Sensex, Nifty Tumble Nearly 1% for Third Straight Session Amid Global Tariff Jitters and Weak IT Earnings

Mumbai, Jul 11- Indian equity markets extended their losing streak for the third consecutive session on Friday, with both the Sensex and Nifty tumbling nearly 1 percent. The slide was primarily triggered by broad-based selling across IT, auto, and energy sectors, alongside investor concerns over global trade tariffs and muted corporate earnings.

The 30-share BSE Sensex plunged 689.81 points, or 0.83%, to close at 82,500.47, after hitting an intraday low of 82,442.25, down 748.03 points. The NSE Nifty 50 dropped 205.40 points, or 0.81%, to settle at 25,149.85.

IT Stocks Drag Amid Weak TCS Results

Tata Consultancy Services (TCS) weighed heavily on the indices, shedding 3.46% a day after reporting its Q1 FY26 earnings. While the company posted a 6% YoY increase in net profit to Rs 12,760 crore, driven by non-core income, revenue growth remained tepid. Rupee revenue rose 1.3% to Rs 63,437 crore, but on a constant currency basis, it declined over 3%, with the winding down of the BSNL deal also impacting performance.

Other notable laggards included Mahindra & Mahindra, Bharti Airtel, Tata Motors, Titan, HCL Tech, Bajaj Finance, Reliance Industries, Trent, Infosys, and HDFC Bank.

HUL Shines on CEO Appointment

In contrast, shares of Hindustan Unilever Ltd (HUL) surged 4.61% after the company announced that Priya Nair will take over as CEO and MD from August 1, 2025, becoming the first woman to lead the company.

Other gainers included Axis Bank, NTPC, Eternal, and State Bank of India, offering some support to the broader market.

Global Cues and Tariff Tensions Add Pressure

Markets also reacted to global trade tensions, particularly the US threat to impose 35% tariffs on Canadian imports, which added to investor caution. Analysts noted that elevated valuations and external headwinds could limit short-term inflows despite a focus on Q1 earnings.

Global Market Snapshot

Among Asian peers, South Korea’s Kospi and Japan’s Nikkei 225 ended in the red, while Shanghai Composite and Hong Kong’s Hang Seng closed higher. European markets were trading lower, whereas US markets ended on a positive note on Thursday.

Other Market Indicators

• Brent crude rose 0.31% to USD 68.85 per barrel
• FIIs remained net buyers, purchasing Rs 221.06 crore worth of equities on Thursday

Previous Session Recap

On Thursday, the Sensex had fallen 345.80 points to 83,190.28, while the Nifty dropped 120.85 points to 25,355.25, extending its downward trajectory.

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