Markets wilt under selling pressure; Sensex drops 345 points on weakness in IT stocks
Mumbai, Jul 10 (PTI): Benchmark indices Sensex and Nifty buckled under selling pressure on Thursday due to weakness in IT and telecom stocks as investors turned cautious ahead of the start of earnings season, with tech major TCS scheduled to announce its Q1 numbers later in the day.
Tariff-related uncertainty also dampened investor sentiment in the market, traders said.
Sliding for the second straight session, the 30-share BSE Sensex dropped 345.80 points or 0.41 per cent to settle at 83,190.28. During the day, it declined 401.11 points or 0.48 per cent to 83,134.97.
As many as 2,064 stocks declined, while 1,959 advanced and 138 remained unchanged on the BSE.
On similar lines, the 50-share NSE Nifty declined 120.85 points or 0.47 per cent to 25,355.25.
A positive momentum in global equities, however, restricted the loss in the domestic markets.
"Indian equities concluded the day in the red, weighed down by weakness in IT stocks ahead of TCS' Q1 results. Investor sentiment remains cautious ahead of the Q1 results in anticipation of a muted start to the season from the IT and finance sectors. However, the recent consolidation in the IT stocks largely factors in the muted outlook, limiting further worries," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex pack, Bharti Airtel, Asian Paints, Infosys, Bharat Electronics, Tech Mahindra and Eternal were major laggards.
However, Maruti, Tata Steel, Bajaj Finance, Bajaj Finserv, Trent and Tata Consultancy Services were among the gainers.
"Dalal Street ended in the red on Thursday, as investors remained cautious ahead of two key events -- US President Donald Trump’s upcoming tariff announcement and the start of India’s Q1FY26 earnings season, with TCS scheduled to report results post market hours," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
The BSE midcap gauge dipped 0.28 per cent while the smallcap index inched higher by 0.12 per cent.
Among BSE sectoral indices, teck dropped 1.17 per cent, telecommunication (1.11 per cent), BSE Focused IT (0.77 per cent), IT (0.71 per cent) and consumer durables (0.44 per cent).
Realty, metal, oil & gas and utilities were the gainers.
"On the sectoral front, profit booking in IT majors ahead of TCS results weighed on the index, followed closely by weakness in FMCG and pharma stocks. However, the realty and metal sectors bucked the trend and closed in the green. The broader indices also ended with modest losses, continuing their profit-taking phase," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
An Indian commerce ministry team will soon visit Washington for another round of talks on the proposed trade agreement with the US to iron out differences in sectors, like agriculture and automobiles, a government official said on Thursday.
This visit is significant as the US has further extended the imposition of additional import duties (in the case of India, it is 26 per cent) till August 1. India is seeking the removal of this additional tariff.
In Asian markets, South Korea's Kospi, Shanghai's SSE Composite Index and Hong Kong's Hang Seng settled higher, while Japan's Nikkei 225 index ended lower.
European markets were trading mostly higher.
The US markets ended in positive territory on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 77 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude dipped 0.27 per cent to USD 70 a barrel.
On Wednesday, the 30-share BSE Sensex fell by 176.43 points or 0.21 per cent to settle at 83,536.08. The Nifty declined 46.40 points or 0.18 per cent to end at 25,476.10.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
