India
close to signing trade deal with US, Trump is optimistic
Markets
in Asia – Pacific region traded in range on Thursday morning amid some relief
from uncertainty over U.S. trade tariffs and interest rates, while chipmaking
stocks underperformed ahead of closely watched earnings from bellwether TSMC.
Japan’s Nikkei 225 fell 0.3%, while the TOPIX was flat. Trade data for June
showed sustained weakness in the country’s exports, amid pressure from U.S.
tariffs on steel and automobiles.
The
GIFT Nifty was trading near 25,270 early Thursday. The futures contract based
on the benchmark Nifty 50 was up 0.15% at 25,270 indicating a start in the
green for the Indian markets. Earlier, Trump stated that US is very close to
sign deal with India. India's benchmark equity indices snapped four sessions of
losses to close higher on Tuesday, led by gains in auto and financial stocks.
HCL Technologies Ltd. took a beating after June quarter disappointed.
Fundamental Update
- L&T Technology - Services Q1FY26 (QoQ)
Revenue down 3.9% to Rs 2,866 crore versus Rs 2,982 crore. EBIT down 3% to Rs
381.30 crore versus Rs 394 crore. Negative
- JTL Industries - Q1FY26 (YoY) Revenue up 5.5% to
Rs 544 crore versus Rs 516 crore Ebitda down 41.5% at Rs 23.4 crore versus Rs
40 crore. Negative
- Tech Mahindra - Q1FY26 (QoQ) Revenue flat at
Rs 13,351.20 crore versus Rs 13,384 crore. EBIT up 7% at Rs 1,477.10 crore
versus Rs 1,378 crore. Neutral
- Angel One - Q1FY26 (QoQ) Total Income up 8.03%
at Rs 1143 crore versus Rs 1058 crore. Net profit down 34.48% at Rs 114 crore
versus Rs 174 crore. Neutral
Technical Update
- NIFTY – Nifty made some gain on buying on
dips to settle at 25,212 on Wednesday. Index is facing resistance at 17 day EMA
of 25,265 while 25K is near term support. Today’s range – 25,050 – 25,350.
- BANKNIFTY – Bank nifty slowly moved upwards to
close at 57,168 on Wednesday. Index taken strong support at 17 day EMA of
56,875 while 57,500 is near term resistance. Today’s range – 56,950 – 57,500.
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