India Stocks Outlook
Seen down as oil rises above $92/barrel, Q1 results focus
This story was originally published at 08:51 IST on 22 July 2026
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By Arundathi A R
MUMBAI – Headline stock indices are likely to open lower Wednesday, extending losses for a third straight session as crude oil prices rose to $92 a barrel. The US attacks on Iran, for the eleventh consecutive night, and the consequent rise in crude oil prices dampened investor sentiment and renewed fears of global supply disruptions. Market participants will keep a track of the June quarter earnings of Nifty 50 stocks – Dr.Reddy's Laboratories, Nestle India, and Eternal - due later in the day.
"If crude oil prices reach above $90 per barrel, then it will weigh on the market more for the short to medium term," Kranthi Bathini, equity strategist at WealthMills Securities, said. At 0725 IST, the September futures contract of Brent crude oil rose nearly 2% to $92.47 a barrel. From the pre-war levels, oil prices have risen nearly 27%.
The July contract of the GIFT NIFTY indicated a negative open for the market. At 0820 IST, the GIFT Nifty was largely flat at 24106 but down over 80 points from the Nifty 50's Tuesday close of 24187.70. "As long as the index sustains above the breakout zone, it has the potential to advance towards the 24500 and 25000 levels in the coming weeks," Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity Research, said. "On the downside, 24,000 remains the immediate support, followed by a stronger support at 23,800. Any corrective decline towards these levels is likely to attract fresh buying interest and should be viewed as a buy-on-dips opportunity," he said.
On the earnings front, shares of Bajaj Auto will be in the spotlight after the company, in a post-earnings call Tuesday, said it aims to increase its manufacturing capacity across segments by 20% in two phases by the end of the financial year 2026-27 (Apr-Mar), starting with a 10% increase in the next 3-4 months. The company reported the highest on-year rise in 20 quarters for its top line in the June quarter, owing to robust sales volume across segments and improved realisations on the back of a slight increase in the average selling price of vehicles. Its net profit for the quarter also rose at its fastest pace in 20 quarters. Both metrics of the company beat the Street's view. Its shares ended over 1% lower Tuesday.
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.
Dr. Reddy's Laboratories earnings 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 year-ago quarter. 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. 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.
Market participants will also closely watch foreign investment flows, along with geopolitical events, crude oil price trends, and earnings, analysts said. After selling for six straight sessions, foreign institutional investors Tuesday net bought shares worth INR 16.50 billion, while domestic investors turned net sellers and offloaded shares worth INR 6.57 billion, after a few sessions of buying.
Most Asian equity indices were higher in early trade, with South Korea's KOSPI gaining the most, up nearly 6%. All three major US indices settled around 1% higher each Tuesday as better-than-expected earnings from blue-chip companies supported market sentiment. End
US$1 = INR 96.23
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Himanshi Gupta
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