Learning @ PlutusAdvisors, SEBI Registered Research Analyst

- IRANIAN HARDSHIP UNDERLYING THE TALKS — a government poll as of June 20 found nearly 60% of Iranians reported being financially unable to continue with their lives, and 70% demanded government change — domestic pressure that may be pushing Tehran's negotiators toward compromise even as hardline elements resist. - ISRAEL: NOT BOUND BY THE DEAL — Israel remains formally outside the MOU; Netanyahu has said Israel will maintain a security zone in southern Lebanon for as long as it deems necessary, directly testing the Lebanon deconfliction cell established Sunday. --- 🌍 WORLD MARKET HEADLINES - India Sensex (June 24 open): 🟢 +0.3% to 76,456 — recouping Tuesday's roughly 1.2% selloff as investors weighed lower crude against growing US rate-hike expectations; Tech Mahindra +3.22%, Bajaj Finance +2.87%, IndusInd Bank +2.63% led gainers. - RBI GOVERNOR ON RATES — Governor Sanjay Malhotra said Wednesday it is "too early" to discuss rate hikes and the central bank would continue monitoring inflation and global developments closely before any decision — a stabilizing signal for Indian markets. - BANKING SECTOR BOOST — RBI's move allowing loans to non-resident Indians against foreign-currency deposits eased funding constraints; ICICI Bank, HDFC Bank, Axis Bank and Kotak Bank all gained up to 2.7% on the news. - - MONSOON CONCERN — India's monsoon rainfall is running roughly 43% below average so far this season, an emerging risk factor for rural demand and inflation that markets are starting to price in alongside the war-related crosscurrents. - Gift Nifty (June 25, early): 🟢 +74.5 pts (+0.31%) POSITIVE — support at 23,750 per local desks, resistance 23,950–24,200; India VIX easing to 13.32, signalling calmer near-term expectations after Tuesday's expiry-driven spike. - Crude WTI 🔻 $72.92 (-3.65%) — extending Wednesday's plunge; WTI settled at $70.34 Wednesday (session low $69.63) — the FIRST close below $70 since March 2, before the war began disrupting flows; PDC $75.68. - Gold 🔻 $3,975 (-2.28%) — falling below $4,000 for the first time in weeks as the war-risk premium continues unwinding and the broader peace dividend dominates safe-haven flows. --- 🇺🇸 US MARKET LATEST - Previous Close (June 23): Nasdaq 🔻 -2.21% | S&P 🔻 -1.44% | Dow 🔻 -0.09% — the KOSPI-triggered global chip rout from Tuesday. - Most recent session (June 24): oil's slide below $70 provided a tailwind even as the rate-hike narrative lingered; Dow and Nasdaq both traded firmer. - Live Futures (June 25): Dow 🟢 +252 (+0.49%) | Nasdaq 🟢 +208 (+0.71%) SHORT TERM NEGATIVE | S&P implied positive — futures pointing higher despite the SHORT TERM NEGATIVE technical flag, as falling energy costs offset lingering chip-sector caution. - 10Y and 30Y both easing sharply (4.402% and 4.853% respectively) — yields falling in sympathy with crude's slide, a reversal of the post-FOMC hawkish spike from last week. - Key going forward: DOJ gas-price investigation headlines; further confirmation of Hormuz traffic normalization; continuing technical talks in Switzerland on the four working groups. --- Gift Nifty indicated positive opening +74.5 points 📌 Disclaimer: 🔗 https://plutusadvisors.com/disclosure-ra.html

🌍 Global Morning Macros Snapshot | Brief Futures Data 🏛️ Dow Futures: 51,846.7 🟢 +252.1 (+0.49%) 💻 Nasdaq Futures: 29,697.9 🟢 +208.3 (+0.71%) SHORT TERM NEGATIVE 🛢️ Crude: 72.92 🔻 -2.76 (-3.65%) 🥇 Gold: 3,975.65 🔻 -92.6 (-2.28%) 💵 DXY: 101.34 🔻 📉 US 10Y: 4.402 🔻 | 📉 US 30Y: 4.853 🔻 🇮🇳 USDINR: 94.655 🟢 🇮🇳 Gift Nifty: 24,125 🟢 +74.5 (+0.31%) POSITIVE 🇮🇳 India VIX: 13.325 🟢 (-0.11%) 🌙 US Markets – Previous Close (June 24) 🟢 Dow: steady | 🟢 Nasdaq: rebounding • Oil prices fell about 4% Wednesday as tankers continued transiting the Strait of Hormuz, with WTI closing at $70.34 — its first close below $70 since March 2 — raising hopes the worst of the Middle East supply disruption is finally over --- 🔥 GEOPOLITICS & WAR — ENERGY SECRETARY: "IRAN CANNOT CLOSE HORMUZ AGAIN"; CRUDE BELOW $70 - US ENERGY SECRETARY: IRAN'S "KEY LEVERAGE" IS GONE — Energy Secretary Chris Wright said Wednesday at a New York conference that US military escorts of commercial ships have permanently ended Iran's ability to close the Strait of Hormuz: "Iran will not have the ability to close the Strait of Hormuz going forward. That's their key leverage and we're taking that leverage away from them." US naval escorts now run through Oman's territorial waters in the southern part of the strait, preventing Iran from interdicting commercial traffic. - TRAFFIC SURGE CONFIRMED — Wright said 72 ships carrying 19 million barrels of oil passed through Hormuz in the prior 24 hours alone; trade intelligence firm Kpler confirmed roughly 4.8 million barrels per day are now exiting the strait since the sea lane reopened last week — even though Iran briefly re-declared the strait "closed" over the weekend, 17 million barrels still moved through during that claimed closure. - WRIGHT'S WARNING — Washington could reimpose its naval blockade if Iran fails to meet US demands: "If we can get no deal with Iran, we will assure that the flow of energy is there, the world is well supplied, and the Iranian administration will be in a world of hurt." He also noted the 60-day oil sanctions waiver is "not a major win" for Tehran since no frozen funds have actually been released to Iran yet. - 11,000+ STRANDED SEAFARERS BEGIN EXIT — the International Maritime Organization said more than 11,000 seafarers stranded in the Persian Gulf will now begin exiting through Hormuz after the IMO secured "the necessary safety guarantees" in cooperation with Iran, Oman, the US and the maritime industry. - TRUMP ORDERS DOJ PROBE INTO GAS PRICES — even as crude crashed toward $70, Trump separately urged a Department of Justice investigation into US fuel prices, accusing oil companies of price gouging consumers who haven't yet seen pump prices fall in line with crude's decline. - BACKGROUND ON THE 60-DAY ROADMAP (from Monday-Tuesday's Switzerland talks): four working groups now operating — Iran Sanctions Termination, Nuclear Affairs, Iran Reconstruction & Economic Development, and Monitoring & Implementation; Iran's UN ambassador in Geneva, Ali Bahreini, said Tuesday talks at the technical level were "very good" and confirmed two of the four groups (sanctions removal, nuclear activities) would stand up within days. - DISPUTE OVER FROZEN ASSETS PERSISTS — Iran's negotiator Ghalibaf said $12bn in frozen assets had been agreed for release; Vance and Trump separately said any unfrozen funds must be spent exclusively on US agricultural goods (corn, wheat, soybeans) for humanitarian relief; Iran's foreign ministry spokesman Esmaeil Baghaei flatly rejected this, saying the funds "will be employed with absolute liberty by Iran" for whatever goods it needs — a clear divergence in how each side is characterizing the same agreement. - ENRICHMENT REMAINS THE CORE UNRESOLVED ISSUE — the US continues pushing for Iran to hand over its enriched uranium stockpile; Iran has consistently refused to do so outright, though it has at times floated the idea of transferring it to a third country instead — this gap has not been bridged in any of this week's sessions.

📊 Participant-wise Derivatives Data 🔹 Index Futures Added + 6,143 Long Added + 6,635 Short Long: Short Ratio – 15:85 🔹 Stock Futures Reduced - 47,817 Long Reduced - 89,232 Short Long: Short Ratio - 54:46 FII in index futures added longs & shorts & Stock futures reduced longs and shorts. 💰 Cash Market Update – 24 June 2026 (Includes Block Deals – Provisional Data) DII Net : + 3,637 Cr FII Net : - 1,843 Cr 🔗 Refer to the disclaimer https://www.plutusadvisors.com/disclosure-ra

at 14.23 (+10.83% on the day) — signalling rising near-term volatility expectations after a calm stretch below 13. - Crude WTI 🔻 $76.03 (-1.83%) — extending its slide on the sanctions-waiver and roadmap progress; PDC $77.45; Brent had settled near $80 Friday before easing further. - Gold 🔻 $4,054 (-1.49%) | US10Y 🟢 4.489% — DXY above 101 and fading safe-haven demand both weighing. --- 🇺🇸 US MARKET LATEST - Previous Close (June 23): Nasdaq 🔻 -2.21% | S&P 500 🔻 -1.44% | Dow 🔻 -0.09% (extremely modest by comparison) | Russell 2000 🔻 -0.96% | VIX 🟢 +12.79% to 19.49 — a global semiconductor rout, triggered by South Korea's KOSPI cratering nearly 10% (worst single-day drop in 3+ months on chip-overheating fears), spread to US trading. - KOSPI BELLWETHERS HAMMERED — Samsung Electronics and SK Hynix each tumbled more than 12% in Seoul, triggering an automatic 20-minute circuit-breaker trading halt and wiping out billions in market value. - US SEMICONDUCTOR CONTAGION — Western Digital -8.4%, Qualcomm -6.9%; Tesla also fell almost 5% in the broader tech selloff. Defensive and software names diverged sharply: Public Storage +4.4%, IBM +4.2%, and Accenture itself rebounded +3.3% to $128.82 (still well below its pre-guidance-cut levels). - ORACLE CUTS 21,000 JOBS — Oracle disclosed in its annual regulatory filing that it cut roughly 21,000 jobs (~13% of staff) over the past year as AI adoption reshapes its workforce, taking headcount from 162,000 to 141,000; shares fell 2.6% premarket Tuesday on the news. - Live Futures (June 24): Dow 🟢 +169 (+0.33%) | Nasdaq 🔻 -200 (-0.68%) SHORT TERM NEGATIVE | S&P flat — futures stabilizing somewhat after Tuesday's chip-led rout, but Nasdaq remains under pressure. - Key this week: continued Switzerland nuclear/sanctions working-group talks; BofA rate-hike commentary continuing to weigh on tech valuations; any further KOSPI/Asian chip-sector stabilization signal. --- Gift Nifty indicated negative opening -14.5 points 📌 Disclaimer: 🔗 https://plutusadvisors.com/disclosure-ra.html

🌍 Global Morning Macros Snapshot | Brief Futures Data 🏛️ Dow Futures: 51,632.8 🟢 +169.4 (+0.33%) 💻 Nasdaq Futures: 29,371 🔻 -200.8 (-0.68%) SHORT TERM NEGATIVE 🛢️ Crude: 76.03 🔻 -1.42 (-1.83%) 🥇 Gold: 4,054.735 🔻 -61.445 (-1.49%) 💵 DXY: 101.265 🟢 📈 US 10Y: 4.489 🟢 | 🔻 US 30Y: 4.935 🇮🇳 USDINR: 94.73 🔻 🇮🇳 Gift Nifty: 23,802.5 🔻 -14.5 (-0.06%) NEGATIVE 🇮🇳 India VIX: 14.2275 🟢 +0.34% 🌙 US Markets – Previous Close (June 23) 🔻 Dow: -0.09% | 🔻 Nasdaq: -2.21% • Nasdaq plunged 2.21% and S&P fell 1.44% as South Korea's KOSPI cratered nearly 10% overnight on chip-sector overheating fears, triggering a global semiconductor rout; Dow held nearly flat as defensives (IBM, Accenture, Public Storage) outperformed --- 🔥 GEOPOLITICS & WAR — TECHNICAL TALKS CONCLUDE; $12BN ASSETS RELEASED; FOUR WORKING GROUPS FORMED - TECHNICAL TALKS CONCLUDE SUCCESSFULLY — Iran's state media reported Tuesday that the latest round of technical talks with the US in Switzerland concluded successfully, with negotiators agreeing to establish FOUR working groups: Iran Sanctions Termination, Nuclear Affairs, Iran Reconstruction and Economic Development, and Monitoring and Implementation — confirmed by Iran's Deputy Foreign Minister Kazem Gharibabadi via state news agency IRNA. - $12 BILLION IN FROZEN ASSETS RELEASED — Iran's top negotiator Mohammad Ghalibaf said an agreement was reached with the US to release $12bn of Iran's frozen assets, on top of the oil sanctions waiver already announced. - OIL SANCTIONS FULLY WAIVED THROUGH AUGUST 21 — the US Treasury confirmed it is waiving all existing sanctions on "the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin" through August 21, 2026 — and the waiver also lets the US itself import Iranian-origin crude and petrochemical products for domestic use, a striking reversal of the "maximum pressure" campaign Trump launched after exiting the 2015 nuclear deal. - VANCE: "VERY, VERY GOOD" FIRST DAY — Vance said Iran would allow IAEA nuclear inspectors to return, calling it a "major milestone," and described the first day of formal post-MOU talks as a "very, very good" session; he separately called the prior 24 hours "probably the most peaceful that we've seen" in Lebanon since the war began. - IRAN'S FOREIGN MINISTRY PUSHES BACK ON TIMELINE — despite the inspector commitment, Iran's foreign ministry cautioned that real negotiations on the "nuclear issue" haven't actually started yet — a reminder that headline progress and substantive nuclear talks remain two different things. - HORMUZ "LINE OF COMMUNICATION" FORMALIZED — mediators Qatar and Pakistan confirmed both sides agreed to a dedicated communication channel "to avoid incidents and miscommunication" and ensure safe passage of commercial vessels through the Strait for the 60-day free-transit window; this directly follows Iran's Saturday claim that it had re-closed Hormuz, which the US disputed. - QALIBAF INSISTS IRAN WILL MANAGE HORMUZ — Iran's lead negotiator and parliament speaker Mohammad Bagher Qalibaf said on his flight home that the Strait "will be managed by Iran" and would follow international law, adding: "Hopefully we can activate the strait again, in terms of passage, and bring prosperity back to regional and global economy." - LEBANON DECONFLICTION CELL — "FIRST REAL TEST" — Araghchi reiterated the Lebanon mechanism, created Sunday between the US, Iran and Lebanon (via Qatar/Pakistan), remains the true test of whether the wider agreement survives, given continuing Israel-Hezbollah strikes in the south even as the Swiss talks progressed; Netanyahu has said Israel will hold a "security zone" in southern Lebanon for as long as it deems necessary. - TALKS CONTINUE REST OF WEEK — both Sunday's high-level political talks and Monday-Tuesday's technical talks are part of the same 60-day roadmap process; further sessions are expected to continue through the week in Switzerland. --- 🌍 WORLD MARKET HEADLINES - INDIA VIX SURGED — jumped over 8% intraday Tuesday before settling

📊 Participant-wise Derivatives Data 🔹 Index Futures Added + 950 Long Added + 6,727 Short Long: Short Ratio – 13:87 🔹 Stock Futures Added + 20,433 Long Added + 36,564 Short Long: Short Ratio - 54:46 FII in index futures added longs & shorts & Stock futures added longs and shorts. 💰 Cash Market Update – 23 June 2026 (Includes Block Deals – Provisional Data) DII Net : + 680 Cr FII Net : + 18 Cr 🔗 Refer to the disclaimer https://www.plutusadvisors.com/disclosure-ra

- DOT PLOT KEY — March dot plot showed 2 cuts in 2026; now CPI at 4.2%, NFP +172K — dot plot likely to show 0–1 cut in 2026; market watching 2027 median for Fed's desired path. - Warsh inherits hawkish committee — EY-Parthenon chief economist: "While Warsh is generally seen as dovish, he will inherit a Committee that has become noticeably more hawkish"; JPMorgan forecasts rate hike 25bps in Q3 2027 if inflation doesn't cooperate. --- Gift Nifty indicated flat opening +14.5 points 📌 Disclaimer: 🔗 https://plutusadvisors.com/disclosure-ra.html

🌍 Global Morning Macros Snapshot | Brief Futures Data 🏛️ Dow Futures: 52,089.3 🟢 +363.4 (+0.70%) 💻 Nasdaq Futures: 30,109.8 🔻 -452.9 (-1.48%) 🛢️ Crude: 78.97 🔻 -2.61 (-3.20%) 🥇 Gold: 4,342.185 🔻 -5.61 (-0.13%) 💵 DXY: 99.285 🔻 📉 US 10Y: 4.434 🔻 | 📉 US 30Y: 4.937 🔻 🇮🇳 USDINR: 94.605 🔻 🇮🇳 Gift Nifty: 24,011.5 🟢 +14.5 (+0.06%) POSITIVE 🌙 US Markets – Previous Close (June 16) 📈 Dow: +0.70% record | 🔻 Nasdaq: -1.48% • Dow hit fresh record as airlines, cruise lines, transports surged on crude falling below $80 for first time since pre-war; Nasdaq pulled back on profit-taking in semis after 3.07% Monday surge; FOMC decision today — rate hold 97% priced, all focus on Warsh's first press conference --- 🔥 GEOPOLITICS & WAR — FORMAL SIGNING FRIDAY GENEVA - MOU DIGITALLY SIGNED — Trump and Vance both signed the MOU digitally at G7 Evian; formal signing ceremony June 19 in Geneva, Switzerland; Pakistan's PM Shehbaz Sharif will host and witness; Vance confirmed to attend; Trump said "it depends" if he will attend personally. - 60-DAY MOU FRAMEWORK — immediate and permanent cessation of military operations on all fronts including Lebanon; Hormuz to open toll-free immediately; mines to be cleared within 30 days; US blockade lifted; Iran gets sanctions waivers to sell oil freely; $24 billion frozen funds released; Iran commits to no nuclear weapon; 15–20 year enrichment moratorium to be negotiated in 60-day follow-on talks. - FULL TEXT AFTER FRIDAY — Trump said MOU text would be released "probably pretty soon, sometime after Friday"; UN Secretary-General Guterres called it "a critical step" and urged parties to "redouble their efforts towards a final resolution." - HORMUZ AMBIGUITY — ambiguity persists regarding fees for passage through the Strait; Iran yet to formally confirm no-toll policy; mines still in strait; G7 Britain and France offered to assist with demining once conflict formally ends. - ISRAEL NOT PARTY — National Security Minister Ben-Gvir said deal "does not bind us"; Israel retains full freedom of action; Lebanon ceasefire included in MOU but Netanyahu separately confirmed military ops may continue. - CRUDE BELOW $79 — first time WTI below $80 since before the war began in February; Brent ~$83; mine-clearing timeline of 30 days = full Hormuz normalization by mid-July; WTI target $70–75 on completion. - FOMC TODAY — rate hold 97% priced; CME FedWatch: 98.4% probability hold at 3.50–3.75%; 42.7% chance rates stay through December; JPMorgan: FOMC should remove easing bias from statement. --- 🌍 WORLD MARKET HEADLINES - USDINR: 94.605 🔻 — recovering strongly; was 96.81 record low on May 20; crude below $79 = India monthly oil import bill falls ~$4B vs peak; rupee target 93–94 on Hormuz full reopening. - Gift Nifty (June 17, early): 🟢 +14.5 pts (+0.06%) POSITIVE — flat; FOMC decision day crude below $80 supportive. - Crude WTI 🔻 $78.97 (-3.20%) — below $79 for first time since pre-war; PDC $81.58; Brent ~$83; Geneva ceremony Friday = next catalyst. - Gold 🔻 $4,342 (-0.13%) — flat; Dow record and crude crash absorbing safe-haven flows. --- 🇺🇸 US MARKET LATEST - Previous Close (June 16): Nasdaq pulled back -1.48% after Monday's +3.07% surge; Dow 🟢 hit fresh record — airlines, cruise lines, transports surged on crude below $80; S&P modestly lower; Russell +0.79%; energy stocks declined on crude crash. - Live Futures (June 17 — FOMC day): Dow 🟢 +363 (+0.70%) | Nasdaq 🔻 -452 (-1.48%) | S&P 🔻 -20 (-0.28%) — split: Dow record momentum vs Nasdaq profit-taking. - FOMC DECISION TODAY (11:30 PM IST) — rate hold at 3.50–3.75% virtually certain (97%); three things that matter: (1) dot plot — will it push first cut to 2027 or leave September window open; (2) Warsh's debut press conference tone — hawkish inherited committee vs dovish instincts; (3) removal of easing bias from statement language.

📊 Participant-wise Derivatives Data 🔹 Index Futures Added + 190 Long Reduced - 3,449 Short Long: Short Ratio – 13:87 🔹 Stock Futures Reduced - 249 Long Added + 22,484 Short Long: Short Ratio - 54:46 FII in index futures added longs & reduced shorts & Stock futures reduced longs and added shorts. 💰 Cash Market Update – 22 June 2026 (Includes Block Deals – Provisional Data) DII Net : + 1,036 Cr FII Net : - 636 Cr 🔗 Refer to the disclaimer https://www.plutusadvisors.com/disclosure-ra