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Informist, Thursday, Jul. 30, 2026

 

By Gopika Balasubramanium

 

MUMBAI – Analysts have retained their positive stance on the Indian stock market as better June quarter earnings are aiding sentiment even as crude oil prices have hovered around $90 a dollar after the fresh escalation in the US-Iran war. The US launched attacks on Iran early Thursday as retaliation for the Islamic Revolutionary Guard Corps' attack on Jordan. Analysts would closely monitor developments in West Asia, crude oil prices, alongside earnings of domestic companies. Information technology stocks would likely be in interest for traders as it serves as a defensive play amid global sell-off of semiconductor and tech stocks. 

 

"Sentiment is likely to remain positive in the short term, with the (Nifty 50's) potential to rise towards 24,500," Rupak De, technical analyst at LKP Securities, said in a note. "On the lower end, immediate support is placed at 24,200, below which the index might lose its current momentum."

 

On Thursday, Nifty 50 settled at 24317.15 points, up 66.95 points or 0.3%. The 50-stock index moved in a 156-point range during the session. The index rose as high as 24342.95 points during the session, which was up 0.4% from Wednesday's close. The index was expected to face strong resistance at 24500 points during Thursday's session. 

 

However, mid-cap and small-cap indices underperformed the benchmark indices as they came under immense selling pressure as investors looked to book profits. These indices ended 0.3-0.7% lower. Small-cap stocks were hit the hardest on Thursday. The BSE Sensex closed at 77928.15 points, up 273.55 points or 0.4%. Among sectoral indices, the one tracking automobile companies, gained around 2% and was the top gainer. 

 

June quarter earnings of Bajaj Finserv, ITC, Maruti Suzuki India, and Sun Pharmaceutical Industries would be in focus. Traders would also react to earnings of Tata Steel which is due later in the day. Tata Steel's top-line performance for the June quarter is seen to reflect the delivery volumes data, which showed a strong on-year rise in India volumes partly offset by declines in output from the Netherlands, the UK, and Thailand. The company is expected to report a consolidated net profit of INR 24.44 billion for the June quarter, up 10.6% on year. The stock ended tad lower at INR 186.92. 

 

Sun Pharmaceutical Industries is expected to post a 4% on-year fall in consolidated net profit for the reporting quarter. Weakness in the US generics business due to pricing pressure and a continued decline in sales of high-margin cancer drug Revlimid are expected to weigh on profitability. Its revenue is estimated at over INR 155.3 billion, up 12% on year. Maruti Suzuki India is likely to report a 13?ll in its net profit on the back of rise in input costs. The automobile major's revenue from operations is seen rising 37% on year. 

 

The US Federal Open Market Committee Wednesday leaving its policy rate unchanged for a fifth consecutive policy meeting was also closely looked at by investors. The apex bank kept the federal funds target range at 3.50-3.75%. However, the decision was passed by a 9-3 vote, with three policymakers dissenting and voting for raising the target rate by 25 basis points.

 

"...the policy statement reinforced its data-dependent approach and signalled that inflation risks remain a key concern," Rajesh Palviya, head of research at Axis Direct, said in a note earlier in the day. "The presence of multiple dissents in favour of a rate hike underscores that the Fed was not yet ready to declare victory over inflation, implying that higher interest rates could persist for longer," he added.  End

 

US$1 = INR 95.68

 

Edited by Akul Nishant Akhoury

 

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