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Informist, Wednesday, Jul. 23, 2025

By Gopika Balasubramanium

MUMBAI – Domestic equity indices are likely to open flat on Thursday and the bullish sentiment in the market is likely to continue, analysts said. Investors will await further developments on a trade deal between India and the UK. Focus on corporate earnings for the June quarter is expected to continue, analysts said. Nestle India, Bajaj Finance, and SBI Life Insurance Co. will report their June quarter earnings.

"A trade deal between US and India is something that would enthuse the market, whenever its is finalised," said Nandish Shah, senior derivatives and technical analyst at HDFC Securities. "It is too early to comment on the quantum of rise as the deal can come maybe July-end or later in August, but whenever it is finalised, there will be a sharp upside," he said. For Thursday, he expects the Nifty 50 index to move between 24900 and 25350 points. 

Meanwhile, India is expected to sign a free trade agreement with the UK during Prime Minister Narendra Modi's visit, which started on Wednesday. This is likely to benefit sectors such as automobiles, textiles, footwear, and chemicals. Negotiations for the agreement had started in 2022. 

On Wednesday, the Nifty 50 closed at 25219.90 points, up 159 points or 0.6%. The BSE Sensex closed at 82726.64 points, up 539.83 points or 0.7%. "Nifty is expected to open flat, and a 100-200 points rise can be expected tomorrow (Thursday)," Kshitija Salvi, technical analyst at IDBI Capital Markets & Securities, said. Salvi expects the 50-stock index to find support at 25000 points and resistance at 25500 points. 

Information technology stocks will take cues from the earnings of Infosys, the fourth-largest heavyweight in the Nifty 50. The consolidated net profit and sales of Infosys came in above the Street's expectations. However, its net profit contracted sequentially for the first time in the last four quarters. The net profit for the June quarter fell 2% sequentially while its revenue grew over 3%. Infosys has guided for revenue growth of 1-3% for 2025-26 (Apr-Mar) in constant currency terms, a slight improvement from the 0-3% forecast in April. The stock is expected to trade between INR 1,550-INR 1,615. Market participants had sold Infosys' shares in the last few minutes of trade, and the stock ended 0.2% higher, shedding most of its gains. Investors will also react to earnings of Persistent Systems, Oracle Financial Services Software, and Coforge. 

Dr Reddy's Laboratories reported marginal on-year growth in its consolidated bottom line for the June quarter as its expenses grew at a faster pace than its revenue during the quarter. Both the consolidated net profit and revenue fell short of analysts' estimates. Pharmaceutical stocks are likely to take cues from the results of Dr Reddy's, as it is the first to report earnings among its peers. The stock is expected to move in a range of INR 1,220-INR 1,275. 

Investors will also react to the earnings of Tata Consumer Products. The tea-major's net profit for the quarter missed the Street's view by a hair's breadth but improved significantly on an year-on-year basis. The stock is expected to move in a range of INR 1,040-INR 1,105. The company's shares closed over 2% lower on Thursday's session. Shares of fast-moving companies will likely mirror the movement seen in Tata Consumer's stock, analysts said. 

Edited by Avishek Dutta

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