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Below the Quote on Daily Market Commentary for July 17th 2026 by Siddhartha Khemka - Head of Research, Motilal Oswal Financial Services Ltd

Indian equities are expected to witness a gradual uptrend next week, on the back of a strong Q1FY27 earnings season so far, which is likely to remain the key driver of sectoral and stock-specific performance. With several index heavyweights reporting earnings over the weekend, investor focus will remain on management commentary and earnings reactions, which are expected to shape sectoral performance and define the near-term market narrative. Meanwhile, Brent crude has remain elevated (US$85.5/bbl), while the rupee remains near a one-month low of ?96.3/US$. Results from HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Punjab National Bank, among others, over the weekend are expected to set the tone for the Financials sector. Domestic equities ended the week on a strong note, with Nifty 50 rising 1.1% (262 points) to close at 24,334 on Friday, driven by strong June-quarter earnings from index heavyweights across the IT and Financials sectors. However, broader markets witnessed profit booking, with the Nifty Midcap100 and Smallcap100 declining 0.5% and 0.3% respectively. Sectorally, Private Banks, Information Technology and Realty outperformed, while Pharma, Healthcare and Metals were among the key laggards. Nifty IT emerged as the week's strongest-performing sector after Tech Mahindra reported better-than-expected quarterly results. Private Banks also remained in focus, supported by expectations that the RBI's special overseas deposit scheme could attract around US$30 billion from Non-Resident Indians (NRIs), strengthening foreign exchange reserves and supporting rupee stability

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