The domestic equity benchmarks ended with significant losses today, declining for the third day in a row, amid global uncertainty and disappointing earnings from key companies. IT, auto and media shares declined, while pharma and FMCG shares advanced. The Nifty settled a tad below the 25,150 mark.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 689.81 points or 0.83% to 82,500.47. The Nifty 50 index dropped 205.40 points or 0.81% to 25,149.85. In three consecutive trading sessions, the Sensex declined 1.45%, while the Nifty fell 1.46%.

The broader market outperformed. The S&P BSE Mid-Cap index shed 0.65% and the S&P BSE Small-Cap index rose 0.70%.

The market breadth was negative. On the BSE, 1,557 shares rose and 2,453 shares fell. A total of 155 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.24% to 11.82.

IPO Update:

The initial public offer (IPO) of Smartworks Coworking Spaces received bids for 1,10,38,824 shares as against 1,04,01,828 shares on offer, according to stock exchange data at 15:37 IST on Friday (11 July 2025). The issue was subscribed 1.06 times.

The issue opened for bidding on Thursday (10 July 2025) and it will close on Monday (14 July 2025). The price band of the IPO is fixed between Rs 387 and 407 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index fell 1.78% to 37,693.25. The index dropped 3.31% in the three consecutive trading sessions.

Tata Consultancy Services (down 3.48%), Wipro (down 2.7%), LTIMindtree (down 2.47%), Persistent Systems (down 1.92%), Oracle Financial Services Software (down 1.59%), HCL Technologies (down 1.56%), Infosys (down 1.29%), Coforge (down 1.26%), Mphasis (down 1.17%) declined.

On the other hand, Tech Mahindra (up 0.11%) edged higher.

Tata Consultancy Services (TCS) declined 3.46% following a drop in total contract value (TCV), elevated attrition rate and cautious management commentary in Q1 FY26. The IT major reported a 4.38% jump in consolidated net profit to Rs 12,760 crore despite 1.62% decline in revenue from operations to Rs 63,437 crore in Q1 June 2025 over Q4 March 2025.

Stocks in Spotlight:

Glenmark Pharmaceuticals surged 14.16% after its subsidiary Ichnos Glenmark Innovation (IGI) unveiled a global commercialization strategy for its lead investigational oncology asset, ISB 2001.

Indian Renewable Energy Development Agency (IREDA) declined 5.66% after the company's consolidated net profit declined 35.7% to Rs 246.88 crore despite a 29.7% increase in total income to Rs 1,959.84 crore in Q1 FY26 over Q1 FY25.

Anand Rathi Wealth rose 3.92% after the company reported a 27.8% jump in consolidated net profit to Rs 93.62 crore on 15.8% increase in total income to Rs 284.26 crore in Q1 FY26 over Q1 FY25.

Tata Elxsi slipped 1.48% after the company reported a 21.6% decline in net profit to Rs 144.4 crore as revenue from operations fell by 3.7% to Rs 892.1 crore in Q1 FY26 as compared with Q1 FY25.

GTPL Hathway slipped 4.31% after the company reported a 26.10% decline in consolidated net profit to Rs 10.56 crore for the first quarter of FY26, compared to Rs 14.29 crore in Q1 FY25. However, revenue from operations rose 7.15% YoY to Rs 903.69 crore for the quarter ended 30 June 2025.

RPP Infra Projects rose 1.85% after the company announced that RPP-BCC JV has bagged an order worth Rs 365.85 crore from the Public Health Engineering Department (PHED), Ajmer, Rajasthan.

Puravankara shed 0.98%. The company reported a 6% increase in pre-sales to Rs 1,124 crore in Q1 FY26 from Rs 1,064 crore in Q1 FY25. The company has achieved a quarterly sales volume of 1.25 million square feet for Q1 FY26 when compared to 1.29 million square feet in Q1 FY25.

Enviro Infra Engineers jumped 12.56% after the company announced that it has secured a project from the Maharashtra Industrial Development Corporation (MIDC) aimed at pollution control of the Panchganga River worth Rs 400 crore.

RMC Switchgears hit an upper circuit of 5% after the company posted consolidated revenue of Rs 86.14 crore in the June quarter of FY26, recording over 165% YoY growth compared to Rs 34.04 crore in the same period last year.

Global Markets:

US Dow Jones futures slipped 306 points, indicating a weak opening for Wall Street.

European shares traded lower on Friday after data revealed that the U.K. economy unexpectedly contracted again in May, unable to recover from the impact of U.S. tariffs and ongoing business uncertainty.

According to data from the Office for National Statistics, U.K. gross domestic product (GDP) fell by 0.1% in May on a monthly basis, following a 0.3% contraction in April, the largest decline since October 2023.

Most Asian stocks ended higher. U.S. President Donald Trump announced 35% tariffs on Canada starting Aug 1. The new duties will be in addition to Trump's recent sectoral tariffs. Trump attributed fentanyl and Canada's retaliatory tariffs as reasons for the rate. The 35% duty might be increased if Canada continues to retaliate, Trump said.

Trump also told reporters Thursday that his administration is preparing to impose blanket tariffs of 15% to 20% on a broader set of trade partners, adding another layer of uncertainty to global trade dynamics.

Despite the rising geopolitical tension, Wall Street closed higher overnight, with the S&P 500 and Nasdaq setting fresh record highs. The S&P 500 gained 0.27%, the Nasdaq edged up 0.09%, and the Dow Jones Industrial Average rose 0.43%, lifted largely by strong performance in chip stocks.

Semiconductor stocks rallied 1% after Taiwan Semiconductor Manufacturing Co. (TSMC) reported a robust 40% jump in Q2 sales, beating expectations and reinforcing optimism around AI-led demand.

Advanced Micro Devices also gained momentum following an upgrade to buy by a broker, while Nvidia extended its rally a day after breaching the $4 trillion market cap mark for the first time.

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