The Prime Daily: 10 July 2026

Markets Shrug Off Iran Jitters, SK Hynix Listing in Focus

U.S. equity markets finished higher on Thursday, with the tech-heavy Nasdaq climbing 1.3% to reach 26,206. A significant rally in semiconductor stocks, including major gains for Micron and SanDisk, helped the broader market recover from previous volatility.

South Korean memory giant SK Hynix priced its U.S. ADR offering at $149 per share on Thursday, set to raise approximately $28 billion in one of the year’s largest listings. Demand ran at 7 times the shares available, fueled by the company’s dominant 58% share of the global market and surging AI-driven chip demand, which has made memory a focal point for semiconductor investors.

While equity markets stabilised, investors continued to monitor the fluctuating conflict between the U.S. and Iran. The U.S. will continue “technical talks” with Iran and remains committed to finding a solution to the conflict.  Oil prices slipped as President Donald Trump said Iran had contacted Washington to say it wanted to make a deal after the U.S. launched fresh strikes against the country.The ceasefire signed last month came under serious strain in recent days as the U.S. and Iranian forces renewed attacks this week.

S&P 500 Q2 earnings growth is expected to come in at 23.4% year-over-year, and the technology sector is projected to post 65.5% profit growth. Investors are watching the upcoming earnings season closely, with Alphabet reporting July 27, Amazon on July 30, and ServiceNow on July 22, as the AI spending boom continues to drive cloud revenue acceleration.

Recent FOMC minutes indicate that the central bank, under new Chairman Kevin Warsh, likely will not cut interest rates until 2027. With inflation trending at 4.2%, the market is now pricing in a high probability of additional rate hikes before the end of the year.

Asian markets opened higher today, followed by the US market, as chip stocks extended their rebound amid several developments across the tech sector.

TCS’s quarterly results were broadly in line with expectations, with revenue outpacing estimates even as profitability fell slightly short. TCS management remains confident in growth recovery, driven by a stronger pipeline, strong deal TCV, and net-new AI-led deal wins.

India and Australia agreed to expedite the proposed Comprehensive Economic Cooperation Agreement and a bilateral investment protection framework to deepen trade and investment ties, while PM Modi’s visit also saw 18 agreements spanning defence, maritime security, critical technologies, energy and trade, including a uranium supply deal and steps to operationalise civil nuclear cooperation.

The Indian rupee outshone regional peers, appreciating by about 16 paise to 95.39 against the dollar, aided by RBI intervention, a softer dollar index, and a domestic equity rebound.

The Nifty ended yesterday’s session with a gain of 80 points, settling at 23,962. To sustain its bullish bias, the index must defend the crucial support zone at 23,800. On the upside, resistance persists at 24,200, and a decisive move above this level would be essential to strengthen the near-term technical outlook.

Indian markets are set to open on a positive note amid encouraging global cues.