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Informist, Tuesday, Jul. 21, 2026

 

By Arundathi A R

 

MUMBAI – Analysts see benchmark equity indices staying rangebound Wednesday due to absence of any news flow from the global front. They expect a breakout from either band of the current range to give a directional movement for the market ahead. Crude oil prices staying near $90 a barrel has worsened investor sentiment. However, they will more keenly track the June quarter earnings of companies in the upcoming days.

 

The US completed yet another round of strikes against Iran Monday evening as Yemen's Iran-backed Houthis threatened to impose a naval blockade on Saudi Arabia, potentially opening a new front in the West Asia conflict, according to a CNBC report. "US forces struck Iranian military command centers, maritime capabilities, missile and drone launch sites, and air defense systems to degrade Iran's ability to continue attacking commercial vessels flowing through the Strait of Hormuz," CNBC reported, quoting US Central Command. At 1639 IST, the September futures contract of Brent Crude oil was 0.9% higher at $90.01 a barrel.

 

Market participants will watch out for the June quarter earnings of Nestle India, Dr. Reddy's Laboratories, and Eternal, which are scheduled for Wednesday. Nestle India is expected to post a net profit of INR 7.71 billion, up 17% on year. Its top line is seen rising over 18% on year to INR 60.15 billion. The company is likely to report strong volume growth, owing to continued demand momentum across urban and rural India.

 

Earnings of the pharmaceutical major Dr. Reddy's Laboratories, are likely to be dragged down by lower contribution from the diabetes and obesity drug semaglutide. The company is likely to report a consolidated net profit of INR 7.8 billion for the reporting quarter, down nearly 45% from the corresponding quarter a year ago. Its top line is expected at INR 82.8 billion, down over 3% on year.

 

Eternal is expected to report a consolidated net profit of over INR 3 billion and consolidated revenues of over INR 197 billion for the June quarter. A strong growth in its quick-commerce grocery delivery business under the Blinkit brand and optimal growth in the food delivery business, primarily on account of dark store additions, are expected to help the company report strong revenue and profit growth in the June quarter.

 

Tuesday, the 50-stock index ended 0.2% lower at 24187.70, down 50.80 points from Monday. The BSE Sensex settled 0.3% lower at 77470.11, down 238.41 points. The Nifty 50 closed above 24000 points for the eighth straight session. "We have to wait for any news flow, which could dictate market direction for the days ahead," Nandish Shah, senior derivative and technical analyst at HDFC Securities, said. He expects the Nifty 50 to face resistance at 24450 level and to find support at 24000 level.

 

"In the near term, the overall trend is expected to remain positive, with the potential to move towards the 24400 mark," Rupak De, senior technical analyst at LKP Securities, said in a note. "On the downside, immediate support is placed at 24150. A decisive breach below this level could trigger further weakness, dragging the index towards 23950."

 

Apart from geopolitical events, crude oil price trends, and earnings, investors will track foreign investment flows as well. Monday, foreign institutional investors net sold shares worth INR 11.21 billion, while domestic investors net bought shares worth INR 13.12 billion.

 

The Indian rupee settled at 96.2350, which rose to one-week high. "Better-than-expected capital inflows, combined with steady crude prices and a stable dollar, offered much-needed support to the currency," Dilip Parmar, senior research analyst at HDFC Securities, said in a note. "Technically, USD/INR is trading with key support at 95.80 and resistance at 96.50."  End

 

US$1 = INR 96.2350

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

 

Edited by Akul Nishant Akhoury

 

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