India and the United States are nearing the finalization of their first bilateral trade agreement tranche, with most key details settled. A high-level US delegation is in New Delhi for crucial negotiations, aiming to conclude an interim pact. Both nations are confident of signing the agreement soon, building on a framework established in February.
Amidst Middle East chaos impacting the Strait of Hormuz, India’s new free trade agreement with Oman, effective June 1, offers a strategic alternative. Oman’s location outside the Strait provides a reliable gateway for trade and energy, as evidenced by recent import surges from the nation.
Indian IT stocks surged Monday, with major players like Infosys and TCS gaining up to 5%. This rebound follows months of AI-driven pessimism, as investors reassess sector valuations ahead of a key US Federal Reserve meeting. Technical indicators suggest a potential short-term recovery, though analysts caution it might be a retracement within a broader trend.
The U.S. is drawing heavily from its Strategic Petroleum Reserve, releasing approximately 50 million barrels since the conflict with Iran began. These withdrawals are pushing emergency oil stockpiles to multi-decade lows, with significant amounts being exported. Analysts warn this depletion necessitates future replacements, potentially leading to higher prices globally.
The HSBC India Manufacturing PMI is a widely tracked indicator that assesses overall manufacturing performance based on factors such as new orders, production levels, employment trends, supplier delivery times and inventory holdings.
Russia has banned aviation fuel exports until November 30 to ensure domestic supply stability amid falling refinery output. This move follows Ukrainian attacks on energy facilities, which have reduced Russia’s fuel processing capacity. The restriction aims to prevent shortages and maintain domestic market equilibrium.
The ongoing geopolitical turmoil has affected supplies from several key oil-producing regions that traditionally cater to India, requiring refiners to process crude varieties that were not part of their usual feedstock mix.
India’s Goods and Services Tax collections in May surpassed Rs 1.94 lakh crore, marking a 3.2% year-on-year increase. While domestic revenue saw a slight dip, robust growth in import-linked taxes fueled the overall rise. Several states reported healthy SGST collection increases, though Delhi experienced a significant decline.
Stock market recommendations: Nuvama Wealth Management Ltd, and R R Kabel Ltd have been picked as the top stocks to buy in the June 1-June 5, 2026 week by Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities:
Gold price prediction today: Momentum in gold prices remains weak, and markets will track the US-Iran developments for cues, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.
