Indian markets are likely to open on a positive note on Friday amid reports that the United States and Iran continue talks despite the recent exchange of military strikes. Gift Nifty at 24,115 signals a gain of 100 points for Nifty at open. According to analysts, the consolidation phase is likely to continue with FPIs’ backing. Foreign portfolio investors have turned buyers in July so far, after prolonged selling.
Ponmudi R, CEO of Enrich Money, said global risk sentiment also improved after a strong overnight rally in US semiconductor stocks lifted optimism across the technology sector, providing positive cues for Asian equities. Meanwhile, crude oil prices have stabilised in the $71–72 per barrel range after retreating from recent highs near $76, providing additional support to overall market sentiment.
The focus has now shifted to India Inc results. Indian equity markets are expected to trade on a steady note, supported by improving global sentiment.
According to Emkay Global Research, Q1-FY27E should be understandably soft, with average Brent at $97/bbl and supply tightness across multiple sectors. The good news is that demand remained strong, with revenue growth across staples/discretionary at 10 per cent/51 per cent y-o-y, showing little signs of fatigue. “We see little risk to the FY27E Nifty EPSg forecast of 15 per cent, with demand remaining strong and some margin tailwinds kicking in from 2QFY27E onwards. The two-year time correction has taken Nifty PE to 18.9x, 3.5 per cent below 5Y LTA, and we remain constructive on Indian equities. We maintain our Mar-27 Nifty forecast at 29,000, implying a 1YF PE at 20.9x, close to LTA,” it said adding that it prefers discretionary (including autos), industrials, and is UW on BFSI.
On the derivatives front, India VIX declined sharply by 8.97 per cent to 13.36, indicating easing volatility, while the PCR stands at 0.79, reflecting a cautious undertone among market participants. Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said option chain data shows maximum Put Open Interest at the 23,500 strike, followed by 23,600, reinforcing the immediate support zone, whereas maximum Call Open Interest is concentrated at the 24,500 strike, followed by 24,200, highlighting aggressive supply at higher levels.
Meanwhile, equities across the Asia Pacific region are sharply higher, tracking firm US closing.
Chandraprakash Padiyar, Senior Fund Manager, Tata Asset Management, said “We have been building on a mix of re-rating candidates/companies across large- and mid-cap segments whose earnings growth is not reflected in the current valuation allowing them headroom to grow. We have been early investors in these re-rated companies for the last 12 months approx. We have added companies in healthcare, power and financial services. Sectors in which we continue to remain overweight are financial services, chemicals, construction material, FMCG and telecom. We believe the current earnings cycle remains at a relatively early stage and investors need to have a medium-to-long-term view given the current market conditions.”
Published on July 10, 2026
