Mumbai (Maharashtra) [India], July 10 (ANI): Indian stock markets opened on a positive note on Thursday as investor focus shifted to the earnings season, amid a delay in the announcement of the India-US trade deal.
The Nifty 50 index opened at 25,511.65, rising 4.55 points or 0.02 per cent, while the BSE Sensex saw a marginal uptick of 28.56 points or 0.03 per cent to open at 83,564.64.
Experts stated that markets are still trading in a narrow range, and the start of the earnings season is expected to provide the next trigger for movement.
Banking and market expert Ajay Bagga told ANI, “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.”
The broader market showed mixed trends. On the NSE, the Nifty 100 opened in red, while the Nifty Midcap 100 and Nifty Smallcap 100 gained 0.2 per cent and 0.3 per cent, respectively.
Sector-wise, indices like Nifty Metal, Nifty PSU Bank, Nifty Realty, and Consumer Durables opened in green, while Nifty Auto, Nifty FMCG, Nifty IT, and Nifty Media remained under pressure.
In global developments, the Trump administration on Wednesday announced new tariffs, a 30 per cent rate on products from Algeria, Libya, Iraq, and Sri Lanka; 25 per cent on goods from Brunei and Moldova; and 20 per cent on products from the Philippines. Brazil faces a steep 50 per cent punitive tariff, especially on copper.
This move has created high volatility in global copper prices. However, US stock markets closed in the green, led by strong gains in Big Tech. The Brazilian index, on the other hand, declined due to the higher-than-expected tariffs.
The earnings season kicks off today, with several large and mid-cap companies set to report their Q1 results. These include Tata Consultancy Services, Indian Renewable Energy Development Agency, Tata Elxsi, Anand Rathi Wealth, Oswal Pumps, Eimco Elecon (India), GTPL Hathway, International Travel House, Netlink Solutions, Stellant Securities (India), TeleCanor Global, and Atharv Enterprises.
Akshay Chinchalkar, Head of Research at Axis Securities, noted, “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.”
Among Asian peers, Japan’s Nikkei 225 was down 0.53 per cent, while other key indices were trading in green. Hong Kong’s Hang Seng rose 0.2 per cent, Taiwan Weighted index gained 0.3 per cent, South Korea’s KOSPI surged 0.94 per cent, and Singapore’s Straits Times advanced 0.48 per cent. (ANI)
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