Indian markets stall after two weeks of gains amid rising crude oil prices and geopolitical tensions. Focus shifts to technical support levels and earnings from major stocks like Bharti Airtel, Hindustan Aeronautics, and Dr Reddy’s Labs as investors weigh near-term risks against longer-term trends.
Indian equities head into the week of August 17-21 after losing momentum, with the Nifty 50 and Sensex both ending a two-week winning run on August 14. According to GoodReturns, the Nifty fell 0.83% to 24,366 and the Sensex dropped 0.62% to 78,009.25, as higher crude prices and renewed tensions in the Middle East weighed on sentiment. Brent crude rose by almost 4.6% during the week to near $87 a barrel after US-Iran talks were paused, while 15 of the 16 major sectors finished lower.
Market watchers are now looking closely at whether the Nifty can hold support in the 24,150-24,180 zone, which Ravi Singh of Master Capital Services described to GoodReturns as the key band near the 55-day exponential moving average. Singh said the index remains under near-term pressure but argued that the broader set-up is still constructive as long as that support holds. On the upside, he identified 24,550 as the first hurdle, with 24,800 the next important level if the market breaks higher.
Bharti Airtel is likely to remain in focus after reporting stronger-than-expected first-quarter numbers. GoodReturns said the telecom group posted 18.4% year-on-year revenue growth, helped by a 9.6% rise in its Africa business, while external analysis from ArthNeeti pointed to a 17% rise in the enterprise order book and a push into higher-margin areas such as connectivity, data centres and digital services. PC-Tablet reported that consolidated revenue reached ₹58,539 crore and that average revenue per user in India climbed to ₹264 from ₹250 a year earlier, underlining continued pricing power in the mobile business.
Defence names may also draw attention after Hindustan Aeronautics and other sector stocks rose on fresh approvals from the Defence Acquisition Council worth about Rs 6.7 lakh crore for FY26, according to GoodReturns. Havells is on the radar after reporting 19.72% year-on-year revenue growth in the June quarter, while Dr Reddy’s Laboratories gained almost 3% last week after a period of sharp losses and followed up with what GoodReturns described as positive news from a USFDA inspection.
Two dividend names will trade ex-dividend on August 18: Mahanagar Gas and Sun TV Network. GoodReturns said Mahanagar Gas has declared a final dividend of Rs 18 per share, equal to 180% of face value, while Sun TV Network has announced an interim dividend of Rs 5 per share, or 100% of face value.
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