABB India Ltd ICICI Lombard General Insurance Co Ltd

Tata Consultancy Services Ltd Balkrishna Industries Ltd

Tech Mahindra Ltd Vedanta Ltd

SBI Cards & Payment Services Ltd Vishal Mega Mart

Bharat Heavy Electricals Ltd Muthoot Finance Ltd

.

Exhibit 3 - Sectoral Performance

25 (%) 21

20 18

4 4 4

5 1 1 2 0 2

0 1