Indian equity benchmarks ended lower on Thursday, July 10, 2025, as investors chose to book profits and stayed cautious ahead of key quarterly results. Despite a positive start, both the Sensex and Nifty failed to hold onto their gains by the close of trading, reflecting weak market sentiment and muted global cues.
Key Indices Snapshot
- Sensex: Closed 346 points lower at 83,190
- Nifty 50: Fell 121 points to settle at 25,355, slipping below the psychological 25,400 mark
- Nifty Bank: Lost 258 points to end at 56,956
- Midcap Index: Dropped 180 points to 59,160
The broader market also mirrored the downtrend, although losses were trimmed towards the end. Market breadth remained weak with nearly 40 out of 50 Nifty stocks ending in the red.
Top Losers & Gainers
Top Losers
- Bharti Airtel: Emerged as the biggest Nifty laggard, dragged down by profit booking.
- Asian Paints: Slid 2% after selling its entire 4.4% stake in Akzo Nobel.
- Bharat Dynamics & Solar Industries: Fell over 5% and 3% respectively as defence stocks witnessed selling pressure.
- LIC: Lost 2% amid weak monthly insurance data and reports of a potential government stake sale via OFS.
- IT Stocks (TCS, Tata Elxsi): Under pressure ahead of quarterly earnings reports.
Top Gainers
- Glenmark Pharma: Jumped over 5% after securing US FDA approval for its lead asset ISB 2001.
- Paytm: Continued upward momentum, rising 4% ahead of its Q1 update.
- IndusInd Bank & Maruti: Gained 1.5% each, providing some support to the index.
- PFC & REC: Benefited from a positive note by Morgan Stanley, closing in the green.
- IREDA: Rose 2% after government approval to raise capital through capital gain bonds.
- Prestige Estates: Advanced 3% following favorable brokerage reports post Q1 update.
Sectoral & Thematic Trends
- Insurance Stocks: Mixed reaction post-release of monthly life insurance data. HDFC Life slipped while Max Financial edged higher.
- Defence & Infra: Profit booking triggered a selloff in Bharat Dynamics and Solar Industries.
- Technology: Underperformed as investors braced for Q1 results from TCS and Tata Elxsi.
- FMCG & Paints: Dragged by Asian Paints’ strategic disinvestment.
- Pharma & Energy: Remained resilient, led by Glenmark and Paytm.
Global Market Cues
- US Futures: Dow Futures fell over 100 points following President Trump’s announcement of a 50% tariff on copper imports, effective August 1.
- European Markets: Mixed performance; FTSE gained on mining stocks while others tracked Wall Street weakness.
- Gold Prices: Rebounded above $3,300/oz, supporting gold financing stocks like IIFL Finance and Manappuram.
- Crude Oil: Traded sideways amid uncertainty around global demand and tariff tensions.
Other Market Highlights
- TCS Q1 Results: Investors remained cautious ahead of TCS earnings due after market hours. Street expects muted growth in USD revenue and profits.
- Nykaa: Continued to gain traction, up 10% for the week as buying interest sustained.
- GP Eco: Bagged a new ₹121 crore solar EPC order in Punjab.
- Petronet LNG: Signed a ₹1,200 crore regasification deal with Deepak Fertilisers’ subsidiary.
- UTI AMC: Hit a 52-week high, with the stock rallying over 6% intraday.
- Edelweiss NCDs: Public issue of non-convertible debentures now open, offering up to 10.49% yield.
- Shilpa Medicare: Received GMP certification from Saudi Arabia for its Bengaluru facility.
- MSEI Exchange: Plans to raise ₹1,000 crore as part of a revival strategy.
Expert Take
Saurabh Mukherjea, Founder of Marcellus Investment Managers, commented that Q1 FY26 earnings could remain muted, citing weak consumption demand, slow infrastructure capex, and rising household debt.
Meanwhile, JP Morgan’s Jahangir Aziz suggested that the US Fed is unlikely to cut interest rates before December 2025, as it awaits clearer signals on inflation and labor market trends.
With Q1 earnings season gaining momentum and global uncertainties looming large, volatility is expected to remain elevated in the coming sessions. Eyes will be on TCS results, and broader market sentiment may hinge on earnings performance and further policy updates.
