Market Outlook: Weekly Market Review & Top Stocks that were in Focus for the week ended 11th Jul’25

Dalal Street slipped for the week and with this we have a second straight week of losses on the indices. Until Thursday, It’s been a very narrow range for the markets in the last couple of days because of any lack of fresh triggers for the market and lack of Institutional support so if we look at Institutional data ex of block deals there is hardly any participation coming in from the Institutional investors both Foreign Institutions and Domestic Institutions. It was on Friday that Nifty was down 200 points after disappointing earnings from TCS. 

We think the market is going a bit nervous as focus turns towards quarterly earnings as there is generally a concern of how the earnings are going to pan out and once companies announce their earnings it will set the tone for the markets.

On a relative basis, the broader market is actually outperforming in the last couple of days. It’s not showing up in the index but there are a lot of individual stocks which are buzzing on a daily basis and the breadth also suggests that there is momentum in broader markets.

It is just the Nifty and the Bank Nifty which are showing lack of participation but sector rotation is happening with one-day Oil Marketing Companies trading here, another day it will be Hotels so that rotation continues.

Another key development that took place during the week was U.S. President Trump imposing higher tariffs ranging from 20% to 30% on various countries including a 50% hike on Brazilian Goods. The President also issued new tariff warnings targeting multiple countries and also announced a 35% tariff on select imports from Canada and a 50% tariff on copper imports starting August 1. Interestingly India has not yet faced any such escalation despite the July 9 deadline passing and it is believed that trade negotiations between the two countries will get a green signal as it is evident from President Trump’s comments that stated ‘Close to making a deal with India’.

To sum how the last week has been for the markets, the indices have been grinding lower with the market overall being very quiet but beneath the surface stock selection and stock picking is going on as always. With this let me present to you our weekly market review.

How Did the Markets Fare Last Week?

On a weekly basis ended on Friday, the Indian benchmark indices ended in red. All Indices be it Sensex, Nifty or Midcaps were down around 1.2% during the week.

What Might Keep the Markets Busy Into the Next Week?

As we kickstart Q1FY26 earnings with TCS reporting its numbers on Thursday, the management commentary with respect to demand and future guidance will be closely monitored across industries as it will set the tone for the remainder of FY26.

In terms of data, there are a whole lot of macro numbers that will be released and it will be very crucial from the market point of view. On the domestic front we have both the Consumer Price Index (CPI) as well Wholesale Price Index (WPI) numbers, Bank Loan Growth, FX Reserves, Trade Deficit Numbers. Globally, US Inflation Data, Producer Price Index, Fed Official Speech, Initial Jobless Claims and Retail Sales etc. will be tracked.

Lastly, President Trump’s comments with respect to tariffs and most importantly any progress on India-US trade negotiations will be important and will give direction to the market. 

Crude and FII Flows

Brent Crude Oil Prices remained steady at $69/bbl as traders weighed a large increase in US crude stockpiles and a wave of new tariff rates from President Trump. On the other hand, FIIs turned Net Sellers for the week.

Sector in Focus

FMCG, Financials, & Realty remained in focus during the week.

Stocks That Remained in Focus During The Week

Tata Consultancy Services:

• TCS reported its Q1FY26 results with net profit and margins beating expectations, though revenue slightly missed estimates. EBIT remained flat sequentially, and deal wins stood at $9.4 billion, down from $12.2 billion in the previous quarter. Revenue in constant currency declined 3.3% QoQ, while headcount increased both sequentially and YoY. The Board declared a Rs 11 per share dividend, with a record date of 16th July.

Tourism Finance:

• The Board has approved Sub-division/split of the existing 1 equity share having face value of Rs 10, into 5 equity shares having face value of Rs 2 each. The rationale behind this corporate action is to enhance the liquidity of the equity share of the company, improve affordability and accessibility for retail investors and broader shareholder base, positive sentiment and increased retail participation. The expected time of completion is within 2 months from the date of approval of Shareholders. 

Hindustan Unilever:

• The FMCG giant has named Priya Nair as its next CEO and MD, effective 1st August 2025. Currently President of Beauty & Wellbeing at Unilever, she will also join the HUL board and remain part of the Unilever Leadership Executive. Ms. Priya Nair is a globally respected business leader. With about 30 years at Unilever, Ms. Nair has consistently delivered business transformation through brand building, premiumisation, digital commerce, and purpose-led innovation. She is recognised as one of India’s most influential businesswomen.

Glenmark Pharma:

• Glenmark Pharma share price hit a fresh life high after the company announced that its arm has signed an exclusive license agreement with American drugmaker AbbVie to develop, manufacture, and commercialise cancer drug ISB 2001. Under the terms of agreement, IGI has partnered with AbbVie to grant exclusive rights to "globally develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan, and Greater China

Enviro Infra:

• Enviro Infra, a prominent EPC Player in Water & Waste-Water Treatment across PAN India, announced a significant step forward in its growth journey with its foray into the Zero Liquid Discharge (ZLD) space. The company has secured a prestigious project from the Maharashtra Industrial Development Corporation (MIDC) aimed at pollution control of the Panchganga River worth Rs 400 crore. This project, with a completion timeline of 24 months, is one of the largest and most critical environmental infrastructure assignments under MIDC’s river pollution abatement program.

Oil India:

• Oil India Limited (OIL) and GAIL (India) Limited, two leading Maharatna CPSEs under the aegis of Ministry of Petroleum & Natural Gas have signed the agreement for extending the existing Gas Sale and Purchase Agreement for another 15-years, starting from 1st July 2025, to supply up to 9,00,000 Standard Cubic Meters per Day (SCMD) of natural gas from OIL’s Rajasthan Gas Fields. The sourced gas will be supplied to State run power plant M/s Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) for production of power.

HCL Tech:

• HCL Tech, and Astemo Cypremos, Ltd. (“Cypremos”), a subsidiary of Astemo, Ltd. specializing in software and cloud services, announced a partnership to advance innovation in the autonomous and smart vehicle ecosystem. As part of the multi-year engagement, HCL Tech will leverage its global leadership in engineering to help Cypremos transition to a software-defined model using a comprehensive suite of HCL Tech’s proprietary next-gen smart vehicle enablers.

Dixon Technologies:

• Lightanium Technologies Pvt Ltd is a joint venture between Dixon Technologies and Signify Innovations India Ltd, set up as an OEM for lighting products and accessories. Combining Dixon’s manufacturing expertise with Signify’s industry leadership, the venture aims to enhance execution capabilities and expand its presence in India’s lighting ecosystem, aligning with strategic growth goals.

Bajel Projects:

• Bajel Projects has informed exchanges about the proposed capacity addition being undertaken at the Ranjangaon facility of the company amounting to Rs 170 crore. The existing Galvanization capacity stands at 40,500 MTPA with 98% capacity utilisation. Post the proposed addition, the capacity is expected to be around 1,10,000 MTPA. The additional capacity is likely to be added from Q4FY26 to Q4FY27 in phases. The rationale behind this capacity addition is to meet captive demand and sales in the domestic and international market. 

JSW Infra:

• JSW Infra has won a Rs 740 crore DBFOT project from the Syama Prasad Mookerjee Port Authority to reconstruct Berth 8 and mechanize Berths 7 and 8 at Netaji Subhas Dock, Kolkata. The two-year project aims to boost the port’s container handling capacity and efficiency. Operations can begin during construction, capitalizing on Kolkata’s steady cargo volumes. Upon completion, the project will significantly enhance capacity and performance.

Closing Thoughts

When Buying Stocks, Conviction is the Key!