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Informist, Thursday, Jul. 23, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Seen opening lower Thu; crude oil prices at $96/bbl

 

MUMBAI--0840 IST--Domestic equity indices are expected to open lower for a fourth straight session Thursday due to further escalation in the US-Iran war and a rise in crude oil prices to $96 a barrel, their highest level in over a month. The US military Wednesday announced it was conducting strikes for a 12th consecutive night against Iran as both sides largely targeted civilian infrastructure. Shares of Infosys, Cipla, and InterGlobe Aviation will be in focus as they will announce their June quarter results later in the day.

 

At 0837 IST, the September futures contract of Brent Crude oil was over 2% higher at $96.09 a barrel. It touched $96.43 a barrel, the highest level in over one month. This was over 32% higher than its pre-war levels. "Rising crude prices have again become a pain point for Indian equities," Rupak De, senior technical analyst at LKP Securities, said. "As crude sustains above the 50EMA (exponential moving average), the Indian Nifty is set to break below the 50EMA. It looks like the Nifty and crude oil are again moving inversely to each other."

 

The July contract of the GIFT Nifty suggested a lower opening for the market Thursday. At 0838 IST, the GIFT Nifty was largely flat from Wednesday's close at 23877. It was down nearly 120 points from the Nifty 50's previous close. "On the lower end, the fall might extend towards 23600-23700 if the Nifty falls below 23900. On the higher end, near-term resistance is seen at 24100,' Rupak said. He expects volatility to remain in the market after a lower opening due to the expiry of the Sensex's weekly derivatives contract.

 

On the earnings front, Cipla is likely to post an over 34% on-year fall in its bottom line at INR 8.52 billion for the June quarter, while its revenues are expected to rise marginally on year to INR 71.04 billion. IndiGo airline operator InterGlobe Aviation's bottom line is likely to see a sharp fall in the reporting quarter as the US-Iran war led to higher costs. The company is expected to report a net profit of INR 12.30 billion for the June quarter, down 43% on year. Its top line is likely to rise 18% on year to INR 242.64 billion.

 

Information technology major Infosys will also detail its June quarter earnings later in the day. Despite a rise in revenue, Infosys is expected to post a sequential decline in its consolidated net profit for the reporting quarter due to investment and acquisition costs. Its consolidated net profit for the June quarter is expected to decline over 7% sequentially to INR 78.67 billion and revenue is likely to rise over 4% sequentially and nearly 15% on year to INR 484.45 billion.

 

Shares of Dr.Reddy's Laboratories will also be in the spotlight as the company announced its June quarter results Wednesday post market hours. It reported a nearly 69% on-year fall in its consolidated net profit at INR 4.44 billion. Revenues were reported at INR 81 billion, down 5.5% on year. Both the financial metrics of the company failed to meet the Street's view. Brokerages cut their target price on the stock and downgraded their recommendations.

 

Brokerage Emkay Global Financial Services trimmed Dr Reddy's target price by 8% to INR 1,200 and retained a 'reduce' recommendation on the stock. Meanwhile, Nirmal Bang Institutional Equities downgraded its recommendation on the stock to 'sell' from 'hold', and cut its target price by 18%. The brokerage turned cautious on the stock after a disruption in the manufacturing of semaglutide. Nuvama also trimmed its target price on Dr. Reddy's by 7% to INR 1,365 and retained its 'buy' recommendation. The company's near-term growth depends on the resumption of semaglutide supply and the approval for Abatacept in the December quarter.  (Arundathi A R)

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Equity Alert: Asian mkts open up; US tech cos' capex plans to boost chipmakers

 

MUMBAI--0750 IST--Asian indices opened higher Thursday after US technology companies announced capital expenditure plans, which will likely benefit chipmakers in the region. Rising crude oil prices due to the West Asia war have raised concerns about inflation. This has pushed short-term US Treasury yields to 17-week highs as investors suspect the US Federal Reserve is likely to raise interest rates sooner rather than later.

 

South Korea's KOSPI rose 3.1% and was the best performer among its peers. SK Hynix and Samsung Electronics were both around 3% higher. Shares of Samsung Electro-Mechanics rose more than 8% after the company said that it had signed a $200 million contract to supply multilayer ceramic capacitors. The other party to the contract was not disclosed.

 

South Korea's GDP grew 0.6% in Apr-Jun sequentially on a seasonally adjusted basis, faster than a median estimate of 0.4% in a Reuters poll. South Korea's economic ‌growth was driven by a semiconductor export boom which offset a decline in construction investment, advance estimates from the Bank of Korea said Thursday. 

 

The Bank of Korea is expected to raise its key rate to 3.25% in the first quarter of 2027 and keep it there until at least the end of next year, according to median forecasts in a Reuters poll. "As long as we see quarterly (growth) rate that is higher than minus 0.1% in the second half, on an average, it would be possible to see annual growth of 3%" this year, Reuters quoted a Korean central bank official in a news conference, as saying.

 

Australia's S&P/ASX 200 rose marginally. Shares of Macquarie traded around a percent higher Thursday. The company announced on Thursday that Greg Ward, currently head of banking and financial services, will succeed Shemara Wikramanayake as CEO in November.

 

Following were the levels of key indices in the region at 0750 IST:

 

Index	Level	Change in %
Nikkei 225 Day	66533.57	0.6
TOPIX FIRST SECTION	4054.72	0.5
S&P/ASX 200 Index	8878.1	0.6
KOSPI Index	7005.14	3.1
Hang Seng Index	25097.18	0.8
CSI 300 Index	4723.96	0.1
FTSE Singapore Strait Times	5578.22	(-)0.3

 

(Deesha Jadhav)

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Equity Alert: US markets close lower ahead of Alphabet earnings

 

MUMBAI--0701 IST--Indices in the US closed lower Wednesday as investors anticipated earnings of the first of the "Magnificent Seven" mega-cap companies and grappled with concerns over spending on artificial intelligence and rising oil prices. The Dow Jones Industrial Average and S&P 500 both closed slightly lower and the Nasdaq Composite fell the most. Google parent Alphabet's shares fell after the company said it will spend $205 billion on capital expenditure in 2026. This announcement comes amidst growing investor unease about AI spending. 

 

Texas Instruments fell in extended trading despite reporting higher than expected earnings for the June quarter. Tesla fell 3?ter it reported negative cash flow for the June quarter, a first in more than two years. The Philadelphia SE Semiconductor index closed slightly higher. 

 

Pest control company Rollins fell 10?ter its June quarter results fell short of the Street's expectations. The image, footage, and music platform company Shutterstock fell 10?ter it suspended its dividend and its Chief Executive Officer resigned as a consequence of the failed deal with Getty Images. The clinical research organisation Medspace Holdings closed 19% higher after the company reported June quarter results above the Street's estimates.

 

Uber has cut 10% jobs in its customer service segment in order to streamline operations, according to Bloomberg. Investors await the earnings for Intel, Dow Chemicals, American Airlines, T-Mobile, Union Pacific and Norfolk Southern, which are due later in the day. Weekly jobless claims will be released later in the day.

 

Following were the levels of major US indices Wednesday:

 

Index	Level	Change in %
Dow Jones Industrial Average	52218.58	(-)0.1
NASDAQ Composite	25690.90	(-)0.6
S&P 500	7498.96	(-)0.1

 

(Deesha Jadhav)

 

US$1 = INR 96.57

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

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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