Nifty expected to open above 25,000; ITC, Sun Pharma, Adani Ports, Tata Motors in focus

Nifty set to open higher: The Indian equity benchmarks are set to open higher on Thursday, with Nifty 50 futures on GIFT Nifty indicating an upward trend. The GIFT Nifty futures rose by 0.2 per cent or 47 points to 25,089, suggesting a strong start amid stable cues from other Asian markets. This movement comes ahead of the weekly expiry of Nifty 50 futures and option contracts.

Asian markets showed mixed performance following the Federal Reserve's decision to keep US interest rates unchanged while hinting at possible easing in September if inflation cools. Notably, South Korea's KOSPI gained 0.4 per cent, Taiwan's Weighted index advanced by 1.5 per cent, and Australia's S&P ASX 200 increased by 0.45 per cent. However, Japan's Nikkei experienced a significant decline, dropping 3 per cent.

In the US, major indices recorded gains on Wednesday. The S&P 500 and Nasdaq saw their largest daily percentage increases since February 22, while the Dow Jones Industrial Average also rose. The Fed maintained its benchmark overnight interest rate in the 5.25 per cent-5.50 per cent range, leaving room for potential easing before the upcoming November elections. The yield on the benchmark US 10-year note fell 9.8 basis points to 4.043 per cent.

The Dow Jones Industrial Average rose 0.24 per cent to 40,842.79, the S&P 500 gained 1.58 per cent to 5,522.30, and the Nasdaq Composite advanced 2.64 per cent to 17,599.40.

Back home, foreign institutional investors sold shares worth Rs 3,463 crore on Wednesday, while domestic institutional investors bought shares worth Rs 3,367 crore.

Several Nifty 50 companies, including ITC, Sun Pharma, Adani Ports, Adani Enterprises, and Tata Motors, will be under investor radar as they are set to report their first-quarter earnings later today. Analysts expect Tata Motors to report a net profit of Rs 5,310 crore, ITC to post a net profit of Rs 5,451 crore, Sun Pharma to report profit of Rs 2,628 crore, Adani Enterprises to report a profit of Rs 1,164 crore, and Adani Ports to post a net profit of Rs 2,293 crore.

Infosys will also be in focus following reports that the company received a tax evasion demand exceeding Rs 32,000 crore from the Directorate General of GST Intelligence (DGGI). In response, Infosys acknowledged receiving a pre-show cause notice for payment of GST amounting to Rs 32,403 crore from Karnataka State GST authorities.

In other developments, Tata Steel announced that it would set aside Rs 17,347 crore as a contingent liability in its financial statements, following a Supreme Court judgement affirming the state government's power to levy cess on minerals. Despite a 75 per cent increase in consolidated net profit for the June quarter of fiscal 2025, Tata Steel missed analysts' estimates due to exceptional items.

Additionally, Bharat Forge's subsidiary Kalyani Strategic Systems received a defence license for manufacturing various defence products at its Jejuri unit in Maharashtra. The move positions the company to participate in potential future defence programs.