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Informist, Wednesday, Aug. 12, 2026

 

By Gopika Balasubramanium

 

MUMBAI – Analysts expect domestic equity indices to remain in range in the near term amid uncertainty around the situation in West Asia even as reports suggest that both countries are close to a deal. Tuesday evening, Pakistan's Defence Minister Khawaja Asif told Bloomberg that Iran and the US are close to "some sort of arrangement," and added that a lasting peace will be in their interest. This comes amid US President Donald Trump's tougher stance that Tehran should pay for the damages due to the past attacks. Crude oil prices continued to be around $90 a barrel on Wednesday, raising concerns.  

 

"Elevated crude oil prices, with Brent remaining near the $90 per barrel mark, continued to weigh on investor sentiment," Bajaj Broking Research said. Market participants also remained cautious ahead of US inflation data, scheduled for later today, the broking firm said in a note. "A decisive breakout above 24700 would confirm the resumption of the uptrend, opening the way towards 25200 in the coming weeks. On the downside, 24200–24300 remains the immediate support zone," it said. 
 

Technical analysts said there is a lack of buying interest among market participants, and liquidity is thin in the secondary market, given many initial public offerings are open. Further, the Nifty 50 breached the crucial support of 24400 points on Wednesday, but closed above the level. Fundamentally, June-quarter earnings have been better than expected, aiding sentiment, analysts said. Only three more Nifty 50 companies are yet to declare results, namely Apollo Hospital Enterprise, Tata Motors Passenger Vehicles, and Max Healthcare Institute.  

 

Wednesday, the Nifty 50 ended at 24435.95 points, down 35.75 points or 0.2%. At one point, the index had fallen to as low as 24265.95 points, sliding past the near-term support levels of 24400-24300 points. Among sectoral indices, the Nifty IT fell 2%, followed by the Nifty FMCG index, which closed around 1% lower. The broader market indices were mixed, with the mid-cap indices closing higher and the small-cap ones coming under selling pressure. The BSE Sensex settled at 77966.35 points, down 187.90 points or 0.2%.

 

Tata group companies would continue to be under focus as Tata Sons Chairman Natarajan Chandrasekaran said he will not seek reappointment at the company's annual general meeting, scheduled to be held Tuesday, because of the lack of consensus in the board on his continuation. Following this, uncertainty mounted over who will lead the holding company, which runs major listed firms such as Tata Consultancy Services, Tata Consumer Products, Tata Motors Passenger Vehicles, and Tata Steel. These stocks closed 1-4% lower. 
 

TCS, the company that Chandrasekaran headed before he was elevated to the position of Tata Sons chairman in 2017, was hit the hardest by the news. The stock fell to as low as INR 2,300.10 before ending at INR 2,349.70. While some analysts felt the negative reaction in the Tata Group stocks was uncalled for, others believe the developments in Tata Sons would be a risk for the group in the long run. Some analysts expect the recovery to be slower, as the underlying market trend is weak and liquidity is lacking.  End

 

Edited by Saji George Titus

 

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