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Informist, Monday, Aug. 17, 2026

By Adhithya Aji

MUMBAI – Benchmark indices are expected to move sideways Monday amid lack of immediate triggers with an end to the June quarter earnings. The West Asia war continues to be the major overhang on the Indian equity markets, with uncertainty around the reopening of the Strait of Hormuz and the stalled US-Iran negotiations to end the war in the region. The GIFT Nifty suggests a range-bound movement for the benchmark index. 

Shipping through the Strait of Hormuz slowed down over the weekend following attacks on tankers and the stalled US-Iran talks to end the West Asia war, Reuters reported. Only five commodity vessels passed the waterway Saturday, and none on Sunday as against 31 on the prior weekend, the report cited global trade and analytics firm Kpler. 

On the back of heightened instability due to the West Asia war; Saudi Arabia, Turkey, and Pakistan have signed the Mecca Joint Defence Agreement, which US President Donald Trump welcomed. "It shows how the Middle East (West Asia) is coming together, and how Countries will finally be able to defend themselves in a more meaningful way," he wrote in the social media platform Truth Social, calling it a "BIG, BOLD, IMPORTANT FIRST STEP." As per the Mecca Joint Defence Agreement, any attack on Saudi Arabia, Turkey, or Pakistan will be considered as an attack on all the three nations. This comes after Iran targeted Saudi Arabia after the outbreak of the war. 

At 0733 IST, the August futures contract of GIFT Nifty was marginally lower at 24400.50 points, up 34.5 points from the Nifty 50's closing level on Friday, suggesting a range-bound movement. Friday, the 50-stock index ended 0.1% lower at 24366 points. "The Nifty index once again traded sideways and settled on a flat note after a lacklustre trading session, where neither the bulls nor the bears were able to drive the market in their direction," Vipin Kumar, assistant vice president-research at Globe Capital Market Ltd., said. The immediate support for the Nifty 50 is placed around 24230-24130 points, while the resistance is pegged at 24600-24700, according to Kumar. "A decisive break above the 24,700 spot level is essential for a sustainable move towards 24850 and higher levels in the near term," he added.  

Foreign investors bought INR 5 billion worth of equities on Friday and domestic investors invested over INR 3 billion, according to the data by National Securities Depository Ltd. So far in August, foreign portfolio investors have bought INR 166 billion of Indian equities.

Shares of the Nifty 50 constituent Reliance Industries Ltd. will be in focus Monday after the conglomerate's strategic partnership with the UK-based Rolls-Royce Plc to design, develop, manufacture, and deliver an indigenous engine for India's advanced medium combat aircraft programme. Shares of Nifty 250 constituents Cochin Shipyard Ltd., Patanjali Foods Ltd., and Tata Group-owned Voltas will be in focus, post their June quarter results.  End

US$1 = INR 95.4250

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

Edited by Akul Nishant Akhoury

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