The domestic stock market moved in a narrow range on July 16 as there were no major triggers to drive investor sentiment. Both benchmark indices closed nearly flat. The Sensex edged up by 63.57 points, or 0.08 per cent, to close at 82,634.48, while the Nifty 50 rose just 16.25 points, or 0.06 per cent, to settle at 25,212.05.
Here’s what to expect from the market today.
Trump Powell Feud
US President Donald Trump on July 16 said he is not planning to remove Federal Reserve Chair Jerome Powell, but his comment still sounded like a warning.
“I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud,” Trump said on Wednesday when asked if he might fire Powell, Bloomberg reported.
Trump has recently stepped up criticism of Fed Chair Jerome Powell for not cutting interest rates fast enough. Powell’s term ends in May 2026, but Trump has been pushing for a replacement before that.
Trump on July 16 confirmed that US Treasury Secretary Scott Bessent is being considered for the role, although he said Bessent isn’t among the top contenders.
Bessent has openly backed Trump’s call for more rate cuts, and if he replaces Powell, the US could see further easing in interest rates.
Q1 Results Today
Markets will see a busy earnings calendar today, July 17, with Axis Bank, Wipro, LTIMindtree, HDFC Asset Management Company, Jio Financial Services, and 32 other companies scheduled to announce their Q1 FY26 results.
The results will offer an early look into corporate performance for the new financial year.
In addition to today’s scheduled announcements, markets are also expected to react to earnings declared post-market hours on July 16, which may impact stock movements at the open.
India-US Trade Deal
During a meeting with Bahrain’s Crown Prince and Prime Minister Salman bin Hamad Al Khalifa at the Oval Office on July 16, Trump said the US is "very close" to a trade deal with India.
He said, "August 1 is when a very substantial money comes into our country. We've made deals with numerous places. We had one yesterday. We have another one (deal) coming up, maybe with India... We are in negotiation. When I send out a letter, that's a deal..."
Trump further added, "We have some pretty good deals to announce... We are very close to a deal with India where they open it up."
While the details of the agreements remains unclear, Trump’s comments suggest active negotiations and potential breakthroughs in the India-US trade deal.
Global Markets
The Dow Jones Industrial Average, gained 231.49 points, or 0.53 per cent, to close at 44,254.78, and the S&P 500 advanced 19.94 points, or 0.32 per cent, to settle at 6,263.70. Similarly, the tech-heavy Nasdaq Composite rose 52.69 points, or 0.25 per cent to close at 20,730.49.
Asian markets were trading nearly around unchanged levels in early trade today. The Hong Kong-based Hang Seng and China's SSE Composite were trading flat-to-positive, Japan's Nikkei 225 was up 0.15 per cent, and South Korea's Kospi was also flat-to-positive.
