Key Points

Investors are now focused on the US President Donald Trump and his Russian counterpart Vladimir Putin’s meeting in Alaska, in hopes that it may result in a Russia-Ukraine ceasefire and the lifting of the additional 25 per cent tariff on India.

The Nifty IT index led gains during the week, with Nifty Metal and Nifty FMCG closing lower. Broader markets underperformed, with the Nifty Midcap and Nifty Smallcap indices ending in the red.

As the June quarter (Q1 FY26) earnings are out, the revenue moderation took average net profit expansion YoY for the benchmark Nifty 50 companies (excluding financials and oil and gas) to mid-single digits.

On the earnings front, though, the Nifty50 Q1 FY26 earnings were in line with the market estimates. The overall trend was mixed during the quarter, as the revival expected from urban demand is yet to gather momentum.

Vinod Nair, Head of Research, Geojit Investments Limited, said, "The healthcare and PSU banks outperformed on the back of strong earnings and stable asset quality”.

“Benign domestic inflation is at an eight-year low, boosting hopes for a revival in discretionary spending. Additionally, S&P’s upgrade of India’s sovereign credit rating to BBB is expected to boost investor sentiment and support long-term growth,” he mentioned.

“Global cues remain positive due to softer US inflation data and a fall in the US 10-year bond yield, reflecting conviction for a Fed rate cut in the September policy meeting," he added.

The Nifty index is expected to oscillate within the 24,350–24,750 zone, with a decisive breach above 24,750 likely to extend the pullback towards the psychological 25,000 handle.

On Thursday, FIIs net sold equity shares worth Rs 1,926 crore, having bought stocks valued at Rs 13,646 crore but offloaded shares worth Rs 15,572 crore. In contrast, DIIs net purchased equities worth Rs 3,895 crore, with gross purchases of Rs 13,144 crore and sales of Rs 9,248 crore.

- IANS