随着市场继续评估最新的企业盈利结果以及印度和美国之间的贸易前景，印度股市从上午的小幅上涨中抹去，周二收平。标准普尔BSE Sensex指数微幅跌破82187的平线，NSE Nifty 50指数下跌0.1%，至25061点。信实工业下跌1.1%，延续了上一交易日3.2%的跌幅，因为投资者继续评估该集团的指导方针，并对零售和石油化工板块的相对表现不佳进行了更多审查。与此同时，汽车生产商也下跌，塔塔汽车和巴贾吉汽车各下跌近2%。此外，印孚瑟斯在明天的收益公布前持平。另一方面，Zomato母公司Eternal在报告利润率提高后飙升10.3%。在宏观方面，印度代表团指出，在8月之前不太可能与美国达成临时贸易协议，这可能会对印度商品征收关税，因此贸易希望仍然渺茫。

Indian stocks erased slight gains from the morning to close flat on Tuesday as markets continued to assess the latest corporate earnings results and the outlook of trade between India and the US. The S&P BSE Sensex inched marginally below the flatline at 82,187 and the NSE Nifty 50 eased 0.1% to 25,061. Reliance Industries fell 1.1% to extend the 3.2% slump from the previous session as investors continued to assess the conglomerate's guidance, with added scrutiny on the relative underperformance of the retail and oil-to-chemicals segments. In the meantime, auto producers also fell with Tata Motors and Bajaj Auto each dropping close to 2%. Also, Infosys was flat ahead of their earnings tomorrow. On the other hand, Zomato parent Eternal surged 10.3% after reporting improved margins. On the macro front, trade hopes remained dim after the Indian delegation noted that it is unlikely that an interim trade deal with the US will be reached before August, risking tariffs on Indian goods.

7月下旬，印度10年期G-Sec的收益率保持在6.3%的门槛，距离2021年以来的最低水平不远，因为印度储备银行的前景温和，印度审慎的财政政策降低了信贷风险。最新的价格数据显示，6月份整体通胀率降至2.1%的六年低点，远低于2.5%的市场预期，接近印度储备银行2%的通胀容忍区间下限。反过来，印度官员表示，不太可能在8月前与美国达成贸易协议，这增加了国内出口的下行风险，因为美国对金砖国家成员和再出口俄罗斯商品的国家构成威胁。较低的通胀和对增长的担忧都促成了印度储备银行的鸽派前景，印度储备银行今年可能会延长其削减周期。与此同时，新的数据显示，由于政府收入的激增超过了支出的增加，印度本财政年度的预算赤字比5月份的上个月有所缩小。

The yield on the Indian 10-year G-Sec held at the 6.3% threshold in latter July, not far from the lowest level since 2021 amid the dovish outlook for the RBI and lower credit risk from India's prudent fiscal policy. The latest price data showed that headline inflation fell to a six-year low of 2.1% in June, well below market expectations of 2.5% and approaching the lower end of the RBI's inflation tolerance band of 2%. In turn, Indian officials signaled that it is unlikely that a trade deal with the US will be reached by August, increasing downside risks to domestic exports amid US threats on BRICS members and countries that re-export Russian goods. Lower inflation and growth concerns both contributed to the dovish outlook for the RBI, which is likely to extend its cutting cycle this year. In the meantime, new data showed that India's budget deficit for the current financial year narrowed from the previous month in May, as a surge in government revenues outpaced higher outlays.

7月份，印度卢比兑美元汇率跌破86.35，为一个月来的最低水平，原因是美元停止下跌，交易员认为印度储备银行态度温和，与美国的贸易前景悲观。印度贸易代表团指出，在8月1日的最后期限之前，与美国达成临时协议似乎很困难，这可能会导致未来几周对印度征收高额关税，并减少对印度企业集团的出口需求。美国总统特朗普对金砖国家成员国和再出口俄罗斯能源产品的国家的关税威胁加剧了这一点，危及了外国资本的流入。在货币政策方面，消费者通胀率降至2.1%的六年低点，远低于市场预期，以测试印度储备银行2%通胀容忍区间的下限。因此，市场预计印度储备银行今年将继续降低其基准政策利率。

The Indian rupee weakened past 86.35 per USD in July, the lowest in one month, as the dollar halted its slide and traders considered a dovish RBI and the pessimistic trade outlook with the US. India's trade delegation noted that an interim deal with the US looks difficult before the August 1st deadline, likely resulting in aggressive tariffs on India in the coming weeks, and reducing export demand for Indian conglomerates. This was magnified by US President Trump's tariff threats on BRICS members and countries re-exporting Russian energy goods, jeopardizing foreign capital inflows. On the monetary policy front, consumer inflation feel to a a six-year low of 2.1%, well below market expectations, to test the lower bound of the RBI's inflation tolerance band of 2%. Consequently, markets expect the RBI to continue reducing its benchmark policy rate this year.

印度降息押注的复苏重振了外国投资者对债券的兴趣。外国对印度政府债券的兴趣又回来了，上个月流入量稳步增加，因为投资者对印度储备银行最早将于8月降息抱有新的预期。

Resurgence of India rate-cut wagers revives foreign investor interest in bonds.Foreign appetite for Indian government bonds is back, with inflows picking up steadily over the last month, as investors gauge fresh expectations of a rate cut by the Reserve Bank of India as early as August.