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Informist, Monday, Jun. 23, 2025

By Simran Rede

MUMBAI – The benchmark equity indices may remain in a range with a positive bias amid global geopolitical uncertainties and rising crude oil prices, according to analysts. While there are no specific positive triggers at present, the market is absorbing all the negative developments around the globe, analysts said. Further, the fact that foreign investors were net buyers of Indian equities for the past four sessions shows that India's strong fundamentals continue to attract investors despite global uncertainty, they said.

The domestic market is showing strong absorption capacity, while it awaits possible positive triggers to pick up momentum, Pravin Bokade, head of equity research at IDBI Capital Markets & Securities, said. The next positive trigger for the market will likely be the June quarter corporate earnings, which are expected to be better than the March quarter, he said.

On the flip side, rising crude oil prices continue to weigh on the global markets. Goldman Sachs sees a spike in crude oil prices due to the possible disruption in global supply if the Strait of Hormuz is closed, Reuters reported, citing the brokerage. Goldman Sachs estimates that Brent crude could briefly peak at $110 per barrel if oil supply through the important waterway is halved for a month and remains down by 10% for the next 11 months, the report said.

"If crude stays above sharply higher for weeks, then we can see a 3-4% fall in the market," Bokade said. At 1744 IST, the August futures contract of Brent Crude oil traded at $77.53 per barrel, up 0.7% from the previous close.

A lack of direct triggers has resulted in indecisiveness between the bulls and the bears. "Technically, the index (Nifty 50) has formed a Harami Candlestick pattern, indicating potential indecision in the market," Aditya Gaggar, director of Progressive Shares, said in a note. The Nifty 50 is likely to face resistance at 25050-25250 points and will find support at 24850-24800 points. The Nifty 50 ended at 24971.90 points, down 140.50 points or 0.6% Monday, and the Sensex closed at 81896.79 points, down 511.38 points or 0.6%.

Increased capital spending by the US and European banks, particularly in IT infrastructure, is supporting the information technology sector, which will indeed be a positive factor for IT stocks, Bokade said. Generally, banks invest in technology to enhance operational efficiency and customer experience, leading to increased demand for IT products and services.  End

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