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Informist, Tuesday, Jul. 8, 2025

By Gopika Balasubramanium

MUMBAI – Analysts expect India's headline indices to move in a range Wednesday, a day before the release of June quarter corporate results begins. However, any important update on the India-US bilateral trade agreement could trigger an upside in equities, market analysts said.

Earlier in the day, US President Donald Trump said his administration is "...close to making a deal with India". The country faces a Tuesday midnight deadline, with the closure of at least the initial tranche of the trade deal expected in a few hours, according to media reports. Trump has extended the deadline for imposition of reciprocal tariffs to Aug. 1 and sent out letters stating new tariff rates to 14 countries, including Japan and South Korea.

"Market is not worried on the trade deal, as it has already factored in most of the impact," the head of research at a domestic brokerage said. The deal should be a win-win for both countries, after which there could be an upside in the market, he said. "I do not expect a knee-jerk reaction in the market," the research head said. "Even if there are negative surprises, the downside is limited." After the deal, information technology, pharmaceutical, and automobile stocks may see an upside, he added.

The Nifty 50 closed at 25522.50 points Tuesday, up 61.20 points or 0.2%. Financial services and information technology stocks gained the most, helping the 50-stock index to end in positive territory in the last few minutes of the day's trade. The BSE Sensex closed at 83712.51 points, up 270.01 points or 0.3%.

The Nifty 50 is likely to move in a range Wednesday, Jatin Gedia, technical analyst with Mirae Asset Sharekhan, said. The 50-stock index is likely to find support at 25300 points and face resistance at 25600 points. Jigar Patel of Anand Rathi Share and Stock Brokers expects the Nifty 50 to open flat or marginally higher and sees its support at 25400 points and resistance at 25700 points.

Nuvama Institutional Equities expects the net profit of Nifty 50 companies for the June quarter to rise 5% on year. The brokerage warned that earnings downgrades are likely as recovery in profits remains elusive. On the other hand, Kotak Institutional Equities sees the aggregate bottom-line growth of Nifty 50 companies to be at 4.1% on year for the June quarter, adjusted for one-time items.

Steel stocks may react Wednesday after Nifty 50 constituents Tata Steel and JSW Steel released their provisional production figures for the quarter. JSW Steel said its consolidated crude steel production for Apr-Jun was 7.26 million tonnes, up 14% on year but down 5% sequentially. In the case of Tata Steel, the provisional numbers were largely unchanged on year. The company's crude steel output for the June quarter was 5.26 million tonnes.

Edited by Rajeev Pai

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