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Informist, Friday, Jul. 10, 2026

By Gopika Balasubramanium

MUMBAI – India's headline indices are seen a tad higher at open amid positive cues from Asian indices but investors would react to June quarter earnings and commentaries of Tata Consultancy Services, the first to put out results. Further, focus would also be on Dr. Reddy's Laboratories after the company spoke to analysts and investors on the semaglutide issue. Investors would also keep tracking the situation in West Asia and the crude oil prices. There is some improvement in the sentiment after US President Donald Trump said Iran reached out to make a deal. Qatar, Pakistan and other regional mediators are trying to de-escalate tensions between the countries, various media reports said.

"Now, till it holds above 23750 points, a bounce can be seen towards 24150-24250 zone, while immediate support is seen near 23750," said Mandar Bhojane, technical and derivatives analyst with Chola Securities. Foreign investors turned buyers in index futures market with the increase in open interest reflecting a bullish bias due to the build-up of long positions, he said. Hence, the market is likely to consolidate in the near term, he added.

At 0731 IST, the July contract of GIFT NIFTY was at 24117, up 14.50 points or 0.1%. This was about 60 points more than the Nifty 50's Thursday close. The index had settled at 23962.80 points, up by 80.75 points or 0.3%. The index gave up most of its intraday gains as investors cashed out profits, taking a sell-on-rise approach. Some analysts expect this movement in domestic market to continue as investors have lost confidence due to uncertainty around West Asia. At present, investors would look to wait before allocating capital as June quarter results season will start, and they would want to see how the impact of West Asia has turned out for different sectors. 

Emkay Global Financial Services maintained its March-end target of 27000 points for the Nifty 50. This implies that the index was moving at one-year forward price-to-earnings multiple of 20.9 times close to long-term averages. The broking firm expects the June-quarter earnings for Indian corporate to be "understandably" soft with Brent crude oil averaging $97 a barrel and tightness in supply across multiple sectors. It expects the cumulative net profit of Nifty 50 companies to rise 8.6%, Emkay said.       

Tata Consultancy Services will be on spotlight after its June quarter-results announcement. The company posted a moderate sequential decline in its net profit for the June quarter as total expenses rose faster than the revenue for the three months. The company's revenue, however, managed to beat the Street's view by a comfortable margin, growing sequentially for the fourth consecutive quarter. The company expects demand to improve starting with the September quarter. The company's management expect a recovery in the life sciences and healthcare segment in the ongoing quarter and is positive on improvement in revenue contribution from the manufacturing segment as well.

However, some brokerages have cut down their respective target prices by 1-2%. Citi has cut TCS' target price by around 11% and Nuvama has cut it by over 7%. "We believe that there is high uncertainty in revenue and profit growth in the short and medium term as AI adoption accelerates and the deflation pressure starts to materialise across the board, with Tier 1 players set to be hit the hardest," Nirmal Bang Institutional Equities said in its review report. The stock Thursday ended at INR 2,049.50 on the National Stock Exchange.

Dr. Reddy's expects to resume commercial supplies of its semaglutide injections by late October or early November, after resolving an active pharmaceutical ingredient-related quality issue that has delayed its shipments, its top executive told analysts and investors in a conference call Thursday. The company informed exchanges that commercial supplies of semaglutide would be delayed as certain batches failed to meet quality specifications due to an API-related issue. Nuvama Institutional Equities cut Dr Reddy's target price 6% to INR 1,465 but maintained its 'buy' call following the incident. The stock ended at INR 1,269.50 on the NSE.

In the US, the Nasdaq index ended sharply higher Thursday, as Micron Technology induced a rally in chip stocks. The other two benchmark indices in the US also closed higher after sentiment improved on Trump's comments that Iran called to make a deal. Asian indices also rose in early trade with South Korea's Kospi leading the gains, having risen over 3%. Hong Kong's Hang Seng index and Japan's Nikkei 225 rose 1-2% in early trade.  End

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

Edited by Akul Nishant Akhoury

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