Pre-Market Update: GIFT Nifty Signals Flat Start for Nifty 50 on July 18 - Here Are Key Market Triggers Investors Should Watch

Indian benchmark indices Sensex and Nifty 50 are expected to open on a flat note on Friday, July 18, amid weak global cues and rising geopolitical tensions in the Middle East. Asian markets traded lower, while Wall Street ended in the red after a broad selloff in Semiconductor stocks weighed on investor sentiment. At 7:31 AM, GIFT Nifty was trading near 24,104, around 10 points above the previous close of Nifty futures, indicating a muted opening for domestic equities.

Geopolitical tensions remained elevated after the U.S. intensified its airstrike campaign against Iran, expanding attacks to include strategic bridges. In response, Iran launched fresh missile strikes on U.S.-allied countries in the Middle East and warned that further military action would follow. The escalating conflict continues to keep investors cautious and has also supported crude oil prices.

U.S. retail sales increased 0.2 per cent in June after a revised 1 per cent rise in May, matching Reuters' estimate and indicating resilient consumer spending despite higher interest rates. Meanwhile, initial jobless claims in the U.S. fell by 8,000 to a seasonally adjusted 208,000 for the week ended July 11, below Reuters' estimate of 217,000, highlighting continued strength in the labour market.

Among earnings, Wipro reported a consolidated net profit of Rs 3,352 crore for the first quarter of FY27, down 4.3 per cent sequentially. IT services revenue rose 1.8 per cent quarter-on-quarter to Rs 24,453 crore but declined 1.2 per cent in constant currency terms. IT services EBIT slipped 5.7 per cent, while the EBIT margin contracted by 130 basis points to 16 per cent. For the second quarter, the company guided IT services revenue to range between a decline of 1.5 per cent and growth of 0.5 per cent in constant currency. Wipro's board also declared an interim Dividend of Rs 2 per share.

Crude oil prices extended gains and remained on track for their strongest weekly performance since April. Brent crude climbed 1.27 per cent to USD 85.30 per barrel, while WTI crude rose 1.23 per cent to USD 79.92 per barrel. Both benchmarks were headed for weekly gains of more than 11 per cent amid concerns over supply disruptions.

Gold prices were set for their sharpest weekly decline since early June as concerns over another U.S. Federal Reserve rate hike weighed on sentiment. Spot gold edged up 0.1 per cent to USD 3,980.17 per ounce after falling 2 per cent in the previous session, while silver eased marginally to USD 55.50 per ounce. The U.S. dollar remained largely unchanged, with the dollar index at 100.72, although it was on track to end the week 0.24 per cent lower.

In the derivatives segment, the Put-Call Ratio (PCR) for the July series stood at 0.82. On the put side, the highest open interest addition and concentration were seen at the 23,000 strike. On the call side, the highest open interest addition was recorded at the 24,800 strike, while the highest overall open interest remained concentrated at the 24,200 strike.

Technically, Nifty 50 continues to trade in a narrow range between 24,000 and 24,300. Immediate support is placed at 24,051, followed by 24,019 and 23,967. A sustained break below 24,000 could trigger further weakness towards the crucial 23,800 level. On the upside, immediate resistance is seen at 24,155, 24,187 and 24,240, while a decisive move above 24,300 may pave the way for a rally towards the 24,500-24,600 zone. The index remains above its 20-day and 50-day exponential moving averages, suggesting that the broader trend remains positive despite ongoing consolidation.

Stock-specific action is expected to remain strong. Wipro will remain in focus following its Quarterly Results, while Tech Mahindra reported a 31.7 per cent jump in profit and a 17.7 per cent rise in revenue, supported by margin expansion. CEAT posted a 96.4 per cent decline in profit despite healthy revenue growth. WeWork India Management narrowed its quarterly loss, while 5paisa Capital reported steady revenue growth with flat profit. Piramal Finance delivered strong earnings with a 66.8 per cent rise in profit, whereas Hathway Cable and Datacom reported lower profit despite higher revenue. Borosil Renewables returned to profitability during the quarter.

PC Jeweller approved raising up to Rs 1,000 crore through a Qualified Institutions Placement to strengthen its capital base. Coal India received the commissioning certificate for 200 MW under its 300 MW Khavda Solar project in Gujarat. Servotech Renewable Power System secured a 900 kW solar rooftop project across 12 locations in Uttar Pradesh. Maruti Suzuki India will challenge a consumer commission's order directing it to replace a customer's vehicle with an E20-compatible model. Laser Power and Infra remained in focus after several institutional investors acquired significant stakes through bulk deals, while Nilkamal and Ramkrishna Forgings also attracted attention following major bulk transactions.

Kaynes remained under the futures and options ban list for the day.

Foreign Institutional Investors (FIIs) remained net sellers on July 17, offloading equities worth Rs 4,205.56 crore. Domestic Institutional Investors (DIIs) offset the selling by purchasing equities worth the same amount.

Indian equity benchmarks ended largely unchanged on Thursday as weak global cues and the escalating U.S.-Iran conflict kept investors cautious. The Sensex ended 1.44 points higher at 77,186.87, while the Nifty 50 slipped 5.75 points, or 0.02 per cent, to close at 24,072.75.

U.S. markets ended lower after heavy selling in semiconductor stocks. The Dow Jones Industrial Average declined 0.20 per cent, the S&P 500 lost 0.51 per cent and the Nasdaq Composite dropped 1.47 per cent. Nvidia fell 2.40 per cent, while AMD, Broadcom, Intel and Micron Technology declined more than 5 per cent each. SanDisk, Western Digital and Seagate Technology dropped as much as 12.6 per cent. Apple and Microsoft ended higher, while Tesla and SpaceX shares closed lower.

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