Equity benchmarks opened marginally higher on Thursday, buoyed by anticipation of fresh corporate earnings, even as the delay in the India-US trade deal kept investors cautious.
The Nifty 50 index opened at 25,511.65, up 4.55 points or 0.02 per cent, while the BSE Sensex rose 28.56 points or 0.03 per cent to start the day at 83,564.64.
Banking and market analyst, Ajay Bagga, remarked, “Indian markets continue to be in a tight range, with the start of the earnings season now providing a catalyst for markets to move. The sources who were pointing to an imminent India-US ‘Mini Trade Deal’ for the last five days have been proved wrong, as no India-specific announcement has been made yet. With the deadline moved to August 1, there is no certainty on the when and what of the Indo-US tariff deal.”
Broader indices exhibited mixed cues. On the NSE, the Nifty 100 opened lower, while Nifty Midcap 100 and Nifty Smallcap 100 gained 0.2 per cent and 0.3 per cent, respectively.
Sectorally, metal, PSU bank, realty, and consumer durables indices opened in the green. However, auto, FMCG, IT and media sectors remained under pressure.
The earnings season, expected to inject direction into the flatlining market, begins Thursday with major announcements from Tata Consultancy Services, Tata Elxsi, and Indian Renewable Energy Development Agency, among others.
Also read: Gold declines ₹700 to ₹98,420/10 g
Akshay Chinchalkar, Head of Research at Axis Securities, offered a technical outlook: “The Nifty ended down yesterday in what was a late session selloff. Technically speaking, there was no upside follow-through on the 'bullish flag' breakout from Tuesday, so bulls don't have the all-clear yet. A close above 25,548 is needed to validate the bullish breakout and lead to an advance toward 25,600 for starters, followed by the recent swing high at 25,670.”
Globally, the announcement of sweeping tariffs by US President Donald Trump sent ripples through commodity markets. Tariffs of 30 per cent have been imposed on goods from Algeria, Libya, Iraq, and Sri Lanka; 25 per cent on Brunei and Moldova; and 20 per cent on the Philippines. Brazil faces the steepest blow, with a 50 per cent punitive duty particularly targeting copper.
The move triggered volatility in global copper prices and dampened investor confidence in Latin American equities. The Brazilian index declined, while Wall Street closed higher, led by gains in Big Tech.
Asian markets offered mixed cues. Japan’s Nikkei 225 slipped 0.53 per cent, while Hang Seng advanced 0.2 per cent. Taiwan’s weighted index climbed 0.3 per cent, KOSPI jumped 0.94 per cent, and Singapore’s Straits Times gained 0.48 per cent.
Follow us
