卢比衡量新一轮关税威胁，美联储前景谨慎。印度卢比周四开盘可能几乎没有变化，因为交易员评估了美国新的关税威胁，以及美联储在其最新政策会议纪要强调通胀上行风险后的谨慎利率前景。

Rupee to gauge fresh round of tariff threats, cautious Fed outlook.The Indian rupee is likely to open little changed on Thursday as traders assess fresh U.S. tariff threats and a cautious rate outlook from the Federal Reserve after its latest policy meeting minutes highlighted upside risks to inflation.

印度股市在周三早盘交易中上涨295点，涨幅0.4%，至76263点，前一交易日持平，除科技和制药外，几乎所有行业都在绿色交易。金属、银行和房地产是推动该指数上涨的主要因素，而在特朗普对半导体和药品征收关税计划之后，科技行业和制药行业分别下跌了0.3%和0.6%。BSE Sensex指数试图上涨，追随华尔街标准普尔指数隔夜的反弹，小盘股和中盘股分别上涨2.3%和1.2%。然而，对企业盈利疲软、持续的外资外流和全球贸易不确定性的持续担忧限制了涨幅。在美联储1月份会议纪要公布之前，交易员也持谨慎态度。Nifty 50指数上涨0.4%，至23000点以上，其中塔塔钢铁公司（1.7%）、安讯士银行（1.4%）、Larsen&Toubro（1.2%）、IndusInd银行（1.2%）和Kotak Mahindra银行（1.2%。

The stock market in India advanced 295 points, or 0.4%, to 76,263 in early deals on Wednesday, after being flat in the previous session, with almost all sectors trading in the green except tech and pharmaceuticals. Metals, banking, and realty primarily drove the index, while tech sectors and pharmaceuticals fell by 0.3% and 0.6%, respectively, following Trump's tariff plans on semiconductors and pharmaceuticals. The BSE Sensex attempted to rise, tracking a rally in Wall Street's S&P overnight, with small-cap and mid-cap stocks gaining 2.3% and 1.2%, respectively. However, ongoing concerns about weak corporate earnings, continuous foreign outflows, and global trade uncertainties capped the gains. Traders were also cautious ahead of the Federal Reserve's January meeting minutes. The Nifty 50 rose 0.4% to above 23,000, with notable gains from Tata Steel (1.7%), Axis Bank (1.4%), Larsen & Toubro (1.2%), IndusInd Bank (1.2%), and Kotak Mahindra Bank (1.2%).

10年期印度G-Sec的收益率为6.75%，高于2月6日因流动性规则推迟而触及的三年低点6.7%。该措施是在印度储备银行四年多来首次降息的同时实施的，改变了低增长和高价格之间的风险平衡。此前，印度储备银行进行了一系列现金注入和长期债券购买，以解决因货币紧缩和印度储备银行为捍卫卢比而耗尽外汇储备所导致的流动性紧张问题。尽管如此，由于央行推迟了新的流动性规定，收益率出现反弹，这些规定将减缓银行的信贷增长，并迫使银行购买高达4万亿印度卢比的G-Sec。这些措施将于2026年3月实施，而不是今年4月。

The yield on the 10-year Indian G-Sec was at 6.75%, holding above the three-year low of 6.7% touched on February 6th following the delay of liquidity rules that forced the purchase of government bonds. The measure was delivered in tandem with the RBI’s first rate cut in over four years, shifting the balance of risk between lower growth and higher prices. This is after the RBI delivered a series of cash injections and longer-dated bond purchases to address tight liquidity conditions stemmed by tight monetary conditions and the RBI’s drainage of foreign exchange reserves to defend the rupee. Still, yields rebounded as the central bank delayed new liquidity regulations that would slow banks’ credit growth and force banks to buy as much as INR 4 trillion of G-Secs. Such measures will be implemented in March of 2026 instead of April this year.

周二，Sensex指数在盘中波动，收于75967.4点，几乎持平，因为IT和能源板块的涨幅被快速消费品和汽车股的跌幅所抵消。与此同时，市场情绪继续受到对第三季度盈利业绩疲软、持续的外国资金外流和全球不确定性的担忧的主导。由于更多细节尚未公布，美国总统唐纳德·特朗普从4月开始对印度出口征收互惠关税的计划引起了印度的严重关切，因为包括化学品、金属制品、珠宝、汽车、药品和食品在内的几个行业尤其脆弱。与此同时，投资者等待着1月份联邦公开市场委员会（FOMC）会议纪要的公布以及美联储官员本周的讲话。

The Sensex fluctuated during the session to close almost muted at 75,967.4 on Tuesday, as gains in IT and energy sectors were offset by losses in FMCG and auto stocks. Meanwhile, market sentiment continued to be dominated by concerns over weak Q3 earnings results, ongoing foreign fund outflows and global uncertainties. With more details still pending, US President Donald Trump's plan to impose reciprocal tariffs on Indian exports from April has raised serious concerns in India, as several sectors are particularly vulnerable, including chemicals, metal products, jewellery, automobiles, pharmaceuticals, and food products. Meanwhile, investors awaited the release of the minutes from the January Federal Open Market Committee (FOMC) meeting and speeches from Fed officials throughout the week.