Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Markets Cool Off After 4-Week Rally

After weeks of surging highs, Indian markets finally took a breather. The Sensex and Nifty slipped 0.7% each as foreign investors sold off in three out of four sessions. Sectors like realty and metals held up well, but autos, IT, and FMCG lagged. Midcaps dipped while smallcaps stayed afloat. Technical resistance at Nifty’s 25,200 level held firm, with support seen at 24,500. Analysts suggest a cautiously bullish stance, with Bank Nifty holding strong and poised for a breakout above 56,000. Traders are advised to focus on banking, metals, and energy, while keeping tight stop-losses amid high volatility.

India Becomes World’s 4th-Largest Economy

India has officially overtaken Japan to become the fourth-largest economy, with a GDP of $4.19 trillion, according to the IMF. “We are now bigger than Japan,” announced NITI Aayog CEO BVR Subrahmanyam. The data shows India is just behind Germany and could climb to third place within three years. The IMF projects India will grow at 6.2% in 2025 and 6.3% in 2026—making it the world’s fastest-growing major economy, powered by rural demand and resilient consumption despite global headwinds

Forex Reserves Slip Amid Gold Dip

India’s foreign exchange reserves fell by $4.9 billion to $685.7 billion, dragged down by a steep $5.1 billion drop in gold reserves. The fall comes weeks after hitting a 7-month high. Gold holdings dropped to $81.2 billion, likely due to easing geopolitical tensions and softer gold prices. Interestingly, foreign currency assets edged up by $280 million, showing relative dollar stability. With the rupee trading at ₹85.17 to the dollar, RBI’s reserve moves signal ongoing efforts to curb volatility and balance market swings.

LIC Smashes Guinness World Record

LIC made global headlines by issuing 588,107 life insurance policies in just 24 hours—earning it a Guinness World Record. The massive feat was achieved on January 20, 2025, with the help of 452,839 agents across India. Dubbed “Mad Million Day,” the initiative was the brainchild of CEO Siddhartha Mohanty, who motivated every agent to close at least one policy that day. LIC called it a reflection of their agents’ dedication and a milestone in customer outreach and productivity.

India’s Trade Talks Shift East After US, EU Deals

With trade agreements with the US and EU nearing conclusion, India is preparing to refocus on partners in Asia-Pacific—namely Japan, Australia, ASEAN, South Korea, Sri Lanka, and Peru. India-ASEAN FTA reviews are ongoing, and an upgrade to the Japan deal is under discussion. Meanwhile, India’s FTA with the UK, finalized in May, has already slashed tariffs on 99% of goods and aims to double bilateral trade to $100 billion by 2030. A US deal is expected before the 8 July tariff deadline, potentially shielding India from retaliatory trade measures. Once done, India will turn to its next wave of strategic trade alignments to strengthen its supply chains and global reach.

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