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Below the Quote on Daily Market Commentary for July 16th 2026 By Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities are expected to trade sideways to mixed amid weak global cues and ongoing geopolitical tensions in West Asia. With the Q1FY27 earnings season gathering pace, stock-specific action is likely to dominate. IT sector will be in focus after earnings announcements from Wipro and Tech Mahindra on Thursday evening, while results from Reliance Industries, JSW Steel, Hindustan Zinc and RBL Bank, scheduled for Friday, will also remain in focus. Brent crude continues to trade near US$84/bbl, while India VIX eased 2.5% reflecting some moderation in near-term market volatility.

Domestic markets remained subdued, with the Nifty ending flat during the session. Broader markets also ended lower, with the Nifty Midcap 100 and Nifty Smallcap 100 declining 0.5% and 0.3%, respectively. Sectorally, Consumer Durables (+1.4%), Chemicals (+1.3%) and Information Technology (+1.0%) emerged as the key gainers. IT stocks advanced ahead of Q1FY27 earnings announcements from Wipro and Tech Mahindra. Meanwhile, the EMS index rose around 3.2%, extending gains for the second consecutive session after the Union Cabinet approved the second phase of the India Semiconductor Mission (ISM 2.0) with an outlay of approximately Rs 1.27 lakh crore.

Global sentiment remained subdued, with major Asian indices, including the Nikkei (-2.8%) and Kospi (-6.4%), ending lower. Meanwhile, Federal Reserve policymakers maintained a cautious stance, emphasizing the need to contain inflation should price pressures persist, particularly amid elevated energy prices. Adding to concerns, the US Energy Information Administration (EIA) reported that US crude oil inventories declined by 1.7 million barrels last week, lower than market expectations, keeping global oil supply dynamics in focus

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