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Informist, Thursday, Jun. 11, 2026

 

By Arundathi A R

 

MUMBAI – With no end to the ongoing US-Iran war in sight, analysts see domestic equity indices stuck in a range Friday. The indices are unlikely to move significantly on either side until a development is seen on the West Asia war front, analysts said. Crude oil prices will also be watched as they continue lending direction to equity markets amid fresh escalation in the war in West Asia. Market participants will also watch out for India's consumer price index inflation data for May, scheduled to be released on Friday.

 

On Thursday, the Nifty 50 settled 0.2% lower at 23161.60, down 53.35 points. The BSE Sensex also closed 0.2% lower at 73832.55, down 150.63 points. Analysts see the 50-stock index facing resistance at 23300-23500 and finding support at 23000. "Going ahead, the 23100–23000 region remains a key pivot for the market," Rajesh Bhosale, technical analyst at Angel One, said in a note. "A decisive break below this support could trigger further weakness towards the 22700 zone. On the upside, Nifty continues to struggle near the 23500 zone, which coincides with the 20DEMA. Until this hurdle is crossed on a sustained basis, upside moves are likely to remain choppy and prone to profit booking."

 

Brokerage firm Citi has cut its 12-month target for the Nifty 50 index to 26000 points from 27000 points due to greater geopolitical risks, according to various news reports. The brokerage also lowered its target valuation multiple for the index to 18 times the one-year forward earnings from 19 times. This reflects a more cautious earnings outlook, Moneycontrol said in a report.

 

PL Capital, the new branding name of Prabhudas Lilladher, cut the Nifty 50's 12-month target to 26449 points from 27080 points. It also sees rising inflation and El Nio derailing consumer demand momentum from the September quarter. "We remain cautious on IT Services, Consumer, Chemicals, Agri and Oil and Gas," the brokerage said in its report. "Although markets are unlikely to show significant correction to breach recent lows, prolonged geopolitical uncertainty can further add to sharp swings." 

 

"We expect corporate earnings to outpace GDP growth, with Nifty earnings forecasted to grow ~15-16% YoY in FY27(2026-27 (Apr-Mar). This growth is anticipated alongside a nominal GDP growth rate of ~11.0-11.5% YoY in FY27E, which will further enhance the corporate profit-to-GDP ratio in the coming years," Motilal Oswal said in its India strategy report. The brokerage expects the market to remain hostage to volatile developments in the near term, owing to the crisis in West Asia.

 

The Union Cabinet is likely to approve the Biopharma SHAKTI scheme in the next three months, Secretary for the Department of Pharmaceuticals Manoj Joshi said Thursday at the Pharma Summit and Awards 2026. The Union Budget for 2026-27 (Apr-Mar) had proposed an outlay of INR 100 billion over the next five years for Biopharma SHAKTI to position India as a global biopharma manufacturing hub. He also said India has started making changes to its pharmaceutical regulatory regime to keep pace with rapid advances in drug discovery and development.

 

On Wednesday, foreign investors net sold shares worth INR 21.25 billion. The selling came down from INR 45.66 billion on Tuesday. Meanwhile, domestic investors continued buying. They net bought shares worth INR 31.24 billion on Wednesday.

 

The Indian rupee settled at 95.7600 a dollar on Thursday, a one-week low. "After two sessions of gains, the Indian rupee depreciated by 50 paise, pressured by rising Middle East tensions, fresh dollar demand due to forward maturities, and a rebound in the dollar index driven by safe-haven flows," Nandish Shah, deputy vice president at HDFC Securities, said in a note. Jateen Trivedi, commodity and currency research analyst at LKP Securities, expects crude oil movement to remain the key driver for the currency, along with capital flows and global risk sentiment, he said in a note. He sees the rupee's range in the near term at 95.25–95.95.  End

 

US$1 = INR 95.7600

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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