Why are Indian shares expected to open lower despite strong earnings from major companies like Reliance Industries and ICICI Bank?

Indian shares are expected to open lower primarily due to rising oil prices—Brent crude futures jumped 2.5% to over $90 per barrel for the first time in over a month—driven by escalating Middle East conflict, including U.S. military strikes on Iran for a ninth consecutive day and growing concerns over shipping through the Strait of Hormuz; these geopolitical risks offset the positive impact of better-than-expected quarterly earnings from Reliance Industries, ICICI Bank, Kotak Mahindra Bank, and Axis Bank, as India is an import-dependent economy highly sensitive to oil price volatility.

Which Indian companies reported better-than-expected earnings, and what were the key drivers cited in the news?

Reliance Industries beat market expectations for first-quarter net profit, driven by strong performances across its oil-to-chemicals, retail, and telecom businesses; ICICI Bank reported higher-than-expected earnings for the June quarter due to stronger loan demand and lower provisions for bad loans; Kotak Mahindra Bank and Axis Bank also delivered better-than-expected results, while HDFC Bank’s earnings met analysts’ expectations but were described by Jefferies as relatively weaker compared to peers.

Indian Shares Expected Lower on Middle East Concerns; Earnings in Focus

Jul 19, 2026

Indian shares are set to open lower amid rising oil prices linked to Middle East tensions, with Brent crude exceeding $90 per barrel. Key earnings reports, including Reliance Industries' profit beat driven by its oil-to-chemicals division, remain in focus.

reuters

2026-07-17

Ambani's Reliance Tops Profit Estimates Despite Iran War Woes

2026-07-19

Indian Shares Expected Lower on Middle East Concerns; Earnings in Focus

Indian Shares Expected Lower on Middle East Concerns; Earnings in Focus

FAQ