New Delhi, July 11 -- As the first quarter earnings season of FY26 begins, Motilal Oswal Financial Services (MOSL) has flagged a cautious outlook for select Nifty constituents. The brokerage anticipates muted performance across certain heavyweights, especially in sectors facing margin pressures, geopolitical headwinds, and demand moderation. MOSL said that the first half of 2025 has been marked by considerable geopolitical and economic disruptions, which significantly heightened volatility in global equity markets. With S&P 500 VIX spiking over 50 percent and India VIX touching 20 percent, investor sentiment has remained fragile.

According to MOSL, these conditions have muddled monetary policy clarity and dampened corporate earnings visi...