The first week of July witnessed a host of significant developments that could shape the next few weeks. Amid the current geopolitical trends and volatile movement of financial indicators, several high-stakes developments kept the week buzzing for the global economy and domestic market. Some of these were the Middle East geopolitical developments, June auto sales and GST collection data, and a lot more. In global markets, Wall Street closed the holiday-shortened week little changed while Brent crude oil prices hit thier lowest levels last week since before US-Israeli war began with Iran in late February.
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Here's a recap of the week that was:
Markets on home turf
Domestic equity benchmarks rose to log their fourth consecutive weekly gain on Friday, after a softer-than-expected US jobs report coupled with declining oil prices eased near-term US Federal Reserve rate-hike concerns. The easing came as a relief to the domestic IT sector, a heavyweight on the benchmarks, which has taken a battering of late on AI-disruption fears and prospects of higher rates that typically subdue US client spending.
The benchmark Sensex gained 0.34% to 77,763.91 on Friday, while the Nifty 50 rose 0.39% to 24,270.85. Sensex and Nifty rose about 0.9% this week, extending their four-week gains to 4.7% and 3.9%, helped by lower oil and steps to support both the rupee and foreign inflows. June-quarter earnings, starting next week, are expected to show the war's full toll on corporate profitability.
Auto Sales Data
Major automakers release their sales data for the month of June 2026 on Wednesday, July 1. Most auto companies such as Tata Motors, Maruti Suzuki, TVS Motors and Bajaj Auto reported a strong growth in sales for the month on an year on year basis despite Middle East uncertainties. In passenger vehicles, Maruti Suzuki and Tata Motors led retail growth, while Eicher Motors and TVS Motor outperformed in two-wheelers. TVS Motor Company Ltd. and Bajaj Auto also reported strong sales performance for the month, with total sales rising up to 47% and 28% year-on-year.
June GST Collection
India's gross GST revenue rose 13.9% year-on-year to Rs 1,94,812 crore in June 2026, up from Rs 1,71,105 crore a year ago, said the Finance Ministry in a notification. On a net basis, after refunds, collections came in at Rs 1,62,377 crore, an 11.2% increase. Total refunds stood at Rs 32,436 crore, up 29.1% from Rs 25,121 crore a year ago. Central GST came in at Rs 37,376 crore, up 8% year-on-year. State GST was Rs 45,116 crore, up 4%. Integrated GST from domestic transactions stood at Rs 52,282 crore, a 7% increase.
ALSO READ: Persistent Systems To Acquire Nagarro, Eyes $2.9 Billion IT Powerhouse
Persistent-Nagarro Deal
Persistent Systems has launched a voluntary public takeover offer to acquire all outstanding shares of German digital engineering company Nagarro SE, marking one of the largest overseas acquisitions by an Indian IT services company. The transaction, if completed, will create a technology services company with an annual revenue run rate of nearly $2.9 billion and a workforce of more than 46,000 employees across over 40 countries, significantly expanding Persistent's global scale and European presence.
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