Interim deal live — US tariffs on Indian goods cut to ~18% (from a 50% peak); reciprocal tariffs struck down by the US Supreme Court in March. The first-phase BTA is stuck at the “last 1%” of legal text — still unsigned — after the interim arrangement lapsed 24 July. Pivotal for IT, pharma, textiles.

July delivered a 1% surplus, pulling the all-India season deficit down to ~13–14% from a 35% June shortfall — kharif prospects improving. IMD's August outlook is mixed as a strengthening El Niño risks below-normal rain into September.

“Mother of all deals” — auto, dairy, IP at the center. Potential medium-term tailwind for export-led manufacturing.

Brent surged past $100 to ~$108/bbl in mid-September as escalating US–Iran and wider Middle-East tension threatened supply routes through the Strait of Hormuz and the Red Sea. Still volatile — India's biggest CAD and inflation swing factor.

FPIs bought ₹20,200 cr in July (NSDL) — their first net-buying month in four, led by large-caps and an IT comeback. The rupee held around ~₹95.2/$, off a late-July record low near ₹96.9, though firmer crude is capping the recovery.

India–Pakistan stand-off aftermath driving defense capex. Listed defense PSUs in focus.