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Informist, Monday, Jul. 6, 2026

 

By Arundathi A R

 

MUMBAI – The domestic equity market is likely to hold gains for a fifth straight session on Tuesday, with no negative triggers to alter its current course. As concerns over the war in West Asia ease their grip on the equity market and crude oil prices remain around $72 a barrel, positive momentum is likely to persist in the near term, analysts say. Market participants will now assess market direction mainly on the basis of the June-quarter corporate earnings.

 

"We can't expect a big swing in (Apr-Jun) earnings, with all the things that have already happened this quarter on the war front," Rohit Srivastava, founder of Strike Money and Indiacharts, said. "So, that impact will be seen, but the market is going to look at what happens ahead," he said.

 

Motilal Oswal Financial Services expects the cumulative net profit of the Nifty 50 constituents to rise 10% on year in the June quarter, according to a strategy report by the brokerage. It expects the cumulative sales of Nifty 50 companies to rise 16% on-year in Apr-Jun. Srivastava agrees with Motilal's estimates on net profit and sales of the Nifty 50 companies in the June quarter.

 

He sees the Nifty 50 touching 25000 points by next week. On Monday, the Nifty 50 closed at 24430.35, up 159.50 points or 0.7%. The BSE Sensex settled at 78285.07, up 521.16 points or 0.7% from its previous close. "In the short term, the Nifty is likely to extend its gains towards the next crucial resistance at 24,800. On the downside, immediate support is placed at 24,300," Rupak De, senior technical analyst at LKP Securities, said in a note.

 

Emkay Global Financial Services said it expects 2026-27 (Apr-Mar) to be a recovery year, with banking, financial services, and insurance sector earnings per share rebounding to about 15?ter two years of single-digit earnings growth, the brokerage said in a strategy report. However, the brokerage is underweight on financials and cut its exposure from 29% to 25%, with no exposure to large-cap and PSU banks, according to the report.

 

The Nifty Bank ended 0.6% higher on Monday at 58291.50 points. "Going forward, the 58700–58800 zone is likely to act as a key resistance area, as the previous swing high is placed in this region," Sudeep Shah, technical and derivatives research head at SBI Securities, said in a note. "A decisive and sustained breakout above 58800 could pave the way for a sharp upward move towards 59400, followed by the psychologically important 60000 mark in the near term."

 

A major focus is expected to be on the June-quarter corporate earnings, as information technology companies will kick-start their earnings reporting this week. IT giant Tata Consultancy Services will announce its earnings on Thursday.

 

Nirmal Bang Institutional Research expects revenue growth pressure across the board with Tier-I players likely to report (-)1.2% to 1.8% quarter-on-quarter constant currency revenue growth, while Tier-II players may see 1.1% to 2.8% on quarter constant currency increase due to strong total contract value growth across mid-caps. "Growth is supported by cloud migration and AI-driven deals, as well as large-scale transformation deals, but tempered by softness in select verticals like telecom, hi-tech, and travel and hospitality," Nirmal Bang said in an IT sector report.

 

Investors will also focus on the US Federal Open Market Committee's June meeting, to be released on Wednesday. Srivastava of Indiacharts, however, said that falling bond yields in India are a positive trigger for India, and that US bond yields don't matter right now.  End

 

US$1 = INR 95.3950

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

 

Edited by Saji George Titus

 

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