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Informist, Wednesday, Aug. 12, 2026

By Arundathi A R

MUMBAI – A rangebound movement is likely to persist in the domestic equity market Wednesday, as indicated by the movement in the GIFT Nifty, amid a spike in Brent crude oil prices to around $90 a barrel on fresh escalations in the West Asia war. The market sentiment is expected to worsen as the impasse over the US-Iran deal continues. However, technical analysts opined that as long as the Nifty 50 sustains above the 24400 level, positive sentiment is expected in the market. The June quarter corporate results, coupled with geopolitical developments and crude oil prices, are likely to kindle investor sentiment ahead.

The US and Yemen's Iran-aligned Houthis reported separate attacks on shipping Tuesday as prospects for ending the Iran war appeared to dim, with Tehran saying the Strait of Hormuz would remain closed unless Washington accepts its conditions, Reuters reported. US President Donald Trump told reporters at Joint Base Andrews that the situation with Iran was "going fine" and the US forces were in "total control" of the Strait of Hormuz, Al Jazeera reported. Iran demanded a complete end to the US war and blockade, the release of its frozen assets, and a regional ceasefire before it reopens the Strait of Hormuz, according to the report.

Pakistan's Defence Minister Khawaja Asif told Bloomberg in Islamabad Tuesday the US and Iran were close to "some sort of an arrangement," CBS News reported. "Things are shaping up again in favor of a peace arrangement or a deal," CBS News reported quoting Asif.

At 0738 IST, the October futures contract of Brent crude oil was nearly 1% higher from Tuesday at $89.43 a barrel. Oil prices have gained nearly 2% in the past seven days. In last 30 days, oil prices rose nearly 15%. The current crude oil prices are nearly 23% higher than the pre-war levels.

At 0744 IST, the August futures contract of the GIFT Nifty was largely flat at 24558. This suggested a rangebound movement for indices, as the GIFT Nifty levels were 86 points higher than the Nifty 50's previous close of 24471.70. However, Sunny Agrawal, fundamental research head at SBI Securities, expects markets to remain volatile in the near term, with geopolitical developments, crude prices and earnings outcomes continuing to drive investor sentiment," he said in a note.

"The Nifty (50) index witnessed a slight decline as it tested the lower band of its past six sessions' trading range (24400–24730 spot zone)," Vipin Kumar, assistant vice president of research at Globe Capital Market, said. "At the current juncture, it is trading on the verge of a breakdown on the lower side of this range. We reiterate our sideways view on the Nifty index as long as it holds within the mentioned range."

Shares of Grasim Industries and Apollo Hospitals Enterprise will be in the focus as these companies will announce June quarter results later in the day. For Grasim Industries, two broking firms expect the company to report a net profit and one projected a net loss. Higher realisations in the viscose staple fibre and chemicals businesses are expected to support earnings, while continued losses in the paints and business-to-business segments are likely to weigh on the bottom line, analysts said. 

Motilal Oswal Financial Services Ltd. expects the company to report a net profit of INR 700 million for the reporting quarter and Kotak Institutional Equities expects net profit of Grasim at INR 1.30 billion. On other hand, Nuvama Wealth Management Ltd. expects the company to post a net loss of INR 712 million. The company's revenue is expected to be between INR 118.16 billion and INR 129.12 billion.

Apollo Hospitals is expected to report a consolidated net profit of about INR 5.6 billion for the June quarter, up 29% on year and 5% on quarter. Its net sales are likely to rise 18% on year and 4% on quarter to nearly INR 69 billion. Improved occupancy in the hospitals business and steady growth in the pharmacy and clinics segments are likely to help the company report healthy earnings growth for the quarter.

Foreign institutional investors bought shares for the third straight session Tuesday. They net bought shares worth INR 2.59 billion. Domestic institutional investors also net bought shares worth INR 247.70 million against shares of INR 12.90 billion net bought Monday.

All three major US indices settled lower Tuesday, with the Nasdaq Composite shedding nearly 1%. Indices closed lower weighed by declines in major technology stocks such as SpaceX, Amazon, and Alphabet, as investors turned less optimistic about a deal to end the war in West Asia. Asian equity indices were mixed in early trade with South Korea's KOSPI leading the gains, up 3.5%. FTSE Singapore Strait and S&P/ ASX 200 indices were in red.  End

US$1 = INR 95.44

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

Edited by Akul Nishant Akhoury

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