GIFT Nifty Points to Positive Open; Reliance Results, IT Earnings in Focus

Key Takeaways

• GIFT Nifty traded 22.5 points, or 0.09%, higher at 24,117.50 on NSE IX, indicating a positive opening for Dalal Street on Friday.
• Nifty 50 closed Thursday’s session at 24,072.75, down 5.75 points, while Sensex added just 1.44 points to settle at 77,186.67.
• India VIX eased 2.92% to 12.88, its lowest level since the volatility spike on July 8.
• The rupee weakened for a fourth straight session, shedding 8 paise to close at 96.33 against the US dollar.
• Kaynes Technology entered the F&O ban list after open interest crossed 95% of its market-wide position limit.
• Wipro, Tech Mahindra and Jio Financial Services led Q1 FY27 earnings action, with several more results due today.

Market Snapshot

Indian benchmark indices are headed for a firm opening on Friday, July 17, with GIFT Nifty futures on the NSE International Exchange trading 22.5 points, or 0.09%, higher at 24,117.50 ahead of the bell. The move follows a range-bound Thursday session in which the Nifty 50 slipped 5.75 points to close at 24,072.75, having touched an intraday high of 24,186.50 before profit-booking in financial heavyweights pared the gains. The Sensex ended nearly flat, up 1.44 points at 77,186.67.

Market breadth stayed weak through the session, with 2,224 declining stocks outnumbering 2,012 advancing shares on the BSE. The India VIX, the NSE’s volatility gauge, eased 2.92% to 12.88, its lowest reading since the sharp spike recorded on July 8, indicating traders aren’t pricing in a sharp near-term move despite the weekly Sensex expiry.

Check Live: GIFT NIFY, INDIA VIX, NIFTY50 

Technical Setup

Option chain data shows the highest put writing concentrated at the 24,000 strike, reinforcing it as the key support zone for Nifty. On the upside, the 24,200–24,260 band remains the level the index needs to reclaim to signal renewed bullish momentum, while a decisive break below 24,000 could trigger fresh selling pressure.

Global Cues

Wall Street closed lower on Thursday as chip stocks weighed on the Nasdaq and S&P 500 despite a strong start to earnings season. Asian markets traded mixed on Friday, tracking the overnight selloff in semiconductors. Brent crude held near one-month highs around $84.73–85.13 a barrel as the US and Iran escalated attacks across West Asia, keeping the Strait of Hormuz under threat. Gold rebounded and the dollar index held near 100.5–100.8 as softer US inflation data tempered rate-hike expectations.

Rupee Extends Losing Streak

The rupee weakened for a fourth consecutive session, shedding 8 paise to settle at 96.33 against the US dollar, pressured by elevated crude prices, FII outflows and a firmer greenback. The currency had lost 16 paise a day earlier. India’s 10-year bond yield eased to 6.753% from 6.775%.

Kaynes Technology in F&O Ban

Kaynes Technology entered the F&O ban period on Friday after its derivative open interest crossed 95% of the market-wide position limit set by NSE. Under exchange rules, no fresh long or short positions can be initiated in the stock until open interest falls below the 80% threshold; only unwinding of existing positions is permitted.

Track live foreign and domestic institutional flows through NiftyTrader’s FII-DII Tracker before positioning for today’s session.

Q1 FY27 Earnings in Focus

Wipro posted a nearly flat consolidated net profit of Rs 3,352 crore for the June quarter, up 0.6% year-on-year, as revenue rose 10.6% to Rs 24,479 crore. IT services operating margin contracted to 16% from 17.3% a year earlier, and the company guided Q2 IT services revenue at $2,574–2,627 million. Its board approved an interim dividend of Rs 2 per share.

Tech Mahindra reported a 28.4% year-on-year jump in net profit to Rs 1,465 crore, against Rs 1,140.6 crore a year ago, as revenue grew 17.6% to Rs 15,712 crore and EBIT margin expanded to 14.4%. Jio Financial Services more than doubled its net profit to Rs 830 crore from Rs 325 crore, with revenue from operations surging 227% year-on-year to Rs 2,004 crore, led by growth across lending, payments and asset management.

Tyre maker Ceat reported a sharp 96.4% drop in net profit to Rs 4 crore despite a 22.4% rise in revenue to Rs 4,318 crore, hit by forex losses on its overseas subsidiary and higher raw material costs. Reliance Industries, JSW Steel, Tata Technologies and Maruti Suzuki are among companies scheduled to report earnings later today.

Other Corporate Developments

ACME Solar Holdings secured Rs 2,646.64 crore in long-term project financing from REC Limited for a 450MW/1,800MWh Assured Peak Power project, with REC as sole financier over a 20-year tenure; the project is backed by a 25-year power purchase agreement with SJVN at Rs 6.74 per unit. Prestige Estates Projects reported a 45.74% year-on-year decline in Q1 FY27 residential pre-sales to Rs 6,579.3 crore, against Rs 12,126.4 crore a year earlier, as the base quarter included a large NCR project launch.

NiftyTrader Desk View

Source: NSE, BSE, company regulatory filings, NSE IX

Bottom Line

Dalal Street looks set for a positive start on Friday, but Thursday’s pattern of early gains fading into a flat close suggests traders should watch whether the market can hold above 24,100–24,150 through the weekly Sensex expiry. With India VIX cooling to 12.88 and the rupee under pressure for a fourth straight day, crude oil trends tied to the US-Iran conflict remain the key external variable, alongside the ongoing Q1 FY27 earnings season that will keep stock-specific volatility elevated through the session.

This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a SEBI-registered investment advisor before making any investment decisions. Trading in equity and derivative markets is subject to market risk.