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Informist, Thursday, Jul. 17, 2025

By Gopika Balasubramanium

MUMBAI – Analayts expect India's headline indices to consolidate for one more session on Friday as the market participants await June quarter earnings of heavyweights over the weekend. These indices have consolidated for the fifth straight session. Analysts also noted that there are no fresh triggers for the market to react except for corporate earnings. However, any new development with respect to Indo-US trade negotiations will be a key event to monitor, they said.    

"Nifty 50 is seen consolidating between 25000-25300 points points on Friday," said Jatin Gedia, a technical analyst. Earnings of index heavyweights such as Reliance Industries, HDFC Bank, and ICICI Bank, due this weekend, will determine the market direction, Gedia said. He also said this was one of the reasons why the markets have consolidated since the June quarter earnings began. 

On Friday, the Nifty 50 closed at 25111.45 points, down 100.60 points or 0.4%. The index moved in a range 25000-25300 points and analysts said it was crucial for the index to hold 25000 points. It is most likely that the 50-stock will break 25000 points in the near term, a technical analyst at a mid-sized brokerage firm said. The analyst also said that the index was facing strong resistance at 25300 points and there are no positive triggers for it to break it. The BSE Sensex closed 82259.24 points, down 375.24 points or 0.5%. 

Investors will focus on the stocks of companies that declared their June quarter earnings post market hours Thursday. While Wipro reported a better-than-expected net profit for the latest quarter, Axis Bank missed the consensus estimate for the net profit.  

Wipro reported a consoldiated net profit of INR 33.30 billion, slightly higher than the INR 32.62 billion. Its large deal wins for Apr-Jun amounted to $4.97 billion, up 50.7% on year in constant currency terms. Gedia of Mirae Asset Sharekhan expects the stock to find support at INR 250-INR 245 and face resistance at INR 272-275. Thursday, the stock closed at INR 260.60, down 0.8%.

Meanwhile, Axis Bank's net profit of INR 58.06 billion fell short of expectations of INR 63.68 billion. The bank's gross non-performing assests ratio expanded to 1.57% from 1.28% and its net NPA ratio expanded by 12 basis points sequentially to 0.45%. The stock is expected to move between INR 1,140 and INR 1,190.   

RIL and JSW Steel will declare their June quarter earnings on Friday. RIL is expected to find support at INR 1,440 and face resistance at INR 1,500. JSW Steel will move in a range of INR 1,004 and INR 1,130. Others such as Bandhan Bank, Hindustan Zinc, L&T Finance, Atul Ltd., Indiamart Intermesh, and Indian Overseas Bank will also declare their June quarter results Friday.  End
  

US$1 = INR 86.08

Edited by Akul Nishant Akhoury

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