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Indian markets are expected to open on a cautious note this Monday, with GIFT Nifty futures trading 20 points lower at 25,012 as of 7:49 AM, indicating a flat to mildly negative start for benchmark indices Sensex and Nifty. The mood on Dalal Street is likely to be influenced by a confluence of domestic earnings, infrastructure data, and mixed global cues.

All eyes are on a heavy earnings lineup today, with major companies such as Reliance Industries, HDFC Bank, ICICI Bank, JSW Steel, and Union Bank of India set to report their first-quarter results. A large number of mid- and small-cap firms including UltraTech Cement, IDBI Bank, Havells India, Oberoi Realty, CRISIL, and Mahindra Logistics are also scheduled to announce their numbers, likely driving stock-specific movement through the session. Meanwhile, the release of India’s June infrastructure output data will offer further insight into the country’s economic momentum.

Institutional activity remains a concern for market stability. On July 18, foreign institutional investors (FIIs) net sold shares worth Rs 2,894.66 crore, reflecting profit booking or cautious sentiment. In contrast, domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,662.54 crore, providing some support to equities.

Global cues remain mixed. In Asia, markets traded sideways as investors digested trade developments and central bank policy decisions. The People’s Bank of China kept its benchmark loan prime rates unchanged as expected, with the one-year LPR held at 3.00 per cent and the five-year at 3.50 per cent. However, concerns resurfaced after the White House reiterated August 1 as a “hard deadline” for the implementation of new US tariffs, though negotiations may continue beyond that date.

Across the region, the Kospi gained 0.49 per cent, while the ASX 200 dropped 1.00 per cent. Japanese markets remained closed for the Marine Day public holiday. In the US, Wall Street ended Friday on a weak note, with the Dow Jones Industrial Average falling 0.32 per cent, the S&P 500 closing nearly flat with a 0.01 per cent dip, and the Nasdaq Composite inching up 0.05 per cent. US equity futures were marginally higher in early Asian trade.

In the primary market, Anthem Biosciences (Mainline) and Spunweb Nonwoven (SME) will debut on the exchanges today. Investors will also track allotment updates for Monika Alcobev, while IPOs from Property Share Investment Trust REIT SM, Swastika Castal, and Savy Infra & Logistics remain in focus.

In commodities, gold edged higher as safe-haven demand picked up amid a weaker US dollar and geopolitical tensions. Spot gold rose 0.4 per cent to USD 3,353.25 per ounce, while US gold futures climbed to USD 3,359.70, also up 0.4 per cent. Crude oil prices held steady despite concerns over European sanctions on Russia. Brent crude slipped 0.3 per cent to USD 69.32 per barrel, and WTI fell 0.2 per cent to USD 67.38.

Overall, with a busy earnings calendar, cautious global sentiment, and mixed institutional flows, Indian equities are likely to see a range-bound opening with a focus on stock-specific action throughout the day.

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