Markets fall amid US-India trade deal uncertainty, TCS Q1 results awaited; Nifty IT, PSU Banks under pressure
Indian equity benchmarks drifted lower on July 10, with Nifty 50 falling below the 25,400 mark and Sensex losing over 300 points, as global uncertainty and cautious positioning ahead of the TCS Q1 FY25 earnings and US-India trade negotiations weighed on sentiment.
At 2:01 p.m., the Sensex was down 314.48 points at 83,221.60, while the Nifty slipped 99.40 points to 25,376.70. Weakness was broad-based, with all sectoral indices in the red except Nifty Metal and Realty. The BSE Midcap was down 0.4%, while the Smallcap index traded flat. India VIX dipped 2.09% to 11.94, suggesting a cautious undertone.
Also Read : Prestige Estates Shares Rise 2% as Brokerages Cheer Record Q1 Performance
Sectoral Trends & Stock Action
Top losers on Nifty:
Bharti Airtel, HDFC Life, Wipro, Tech Mahindra, Cipla
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Top gainers:
IndusInd Bank, Maruti Suzuki, Tata Steel, Jio Financial, Bajaj Finance
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Sectoral laggards:
Nifty IT led the decline, followed by Pharma, Telecom, FMCG, Auto, PSU Banks
Enviro Infra surged 6% after JV won ₹395 Cr project
Waaree Energies rose 2% post OFS announcement
Market Outlook & Cues Ahead
Investor sentiment remains cautious ahead of the TCS earnings expected later today. Analysts anticipate a 0.5% QoQ revenue drop and flat EBIT margin amid weak utilisation and high talent costs.
Technical indicators show strong resistance at 25,500 on Nifty. Broader volatility is likely to persist amid tariff-related uncertainty and upcoming results.
Global cues remain mixed:
S&P 500 futures down 0.2%
Japan’s Topix fell 0.7%, while ASX 200, Hang Seng, and Shanghai Composite posted modest gains.
