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Informist, Friday, Aug. 7, 2026

 

By Gopika Balasubramanium

 

MUMBAI – The underlying trend in domestic equities continues to be positive amid robust June quarter earnings, lower crude oil prices, a stable rupee, and sustained inflows from foreign investors. The Street will continue to track the new price discovery system for stocks open to derivatives trading. Market participants are still concerned about the system despite the divergence between the closing levels having narrowed since Monday.

 

"Going forward, the 24750-24780 zone will remain a crucial hurdle for the Nifty (50)," Sudeep Shah, head of technical and derivatives research at SBI Securities said. "A sustained breakout above 24780 could pave the way for a further upmove towards 24900, followed by the 25050 level. On the downside, the 24500-24480 zone is expected to provide immediate support."

 

In the near term, some analysts believe that the upside for the benchmark indices is not significant even though the June quarter corporate results have been decent. This is because traders are cautious about whether to put new money in the market as the war in West Asia lingers, though its impact has been priced in. The progress of the southwest monsoon will also be monitored even as rainfall distribution so far has been favourable, according to analysts.

 

Traders will also track crude oil prices in the coming weeks. At 1918 IST, the Brent crude oil contract for October delivery was 0.6% lower at $82.03 per barrel. This contract had risen in the past two days amid Iran's draft plan to ban US and Israeli ships from transiting the Strait of Hormuz. Uncertainty over when the war will end continues, with US President Donald Trump Thursday saying he expects the war with Iran to conclude "pretty soon" and Tehran can't "go on much longer", as per reports. The US, Iran, and Oman are approaching a temporary deal to reopen the Strait of Hormuz, Al Jazeera reported earlier in the day.

 

"Markets have largely adapted to developments in West Asia," a head of equity strategy at a foreign bank said. "While intermittent volatility cannot be ruled out, the intensity of market reactions has moderated significantly," he added. "For India, the primary concern was the supply route rather than availability of crude oil. With procurement diversified across multiple geographies and signs of opening of Strait of Hormuz, supply chain risks have eased, and the overall situation appears largely contained."

 

Friday, the Nifty 50 ended at 24570.65 points, down 65.35 points or 0.3%. The disparity between the level of the 50-stock index at the end of continuous trading and the actual close has come down substantially. Monday, the difference was a shade above 200 points. Friday, it was around 14 points. The BSE Sensex settled at 78499.17, down 455.39 points or 0.6%. On week, the indices rose 0.5-0.8%. The disparity between the two headline indices has continued, with their percentage rise or fall being different since Monday.  End

 

US$1 = INR 95.20

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

 

Edited by Shubhayan Bhattacharya

 

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