The Fed Blinks.
The Tariffs Don't.
This was the week the story everyone was bracing for — a hawkish Fed marching toward a July rate hike — quietly lost its momentum, undone by one soft jobs number. At the same time, the India-US trade deal edges toward its July 24 crunch point with an old complication now reaching its final procedural stage. Indian markets, caught between the two, basically went nowhere — which, this week, was itself the interesting part.
+0.94% on the week
vs 115K expected
near 4-month lows
+₹2,460 on the week
Global rate-hike fears eased. Indian markets stayed flat. A pending US tariff threat on India enters its final decision window. Gold bounced back. Oil held steady near four-month lows.
Flat on the Surface, a Real Swing Underneath
The index ended almost exactly where it started — but the path there wasn't a straight line
Nifty closed at 24,270.85, up a modest 0.94% for the week — but that flat number hides a real swing. The index opened positively, then fell to a weekly low of 23,785 mid-week on profit booking, before buyers stepped back in. Bank Nifty was the standout, gaining 0.85% to close at 58,177, driven by broad buying across private and PSU banks.
The market dipped, recovered, and ended almost exactly where it started. Banks did better than the broader market.
The index formed a Doji-like candle on the weekly chart — a classic sign of indecision — while holding support above the 100-week EMA. RSI sits at 48, just under the neutral-50 threshold, so momentum is improving but not yet confirmed bullish. FIIs stayed net sellers for the week — provisional NSE cash-market data put it well above ₹5,000 crore net selling — while DIIs more than absorbed it, buying upwards of ₹14,500 crore net over the same stretch — a pattern that's held through all of June, where FIIs sold a cumulative ₹45,130 crore and DIIs bought ₹76,160 crore. Domestic flows are doing the heavy lifting right now.
Healthy Consolidation
A flat week with a mid-week dip isn't a warning sign; this is what normal, healthy consolidation looks like — not a reason to rethink your allocation to Indian equities over a single choppy week.
Watch FII Direction
Watch whether FIIs stay net sellers into next week; a reversal there, combined with Nifty holding above 24,000, would be a cleaner signal than this week's indecisive candle.