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Informist, Tuesday, Feb. 10, 2026

By Eshitva Prakash

MUMBAI – The Nifty 50 is expected to move in a range until it decisively breaches its key resistance level at 26000, according to technical analysts. The overall investor sentiment is likely to be bullish, owing to the recent signing of a framework for an interim trade agreement between India and the US. Some stock-specific action is expected as the December quarter earnings season enters its last leg.

Analysts are still waiting for nuances of the India-US trade deal as the two countries move towards a bilateral trade agreement. Analysts are largely positive on the framework deal signed between the two countries, saying that it promotes competition in necessary areas while protecting sensitive segments such as agriculture and dairy. However, New Delhi's agreement to grant zero-duty access to a few US farm and food products is a cause for concern for several analysts, who are concerned about genetically modified seeds hiking competition in agri business exponentially.

While some analysts are convinced that foreign portfolio investors will invest in greater numbers in domestic equity market as the overhang of earnings impact due to the reciprocal tariff dissipates, others are not completely convinced. "Foreign Institutional Investor participation in the Indian equity market has been abysmal for a long period of time," said Rohit Srivastava, market strategist and founder of Indiacharts. "While the rupee had appreciated in anticipation of a trade deal with the US, it seems to have settled around the INR 90 per dollar-mark, which is not exactly heartening for foreign investors," the analyst said.

Foreign investors buying Indian equities is a temporary relief and unless concerns around expensive valuations of equities, weakness in the rupee, and high taxes are addressed, foreign buyers will likely turn into net sellers once again, Srivastava said. The higher long-term capital gains tax, which some investors were expecting to be reduced in the Union Budget for 2026-27 (Apr-Mar), has been a deterrence to foreign participants, the analyst said. With the new securities transaction tax, the analyst sees a participation of foreign investors declining due to lower arbitrage. However, with a bulk of derivative traders participating in options, rather than futures, the impact is likely not going to impact trading volume sharply, considering that options attract a relatively lower tax, the analyst said.

Shares of textile companies will be in focus after the US trimmed reciprocal tariffs on goods from Bangladesh to 19% from 20% earlier. This reduction in tariff may provide Bangladesh, which has lower input costs than India due to relatively cheaper labour, with an even greater advantage over its immediate neighbours. "Prima facie, yes, there will be some impact (of the tariff reduction on Bangladesh)," an analyst at a domestic brokerage said. "However, it would be too early to flesh out the impact of this tariff cut considering that the India-US framework is still unclear on several things related to textiles," the analyst said. Some analysts believe that certain textiles and apparel may be granted a blanket exemption from tariffs, while others have said that only textiles made from US-made cotton products will be eligible for zero duties.

The Nifty 50 will likely face resistance at 26000 points and find support at 25700 points, said Rupak De, technical analyst at LKP Securities. The analyst said that while the 50-stock index movement looks poised for gains on technical charts, the 26000-mark may act as a major hurdle.

Investors will react to specific stocks that disclosed their December quarter earnings post market hours Tuesday. Titan Co. reported a near 50% on year increase in its net profit for the period to INR 14.70 billion, but fell short of analysts' estimates. The company's revenue, however, was slightly higher than consensus estimates. 

Automobile major Eicher Motors reported a more than 21% increase in its consolidated net profit at INR 14.21 billion, surpassing analyst estimates. The company reported a consolidated revenue of INR 61.14 billion, comfortably ahead of the Street view. Meanwhile, Grasim Industries reported a net loss of INR 1.74 billion, largely unchanged from the loss the company faced in the year ago quarter. The company's revenue for the December quarter came in at INR 104.32 billion, higher than the Street's view. Apollo Hospitals reported a net profit of INR 5.02 billion, higher than the consensus view on the Street. Investors will look forward to the earnings of Mahindra & Mahindra, which is due Wednesday.  End

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

Edited by Akul Nishant Akhoury

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