Quote on Daily Market Commentary for July 28th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary for July 28th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd
Indian equities are expected to remain range-bound with a positive bias, supported by easing geopolitical tensions in West Asia after the US President reiterated his preference for a diplomatic resolution with Iran, along with the continued decline in Brent crude oil prices. Market sentiment is likely to remain sensitive to developments surrounding the US-Iran conflict and any disruptions to global oil supplies following the latest Houthi attacks on Saudi oil infrastructure. The Nifty 50 traded sideways and ended marginally lower at 23,985 (-0.04%), as investors await this week's US Federal Reserve and Bank of Japan policy meeting outcome, along with key global macroeconomic data releases. Brent crude oil declined a further 3% to around US$86/bbl, providing continued support to domestic equities. Stock-specific action dominated amid the ongoing Q1FY27 earnings season, while Nifty IT outperformed (+3.3%) and FMCG stocks came under pressure following weak earnings from Hindustan Unilever. Broader markets were mixed, with the Nifty Midcap 100 gaining 0.2%, while the Nifty Smallcap 100 declined 0.2%. Global markets remained under pressure, with South Korea's KOSPI plunging 11%, triggering trading curbs, while Japan's Nikkei 225 fell nearly 4% amid a broad sell-off in semiconductor stocks. Investor sentiment weakened following concerns over rising AI infrastructure spending after reports that Nvidia is in discussions to provide financing support for OpenAI's large-scale data centre expansion. In contrast, the Nifty IT index outperformed as Indian IT companies are viewed as relatively insulated from the capital-intensive AI investment cycle. On the corporate front, investors will closely track earnings from Waaree Energies, Syrma SGS Technology, TBO Tek, MTAR Technologies, Eicher Motors, Dabur India, Hexaware Technologies, Adani Enterprises, ACME Solar Holdings, Colgate-Palmolive India and Asian Paints, among others, on Wednesday for further sector-specific cues.
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