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Informist, Friday, Jul. 17, 2026

By Gopika Balasubramanium

MUMBAI – While benchmark equity indices are expected to open a tad higher and consolidate in a broader range Friday, information technology stocks will take cues from the earnings of majors Wipro and Tech Mahindra. Traders may also refrain from taking huge bets as the index heavyweights are declaring their results through the weekend. Analysts expect stock-specific movement to prevail in the market as June-quarter earnings season starts full-fledge. JSW Steel and Reliance Industries would report their earnings later during the week.  

In Asia, all indices fell as sell-off in chipmakers deepened on concern that massive artificial-intelligence investments may not justify lofty valuations of these companies. Japan's Nikkei 225 was down over 3% in early trade, followed by China's CSI 300 and SSE Composite, both falling around 2% each. These indices also tracked US indices which ended Thursday's session in the red. US-listed memory-chip makers such as SanDisk, Western Digital, and Seagate Technology fell 6-13%. The crude oil price hovering around $85 a barrel also hit on the sentiment. South Korea's Kospi was closed on account of Constitution day.

Till the Nifty 50 holds above 23900 points, a bounce can be seen towards 24250-24450 points, said Mandar Bhojane, a senior technical and derivatives analyst at Chola Securities. The immediate support is at 23750 points. The 50-stock index is expected to open on a positive note and may consolidate within the 23800-24500 range, he added. Intraday resistance is likely near 24500, while strong support remains around 23800 levels, he said.

At 0742 IST, the July contract of GIFT NIFTY was at 24092, down 78.50 points or 0.3%. The 50-stock index Thursday settled at 24072.75 points. Over the last several sessions, the index has been consolidating between 23800 and 24200 points broadly. On Thursday, the BSE Sensex closed at 77186.87 points, up by a scant 1.44 points. 

The sentiment of foreign investors towards the Indian equities had broadly improved since the last several trading sessions. However, with the fresh escalations in West Asia and rise in crude oil prices, they have been net sellers since Monday. They have sold an aggregate INR 87 billion since the beginning of this week. Domestic investors continued to be bullish on the Indian market, with them net buying over INR 29.86 billion on Thursday.

Traders will react to the earnings of Wipro and Tech Mahindra at open. 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 also missed estimates for both top line and bottom line. However, brokerages pointed that the company's sales guidance for its IT services, which is (-)1.5% to 0.5% growth in constant currency, for the September quarter was a negative surprise. Several brokerages cut their respective target prices on the stock, while maintaining their views. The stock ended at INR 177.74 on the National Stock Exchange 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. Broking firms termed Tech Mahindra's earnings to be better-than-expected. June quarter revenue growth benefited from accelerated European automobile program delivery, partly offset by a one-time drag from cloud revenue insourcing and Comviva seasonality, Emkay Global Financial Services said. The management expects these impacts to normalise in Jul-Sept, with large deal ramp-ups offsetting some anticipated headwinds from normalisation, it added. The stock ended at INR 1,510.30 on the National Stock Exchange on Thursday. End

US$1 = INR 96.34

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

Edited by Akul Nishant Akhoury

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