Pre-Market Update: Nifty 50 Likely to Open Cautiously on July 28; GIFT Nifty Falls 35 Points

Indian benchmark indices Sensex and Nifty 50 are likely to begin Tuesday's session on a cautious note as investors monitor developments in the ongoing U.S.-Iran peace talks, quarterly earnings, crude oil prices and global market trends. Weak cues from Asian markets and mixed performance on Wall Street are also expected to keep sentiment subdued.

At around 7:28 AM, GIFT Nifty was trading near 24,005, down 35 points from the previous close of Nifty futures, indicating a muted opening for the domestic market.

Crude oil prices extended their sharp decline after U.S. President Donald Trump said Washington and Tehran were engaged in discussions aimed at resolving the Middle East conflict. West Texas Intermediate (WTI) crude slipped below USD 82 per barrel after tumbling more than 7 per cent in the previous session, while Brent crude settled near USD 88 per barrel after recording its steepest single-day decline in more than three months. Lower crude prices are generally viewed as positive for India, which relies heavily on oil imports.

Geopolitical developments remain in focus after reports suggested that President Trump had delayed military strikes against Iran to allow more time for diplomacy. According to reports, officials from Iran and Oman are also holding discussions to restore shipping through the Strait of Hormuz, a route that carries nearly 20 per cent of the world's daily oil supplies during normal conditions.

Technology stocks remained under pressure in the U.S., with Semiconductor shares witnessing another round of selling. Nvidia and AMD declined around 5 per cent each, Seagate dropped 4 per cent ahead of its earnings, while U.S.-listed shares of SK Hynix fell 7.5 per cent. Micron and Western Digital also ended lower, adding to concerns over the technology sector.

The earnings season will gather pace on Tuesday, with nearly 69 companies scheduled to announce their April-June quarter results. Key companies reporting earnings include Larsen & Toubro, Hindustan Unilever, Varun Beverages, Suzlon Energy, Tata Capital and Ambuja Cements.

Gold prices remained firm despite easing geopolitical concerns. The precious metal traded near USD 4,075 per ounce after gaining 0.6 per cent in the previous session. Although gold has fallen more than 20 per cent from its recent highs during the conflict period, it has continued to find support around the USD 4,000-per-ounce level.

Derivatives data indicates that the Put-Call Ratio (PCR) stands at 1.12. Significant put open interest addition was recorded at the 23,900, 23,950 and 24,000 strike prices, with the highest concentration at 24,000. On the call side, fresh open interest addition was seen between the 24,050 and 24,350 strikes, while call unwinding was observed at 23,800. The highest call open interest remains concentrated at the 24,000 and 25,000 strike prices.

Technically, Nifty 50 closed at 23,995.95, with the 24,000 mark emerging as an important near-term hurdle. Immediate resistance levels are placed at 24,012, 24,041 and 24,086, while support is seen at 23,921, 23,892 and 23,846. A sustained move above 24,000 could open the path towards the 24,100-24,200 zone, whereas a break below 23,800 may weaken sentiment and expose the index to the next major support around 23,600.

Stock-specific activity is expected to remain strong following several earnings announcements and corporate developments. Coal India reported a 0.6 per cent rise in consolidated net profit to Rs 8,852.1 crore, while revenue increased 7.8 per cent to Rs 46,254.8 crore. Tata Power Company's consolidated profit grew 11 per cent to Rs 1,401 crore, with revenue rising 5.6 per cent to Rs 19,051.3 crore. Happiest Minds Technologies posted an 18.3 per cent increase in profit to Rs 67.6 crore and a 14.3 per cent rise in revenue to Rs 628.5 crore.

Bharat Electronics reported an 8.7 per cent growth in consolidated profit to Rs 1,054.3 crore, supported by a 25 per cent increase in revenue to Rs 5,547 crore. Tata Chemicals slipped into a consolidated loss of Rs 17 crore against a profit of Rs 252 crore a year earlier despite a 14.4 per cent rise in revenue. Godfrey Phillips India reported a 44.3 per cent decline in profit to Rs 198.4 crore as revenue fell 18.9 per cent to Rs 1,205.5 crore.

Wheels India posted a 28.2 per cent increase in profit to Rs 38.3 crore and a 17.8 per cent rise in revenue to Rs 1,491 crore. Northern Arc Capital reported a 17.6 per cent growth in standalone profit to Rs 121.8 crore, while net interest income jumped 44.2 per cent to Rs 496.1 crore. Usha Martin's consolidated profit rose 40.7 per cent to Rs 142 crore on a 16.4 per cent increase in revenue to Rs 1,033 crore.

CCL Products India delivered a 61.3 per cent jump in consolidated profit to Rs 116.9 crore, while revenue increased 13.7 per cent to Rs 1,200.4 crore. Gravita India reported a 14.1 per cent rise in profit to Rs 106.4 crore as revenue surged 41.8 per cent to Rs 1,475.1 crore.

Among other developments, media reports suggested that Elevation Capital may sell a Rs 1,200 crore stake in Meesho through a block deal. InterGlobe Aviation appointed Kiran Thadimarri as Chief Financial Officer, while Gaurav Negi has been redesignated as Advisor to the Managing Director. Adani Energy Solutions launched a Qualified Institutional Placement with a floor price of Rs 1,698.15 per share and may offer a discount of up to 5 per cent.

Tata Motors Passenger Vehicles said flooding in Gujarat disrupted production at its Sanand plant and supplier facilities, although operations are expected to normalise in the coming days. TVS Motor Company acquired an additional 4.39 per cent stake in TVS Credit Services for Rs 711 crore, taking its holding to 85.15 per cent. Pfizer announced that Chief Financial Officer Amit Agarwal has resigned with effect from October 8, 2026. Zaggle Prepaid Ocean Services signed a three-year agreement with Daimler India Commercial Vehicles to provide fleet payment and corporate card solutions.

No stock is under the F&O ban list for July 28.

Institutional activity remained mixed in the previous session. Foreign Institutional Investors (FIIs) sold equities worth Rs 1,688.23 crore, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 2,329.14 crore, continuing to provide support to the market.

On Monday, the Indian equity market snapped its five-session losing streak as benchmark indices gained nearly 1 per cent. The Sensex climbed 776 points, or 1.02 per cent, to close at 76,835.78, while the Nifty 50 advanced 229 points, or 0.96 per cent, to settle at 23,995.95.

Wall Street ended on a mixed note ahead of earnings from major technology companies. The S&P 500 edged up 0.02 per cent to 7,413.18, while the Dow Jones Industrial Average gained 0.51 per cent to close at 52,210.08. The Nasdaq Composite slipped 0.18 per cent to 24,932.08. Investors will closely track earnings from Microsoft, Amazon, Meta and Apple this week, alongside broader developments surrounding artificial intelligence and interest rate expectations.

Disclaimer: The article is for informational purposes only and not investment advice.