NIFTY closed flat w/w outperforming the region despite Oil, INR headwinds; 2Q earnings started with more beats than misses; We see room for NIFTY to rebound and highlight alpha picks

Research evidence excerpt

NIFTY closed flat w/w outperforming the region despite Oil, INR headwinds; 2Q earnings started with more beats than misses; We see room for NIFTY to rebound and highlight alpha picks

Portfolio Strategy Research

17 July 2026 | 3:38PM BST

INDIA WEEKLY KICKSTART

NIFTY closed flat w/w outperforming the region despite Oil, INR headwinds; 2Q earnings started

with more beats than misses; We see room for NIFTY to rebound and highlight alpha picks

n Performance: NIFTY closed flat w/w, outperforming the goods exporters to domestic pockets. We recommend Sunil Koul

+44(20)7051-4931 | sunil.koul@gs.com

region (MXAPJ/MSCI EM: -4% w/w), despite Brent crude going long on banks, power utilities, tourism and energy Goldman Sachs International

price spiking +13% w/w, and INR weakening by 1% refiners, and are tactically cautious on pharma and Amorita Goel, CFA

+65-6654-5445 | amorita.goel@gs.com

against USD. Largecap NIFTY led (+1%), while Midcap rural/agri companies. We initiated a trade Goldman Sachs (Singapore) Pte

NSEMCAP lagged (-1%). recommendation to go long in NIFTY Banks vs. short in Timothy Moe, CFA

+65-6889-1199 | timothy.moe@gs.com

NIFTY Pharma. Goldman Sachs (Singapore) Pten Valuation / Flows : MSCI India fP/E traded at 20.4x, at

about a 78% premium to MXAPJ. FIIs sold $0.3bn wtd

(-$27bn YTD). DIIs bought $0.9bn wtd (+$53bn YTD). Focus: 1QFY27 / 2QCY26 Earnings

n About 15 MSCI India companies have reported 2QCY26

results so far. Beats have slightly outpaced misses withFocus: Room To Rebound

7 beats vs. 4 misses. Financial services reported then India’s outlook has improved amid improved capital

most number of beats while IT companies was mixed. inflows, resilient domestic growth and healthy earnings

Earnings revisions were largely flat w/w. Consumer expectations in 2Q.