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Informist, Thursday, Apr. 23, 2026

 

By Arundathi A R

 

MUMBAI – Benchmark indices are likely to remain under downward pressure on Friday as crude oil prices stay above $100 per barrel, analysts said. Developments in US-Iran peace talks will lend cues to the market, they said. Infosys will be in focus as the information technology major announces its March quarter results. Market participants will also track the earnings of Reliance Industries and Shriram Finance, due Friday.

 

Weak guidance from some IT service companies, supply disruptions, expectations of a weak monsoon and higher energy prices will remain an overhang for the Indian economy, Sumit Pokharna, vice president of research at Kotak Securities, said. 

 

Thursday, the Nifty 50 ended at 24173.05 points, down 205.05 points or 0.8%. The BSE Sensex ended at 77664.00 points, down 852.49 points or 1.1%. Analysts expect the Nifty 50 to face resistance at 24400 and find support at 24000-23900 levels. Analysts expect IT stocks and select commodity stocks to weigh on the Nifty 50.

 

"An improvement in earnings visibility, meaningful policy decision-making, and settling down of geopolitical issues may bring the foreign institutional investors to the domestic equity market," Pokharna said. "Foreign investors continued their selling spree and offloaded shares worth INR 20.78 billion Wednesday. Domestic investors were also net sellers on Wednesday, selling shares worth INR 10.48 billion.

 

"While the domestic composite PMI signalled continued expansion in business activity, its positive impact was overshadowed by concerns around rising input costs, margin pressure, softer export demand, and weakening forward-looking confidence, limiting meaningful buying interest," Vinod Nair, head of research at Geojit Investments, said in a note. India's composite Purchasing Managers' Index rose to 58.3 in April from 57.0 in March, according to HSBC flash PMI. Private-sector activity accelerated in April due to capacity expansion, improved demand conditions, a rise in new orders, and investment in technology development, according to flash PMI.

 

Infosys reported a consolidated net profit of INR 85.01 billion for the March quarter, up 28% on quarter. This was well above the Street's expectation of INR 75.56 billion. The company posted a 2% sequential rise in revenue to INR 464.02 billion, almost in line with Street estimates.
 

Reliance Industries is expected to report a 2% on-year decline in consolidated net profit to around INR 191 billion for the March quarter. The oil-to-telecom-to-retail conglomerate's earnings are likely to be weighed down by recent global developments affecting markets and the company's operations.

 

Shriram Finance's bottom line for the quarter ended March is expected to rise sharply on year on the back of healthy growth in net interest income and assets under management. The company is expected to post a 28% on year rise in its net profit to INR 27.43 billion for the quarter. End

 

Edited by Saji George Titus

 

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