Top headlines: HDFC Bank to become top weight, FPI inflow hit 10-month high

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Merged HDFC Bank set to push Reliance off its perch as top weight

With Housing Development Finance Corporation’s (HDFC’s) merger with HDFC Bank becoming effective on July 1, the merged entity is set to become the top weight in the benchmarks S&P BSE Sensex and the National Stock Exchange Nifty indices, dislodging the country’s most valuable company, Reliance Industries (RIL), from its perch. HDFC will stop trading after July 13.

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Rules of origin delay FTA tariff discussions with European Union

India and the European Union (EU) have not been able to make major headway in the tariff negotiations under the ongoing free trade agreement (FTA) discussions due to differences over the rules of origin criteria. After the conclusion of the Fourth Round of Negotiations in Brussels in March, a report by the EU said: “Constructive discussions took place on the rules of origin. Negotiators focused on the general requirements (section A) where some progress was made. Section B was briefly discussed. Draft product-specific rules have not been tabled yet.” Both sides have not yet released a statement on the outcome of the fifth round of talks held in New Delhi from June 19 to 23. Read more

India's oil imports from Russia climb to new peak as buying limit nears

India’s imports of Russian oil hit another record last month as the South Asian nation potentially nears the limit of its buying splurge from the major OPEC+ producer. Daily volumes climbed to 2.2 million barrels a day in June, rising for a 10th month, according to Viktor Katona, the head of crude analysis at Kpler. Russian purchases again exceeded the combined shipments of Saudi Arabia and Iraq, data from the analytics firm show. Read more

FPIs investments pump 10-month high of Rs 47,148 crore in June

Foreign portfolio investors (FPIs) have pumped Rs. 47,148 crore in equities in June, making it the highest inflow in 10 months, enthused by the country’s steadily improving macroeconomic fundamentals. However, inflows in July may be subdued as FPIs might adopt cautious stance due to the recent comments from the US Federal Reserve, Mayank Mehraa, Smallcase manager and principal partner at financial consultancy Craving Alpha, said. Read more

How dizzying bond moves put 4% yield in play to win over investors

Bond traders are bracing for another tumultuous week in which key employment data could push yields on 10-year treasuries towards 4 per cent, a level that market watchers see as luring investors into government debt. Read more