Markets extend losses for 3rd session; Sensex tanks 690 points on selling in IT, auto stocks
Mumbai, Jul 11 (PTI): Equity benchmark indices Sensex and Nifty declined for the third session in a row on Friday, dropping nearly 1 per cent, dragged by heavy selling in IT, auto and energy stocks amid a muted start of the earnings season.
Tariff-related uncertainties and mixed global market trends also added to the pressure, analysts said.
The 30-share BSE Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47. During the day, it fell 748.03 points or 0.89 per cent to 82,442.25.
As many as 2,450 stocks declined while 1,557 advanced and 158 remained unchanged on the BSE.
Similarly, the 50-share NSE Nifty dropped 205.40 points or 0.81 per cent to 25,149.85.
On the weekly front, the BSE benchmark dropped 932.42 points or 1.11 per cent, and the Nifty tanked 311.15 points or 1.22 per cent.
"While weak European market cues and negative US Dow Futures weighed on sentiment, the disappointing start to earnings season by software major TCS cautioned investors about the sluggish global demand scenario that led to heavy selling in IT, telecom, auto, realty and oil & gas stocks," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
From the Sensex firms, Tata Consultancy Services declined 3.46 per cent after reporting its June quarter earnings.
The country's largest IT services company on Thursday reported a 6 per cent growth in June quarter net profit at Rs 12,760 crore, helped by a jump in non-core income even as revenues grew at a tepid pace.
The rupee revenue grew 1.3 per cent to Rs 63,437 crore during the quarter. Still, it was down by over 3 per cent on a constant currency basis, as the company faced headwinds in its major markets amid a winding down of the BSNL deal, which helped it in recent quarters.
Mahindra & Mahindra, Bharti Airtel, Tata Motors, Titan, HCL Tech, Bajaj Finance, Reliance Industries, Trent, Infosys and HDFC Bank were among the other major laggards from the pack.
"Markets traded under pressure on Friday and lost over half a per cent, dragged down by weak cues. The session began on a negative note following disappointing results from IT major TCS, which further worsened due to profit-taking in heavyweight stocks across other sectors. Sentiment remained subdued due to ongoing uncertainty around tariff-related issues and a weak start to the earnings season," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
Meanwhile, shares of Hindustan Unilever Ltd (HUL) surged 4.61 per cent following the announcement that Priya Nair will become the first woman CEO and MD of the firm, effective August 1, 2025.
Axis Bank, NTPC, Eternal and State Bank of India were also among the gainers.
"The domestic market experienced a negative close due to a sober start to Q1 earnings season and a ramp-up in the tariff threat by the US to impose a 35 per cent tariff on Canada. Investors may continue to be focused on quarterly earnings for a buy-on-dips strategy. However, in the near term, the current premium valuation and the global headwinds like low spending and tariff uncertainties may restrain new inflows.
"The IT index underperformed due to deferment in orders and new investments, which may impact FY26 earnings estimates," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge declined 0.70 per cent, and the midcap index dropped 0.65 per cent.
On BSE sectoral indicators, teck tumbled 1.85 per cent, BSE Focused IT tanked 1.77 per cent, IT (1.65 per cent), auto (1.72 per cent), oil & gas (1.28 per cent), consumer discretionary (1.23 per cent), and telecommunication (1.22 per cent).
In contrast, healthcare and FMCG were the gainers.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index settled lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended higher.
European markets were trading lower in mid-session trade.
The US markets ended in positive territory on Thursday.
Global oil benchmark Brent crude climbed 0.31 per cent to USD 68.85 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 221.06 crore on Thursday, according to exchange data.
On Thursday, the Sensex dropped 345.80 points or 0.41 per cent to settle at 83,190.28. On similar lines, the Nifty declined 120.85 points or 0.47 per cent to 25,355.25.
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Unnao rape case: SC sets aside order suspending Sengar's life term, asks HC to decide plea afresh
New Delhi (PTI): The Supreme Court on Friday set aside a Delhi High Court order suspending the life sentence of former BJP MLA Kuldeep Singh Sengar in the 2017 Unnao rape case and asked it to decide the plea afresh.
A bench comprising Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi also asked the high court to make endeavours to decide the main plea of Sengar against his conviction and life imprisonment in the case within two months.
It further said that if it was not possible for the high court to decide the main plea expeditiously, then it should pass an order on a plea of Sengar seeking the suspension of the life term in the case before the start of the summer vacation there.
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The bench, which had earlier set aside the HC order granting bail to Sengar after a huge public uproar over the issue, said that it did not express any opinion on the merits of the case and the high court could proceed with it afresh.
The CJI also asked the HC to decide afresh issues like whether an MLA can be treated as a public servant for being prosecuted under the Protection of Children from Sexual Offences (POCSO) Act.
Earlier, the top court had deferred to the first week of May the hearing on a petition filed by the CBI challenging the suspension of life imprisonment of the former MLA in the rape case.
On December 29 last year, the top court stayed the Delhi High Court order suspending Sengar's life sentence and said he shall not be released from custody.
In its order dated December 23, 2025, the Delhi High Court had said that Sengar had been convicted under Section 5 (C) (aggravated penetrative sexual assault by a public servant) of the POCSO Act but an elected representative does not fit the definition of a "public servant" under Section 21 of the Indian Penal Code.
The high court had suspended the jail term of Sengar, who was serving life imprisonment in the Unnao rape case, till the pendency of his appeal, saying he had already served seven years and five months in prison.
The high court order has sparked criticism from various sections of society and protests were held by the victim, her family and activists.
