Indian benchmark indices opened higher on Thursday, July 16, driven by a rebound in information technology stocks, while investors digested June-quarter earnings from key financial companies. According to reports from LiveMint, the Nifty 50 rose 0.2% to 24,125.10, while the BSE Sensex advanced 0.23% to 77,369.88 in early trade. Market breadth remained positive, with 10 of the 16 major sectoral indices trading in the green, despite caution among investors.
The Nifty IT index climbed 1.4%, recovering after declining 1.7% over the previous two sessions. As reported by LiveMint, Wipro and Tech Mahindra, both scheduled to announce their June-quarter earnings later in the day, gained around 1.5% each. The IT sector's rebound provided significant support to the broader market indices during the trading session.
Investor sentiment remained cautious as geopolitical tensions intensified after the United States carried out fresh strikes on Iran's coastal defence and missile installations, following the reimposition of a naval blockade on Iranian ports. According to LiveMint, in response, Iran warned it could expand disruptions to regional energy exports, describing the conflict as an "existential war" with the US. Meanwhile, Brent crude remained elevated at around $85 per barrel, sustaining concerns over inflation and India's import bill.
Osho Krishan, Senior Analyst - Technical & Derivatives at Angel One, noted that the Nifty 50 witnessed a volatile trading session, opening positive before profit booking erased early gains. As reported by LiveMint, the benchmark continues to trade within a well-defined 24,000-24,260 range, with the index unlikely to witness meaningful directional momentum unless it breaks decisively above or below this range. Krishan recommended Aarti Industries with a buy recommendation around ₹500-495 with a Stop Loss of ₹465 and Target of ₹550-560, citing the stock's technical strength after rebounding from the 430 subzone and sustaining above significant EMAs.
Despite a lack of momentum in benchmark indices, Krishan noted that the midcap and smallcap segments continue to outperform in the current market environment. According to LiveMint, he recommends a stock-specific approach, focusing on fundamentally and technically strong stocks until the Nifty 50 establishes a clear directional trend. The analyst also recommended ICICI Prudential Life Insurance Company with a buy recommendation around ₹520-510 with a Stop Loss of ₹480 and Target of ₹580, highlighting the stock's strength over recent sessions and positive divergence in daily RSI.
