Expiry Day Ends Flat as Earnings Reactions Steal the Spotlight - Paper by Pocketful
Market Recap: 16th July, 2026
Stock News Highlights
ICICI Lombard (-10.51%): Shares were the biggest loser of the day after Q1 FY27 net profit fell 46% YoY to ₹403 crore from ₹747 crore. Earnings were hit by ₹63 crore in fire insurance losses and a ₹165 crore one-time reserve provision for motor claims, pushing the combined ratio to 107.2%.
Dixon Technologies (+7.00%): Shares emerged as one of the top gainers after HSBC upgraded the stock, citing improved earnings visibility following the government’s ₹62,500 crore mobile manufacturing scheme. The brokerage expects 30 bps margin expansion in the mobile business and raised its valuation multiple to 48x.
HDFC AMC (-4.65%): Shares declined despite Q1 FY27 consolidated net profit rising 12% YoY to ₹837.1 crore and revenue increasing 13.6% to ₹1,099.7 crore. Average assets under management (AUM) also grew to ₹9.35 lakh crore from ₹8.30 lakh crore.
Exide Industries (+X.XX%): Shares gained after the company invested ₹100 crore in subsidiary Exide Energy Solutions through a rights issue, taking its total investment to ₹4,902.23 crore, while retaining its 100% stake as it accelerates its lithium-ion battery expansion.
Sectoral Performance
Nifty Consumer Durables (+1.48%): The index rebounded after declining 0.77% over the previous two sessions, led by Dixon Technologies, Titan Company, and Amber Enterprises. Dixon surged after HSBC upgraded the stock, citing the government’s ₹62,500 crore mobile manufacturing scheme, which is expected to improve margins and earnings visibility.
Nifty Media (+1.18%): The index rebounded after recent weakness, supported by renewed buying interest in media and entertainment stocks. The sector witnessed 5 gainers and 5 losers, reflecting mixed sentiment despite the positive close.
Nifty Realty (-0.98%): The index was the worst-performing sector of the day, extending its losing streak to three consecutive sessions amid profit booking in real estate stocks. Phoenix Mills, Prestige Estates, and DLF led the decline as investors remained cautious despite expectations of steady housing demand.
Nifty Financial Services (-0.51%): The index ended lower as broad-based selling weighed on financial stocks, with 4 gainers and 15 losers. Profit booking across banks, NBFCs, and insurance companies kept the sector under pressure despite mixed Q1 earnings.
Market Insights
Technical Level: Nifty opened with a minor gap-up and traded in a narrow range during the first half, facing resistance near 24,185. Selling pressure intensified thereafter, with the index making lower lows through the session before finding support around 24,050. It consolidated near this support level until the close.
Advance-Decline Ratio: Market breadth remained negative, with 1,542 stocks advancing against 1,774 declining, indicating broader selling pressure as declining stocks outnumbered gainers across the market.
The Big Picture: Iran escalated again. Explosions were reported across multiple regions. Kuwait intercepted drones. Bahrain sounded air raid sirens. Brent held near $84. And yet declines only narrowly outpaced advances. The market has learned to live with it.
FII/DII Activity (July 15, 2026): FIIs remained net sellers with outflows of ₹736 crore, while DIIs continued to provide support, remaining net buyers with inflows of ₹705 crore.
Watch Out For Tomorrow
IPO Corner: Caliber Mining & Logistics IPO open for subscription Tomorrow, making the key primary market offerings to watch this week.
Macro: USA Housing Starts (Jun) & Michigan Consumer Sentiment Prel (Jul) data scheduled for release tomorrow.
Market Watch: Thursday’s expiry session stayed range-bound as investors balanced rising Middle East tensions with Q1 earnings. ICICI Lombard and HDFC AMC saw sharp post-results declines, while Dixon Technologies and ABB India outperformed. Markets now await Wipro, Tech Mahindra, and Reliance Industries results. Immediate support is at 23,970, with resistance near 24,260.
Word of the day
VWAP (Volume Weighted Average Price)
Meaning: VWAP is the average price of a stock weighted by its trading volume throughout the day. It helps traders identify the stock’s fair value and assess whether it is trading above or below the average market price.
Example: If a stock is trading above its VWAP, it may indicate strong buying momentum, while trading below VWAP often suggests selling pressure.