On Friday, July 18, the Nifty 50 and Sensex are likely to open higher following tracking positive global cues.
As of 7:19 AM, the GIFT Nifty was trading near the 25,193 mark, up 45 points from its previous close, indicating a positive start for the Indian benchmark indices.
Asian markets gained, while the US stock market ended higher overnight, with the S&P 500 and the Nasdaq Composite closing at record highs.
Indian stocks closed in the red on Thursday, weighed down by persistent volatility due to the Nifty’s weekly F&O expiry. Looking ahead, investors track corporate earnings and developments in US-India trade talks.
Market participants are likely to react to the Q1 earnings of Wipro and Axis Bank, announced post-market on Thursday. American Depository Receipts (ADRs) of Wipro surged over 5% to hit the day's high of $3.12 on Thursday following its Q1 earnings. Wipro reported a 9.9% rise in consolidated profit to ₹3,336.5 crore and a 0.8% increase in revenue. IT services EBIT margin improved to 17.27% from 16.47%.
Axis Bank posted a 3.8% decline in net profit to ₹5,806.1 crore, while provisions jumped 93.6% to ₹3,947.7 crore. Asset quality weakened sequentially, with gross NPA rising to 1.57% and net NPA increasing to 0.45%.
Key earnings scheduled for Friday include Reliance Industries, JSW Steel, and L&T Finance. According to the earnings schedule, over 33 companies are slated to release their June quarter results today.
Reliance Industries, JSW Steel, Hindustan Zinc, Indian Overseas Bank, LT Finance, Bandhan Bank, Mangalore Refinery and Petrochemicals, Atul, Hatsun Agro Products, Indiamart Intermesh and Mastek will announce their Q1 earnings today.
On Thursday, July 17, Foreign Institutional Investors (FIIs) were net sellers, having sold equities worth ₹3,694.31 crore. Domestic Institutional Investors (DIIs), on the other hand, bought shares totalling ₹2,820.77 crore during the same session.
On Thursday, the Nifty 50 closed down by 0.40% at 25,111.45, tracking weak cues from global markets. The Bank Nifty also slipped, settling 0.59% lower at 56,828.80. IT stocks were the biggest drag on the market, while sectors like Realty, FMCG, and Metals showed some resilience with gains. Meanwhile, the broader market witnessed a mild decline as both mid-cap and small-cap indices ended marginally in the red.
Asian markets opened slightly higher on Friday, supported by renewed global optimism following strong economic data that helped ease worries about the US economy.
U.S. markets ended Thursday on a positive note, with both the S&P 500 and Nasdaq Composite hitting new record highs, supported by upbeat economic indicators and strong corporate earnings. The Dow Jones Industrial Average climbed 229.71 points, or 0.52%, to close at 44,484.49. The S&P 500 advanced 33.66 points, or 0.54%, finishing at 6,297.36, while the Nasdaq Composite rose 153.78 points, or 0.74%, to settle at 20,884.27.
Retail sales in the United States recorded a stronger-than-anticipated rebound in June, increasing by 0.6% compared to a 0.9% decline in May. The figures, which mainly reflect goods purchases and are not adjusted for inflation. On a yearly basis, retail sales rose by 3.9%.
New claims for unemployment benefits in the US dropped during the week ending July 12. Initial filings fell by 7,000 to a seasonally adjusted 221,000. The data suggests ongoing resilience in the labor market.
Federal Reserve Governor Christopher Waller has reiterated his support for a rate cut at the upcoming policy meeting. He cited growing risks to economic growth and emphasised that inflation driven by tariffs is unlikely to lead to sustained upward pressure on prices.
Crude oil prices extended gains after rising 1% in the previous session as drones continue to strike Iraqi Kurdistan oil fields. Brent crude oil rose 0.12% to $69.60 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 0.12% to $67.62.
Disclaimer: The article is for informational purposes only and not investment advice.
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