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Informist, Wednesday, Apr. 8, 2026

 

By Arya S. Biju

 

MUMBAI – The benchmark equity indices are expected to rise further Thursday after the sharp rally Wednesday when the market cheered the two-week ceasefire between the US and Iran. However, the upside is likely to be limited as there is uncertainty about the durability of the truce and reopening of key supply routes. Market participants will now focus on the March quarter earnings, to be kicked off Thursday by information technology giant Tata Consultancy Services. 

 

"Although the Q4 results outlook remains muted, investors are focusing on reasonable valuations and a stable mediumterm earnings trajectory, suggesting that the rally still has room to continue in the near term," Vinod Nair, head of research at Geojit Investments, said in a note. Further, with the rupee gaining some stability following the Reserve Bank of India's measures to curb volatility in the currency, some analysts expect a fall in foreign fund outflows from the domestic market. However, the war has to end and the economy has to stabilise for foreign portfolio investors to return in a big way to domestic equities, analysts said.

 

Though the two-week ceasefire between the US and Iran lifted risk appetite globally, driving the bulls to charge again Wednesday, uncertainty persists about whether the ceasefire will hold and lead to the end of the war. It's "very early to say whether the war will end", Vikas Gupta, chief executive officer and chief investment strategist at OmniScience Capital, said. "There could be a lot of changes in stance from either side... during the two weeks itself and even after two weeks." Going forward, Gupta does not expect a significant rally in the market unless there is confirmation that the war has ended.

 

Adding to the worries, US Vice-President J.D. Vance characterised the truce as "fragile", suggesting potential future escalation of the conflict. Persian Gulf states Bahrain, United Arab Emirates, and Kuwait also reported fresh Iranian attacks early Wednesday after blasts were reported at oil sites in Iran, NBS News reported. 

 

Wednesday, the Nifty 50 settled at 23997.35, up 873.70 points or 3.8%, the sharpest single-day rise in almost a year. Technical analysts expect the index to find support at 23800-23500 points and face resistance at 24250-24500 points Thursday.

 

Tata Consultancy Services will announce its March quarter earnings Thursday. The IT major is expected to report a near 2% sequential decline in adjusted bottom line for the quarter, despite a moderate rise in its top line, because of foreign exchange losses, planned investments, and ramp-up costs tied to large deals, according to analysts. The company's consolidated net profit for the quarter is, however, expected to rise around 12% on year to INR 137.90 billion, according to an average of estimates from 16 brokerages. Its consolidated top line for the quarter is expected to rise 4% on quarter and over 8% on year to INR 698.40 billion.  End

 

US$1 = INR 92.5800

 

Edited by Rajeev Pai

 

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