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Below the Quote on Daily Market Commentary for July 15th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

The near-term outlook for Indian equities remains mixed. Elevated geopolitical tensions in West Asia, Brent crude oil prices above US$85/bbl and the rupee weakening to a one-month low of around ?96.4/US$ are expected to keep volatility elevated. However, the ongoing Q1FY27 earnings season is expected to provide support to market through stock-specific action. Investor focus will also remain on Federal Reserve Chair’s inaugural testimony, the US Producer Price Index (PPI) and earnings from Wipro, Tech Mahindra, Polycab, Piramal Finance, Jio Financial Services, ITC Hotels, Paytm and BHEL among others on Thursday. Domestic markets erased early gains to end marginally higher at 24,078 (+0.1%), after rising as much as 0.7%. Broader markets outperformed, with the Nifty Midcap 100 and Smallcap 100 advancing 0.3% and 0.7%, respectively. Sectorally, Cement (+1.8%), PSU Banks (+1%) and Chemicals (+0.9%) outperformed. Financials gained, supported by easing US inflation, which reinforced expectations of a less aggressive Federal Reserve policy stance, while Metals (-1.1%), IT (0.7%) and FMCG (0.5%) were among the key laggards. Electronics Manufacturing Services (EMS), Semiconductor and Capital Goods stocks are expected to remain in focus after the Union Cabinet approved the second phase of the India Semiconductor Mission (ISM 2.0) with an outlay of around Rs 1.27 lakh crore, strengthening the long-term outlook for India's semiconductor and electronics manufacturing ecosystem. On the global macro front, Brent crude rose around 1% to US$85/bbl, despite US President Donald Trump withdrawing the proposed 20% transit fee on cargo transiting the Strait of Hormuz. China's economy expanded 4.3% YoY in Q2CY26, below expectations, reflecting weak domestic demand and continued stress in the property sector, reinforcing expectations of additional policy support

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