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Informist, Thursday, Jul. 16, 2026

 

By Arundathi A R

 

MUMBAI – Sentiment in the domestic equity market is expected to remain positive, with indices seen moving in a range. The market is unlikely to see significant movement unless there is a trigger on the global front or further movement in crude oil prices. Shares of Wipro and Tech Mahindra will be in focus as the companies detailed their June quarter earnings post market hours on Thursday. Reliance Industries and JSW Steel will announce their Apr-Jun earnings on Friday.

 

On Thursday, the Nifty 50 settled at 24072.75, down 5.75 points from the previous close. The BSE Sensex closed at 77186.87, up 1.44 points from the previous close. Analysts see the Nifty 50 facing resistance at the 24250 level and finding support at 23800.

 

"Going forward, corporate earnings and management commentary, along with progress in monsoon, will be key catalysts, while global and inflation-related developments continue to influence market momentum," Vinod Nair, research head at Geojit Investments, said in a note.

 

"We expect global growth to slow to 2.5% in 2026 and pick up to just 2.8% in 2027," Moody's Analytics said in a report. It said rising demand for artificial intelligence has saved the global economy from a sharper slowdown. However, geopolitical risks, stretched asset valuations, and volatility in financial markets could easily flip the outlook from slow growth to recession, it said in the report.

 

"We assume the conflict will wind down from here," said Moody's. However, as per the recent news flow, the reopening of the Strait of Hormuz will be gradual and sees setbacks. "Even if commodity flows eventually return to something like their pre-conflict norms, the economic damage is done. Inflation is reaccelerating, and while an end to the conflict should keep that pickup transitory, tighter monetary policy will squeeze business and consumer spending."

 

Broking firm Elara Capital does not see a sharp surge in foreign portfolio investment inflows until a meaningful recovery in earnings unfolds, likely by the December quarter. "Further, any crack in the US AI (artificial intelligence) bubble is unlikely to yield into immediate flows," it said in a strategy report. On Wednesday, foreign investors offloaded net shares worth INR 7.36 billion, while domestic investors net bought shares worth INR 7.05 billion.

 

According to Elara Capital, if commodities remain in the current range, it should help bolster manufacturing operating margins by the December quarter. "Gradually easing global risks amid domestic resilience should prompt capital rotation away from globally sensitive sectors towards more resilient, structural domestic themes, such as manufacturing, power and consumer discretionary." It sees inflation risks in India not broad-based, ruling out the need of an aggressive rate hike, which is also likely to favour financials.

 

The NSE Midcap 150 and NSE Smallcap 250 outperformed the Nifty 50 index during the June quarter. "...while the Nifty clocked in returns of 7.2%, the NSE Midcap 150 and the NSE SmallCap 250 rose by 16.7% and 23.3%, respectively," according to Elara's report. The brokerage said a reflation trade, easing geopolitical tensions, comfortable valuation, and structural and policy tailwinds could continue to drive this outperformance.

 

Wipro posted a moderate sequential decline in its consolidated net profit for the June quarter as total expenses of the company rose faster than the top line for the three months. The company's bottom line stood at INR 33.52 billion, down over 4% sequentially. Its top line rose 1% sequentially and nearly 11% on year to INR 244.79 billion. Shares of Wipro closed nearly 2% higher on Thursday.

 

Tech Mahindra's consolidated net profit for the June quarter was reported at INR 14.65 billion, down from the Street's estimate of INR 15.80 billion. Its revenue was at INR 157.12 billion, higher than the expectation of INR 154.56 billion. Thursday, shares of the company ended 0.8% higher.

 

JSW Steel is expected to report strong year-on-year growth in earnings for the June quarter on the back of higher steel prices, strong net sales realisation, and lower depreciation and finance costs, but would also see it reined in by higher coking coal and iron ore prices. It is expected to report a consolidated net profit of INR 31.8 billion for the June quarter, up 46% on year, and sales at INR 444.7 billion, up 3.1% on year. Shares of the company ended 0.5% lower at INR 1,221 Thursday.  End

 

US$1 = INR 96.3450

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

 

Edited by Avishek Dutta

 

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