Mumbai, July 3 -- The macro backdrop for the week gone by was broadly constructive, though geopolitical undertone continued to linger.

At the start of the week, the brent crude declined towards $70 per barrel, extending losses for a third straight session to pre-war levels, as Hormuz supply expanded rapidly. Exports from the UAE recovered to over 3.9 million barrels per day levels and the total strait flows have exceeded 10 million barrels per day-mark.

However, the tit-for-tat US-Iranian strikes over last weekend briefly reignited supply concerns and pushed the brent slightly higher, a reminder that the ceasefire remains fragile.

On the domestic front, India's GST collections rose 13.9% year-on-year to Rs 1,94,812 crore in June, the f...