Indian equity benchmark indices traded in the red on Friday, weighed down by weaker-than-expected Q1 results from Tata Consultancy Services and fresh tariffs imposed by US President Donald Trump on key trading partner Canada.
At 9:40 am, the BSE Sensex was down 505 points, or 0.61%, at 82,684, while the Nifty50 slipped 144 points, or 0.57%, to 25,210.
On the sectoral front, the Nifty IT index dropped 1.3%, weighed down by TCS's results. Infosys, Wipro, LTIMindtree, and Tech Mahindra also slipped 1–2% in early trade.
Meanwhile, Trump said on Thursday that the U.S. would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trade partners.
Among individual stocks, Glenmark Pharmaceuticals shares zoomed 10% to hit their upper circuit and a new 52-week high after its subsidiary signed a global licensing pact with US-based AbbVie for cancer drug ISB 2001, securing $700 million upfront and up to $1.225 billion in milestones, plus tiered royalties.
Prashanth Tapse, Senior VP (Research), Mehta Equities, said, "Nifty bulls may remain under pressure amid Trump’s tariff threats and hawkish Fed tones, with technical strength only above 25,670."
Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures also dropped 0.4%.
The MSCI's broadest index of Asia-Pacific shares outside Japan wobbled but was last up 0.5% on Friday. That brought the weekly gain to 0.7%.
Tokyo's Nikkei reversed earlier gains to be off 0.1%, and is set for a weekly drop of 0.6%. It was dragged lower by an almost 7% drop in shares of Uniqlo owner Fast Retailing after it warned of a significant tariff impact. China's blue chips rose 0.5%, while Hong Kong's Hang Seng index rallied 1.3%.
The Foreign institutional investors (FIIs) bought equities worth Rs 221 crore on July 10, while Domestic institutional investors (DIIs) also purchased equities worth Rs 591 crore on the same day.
Brent crude futures rose 19 cents, or 0.28%, to $68.83 a barrel as of 0037 GMT. U.S. West Texas Intermediate crude ticked up 26 cents to $66.83 a barrel, up 0.39%.
The Indian rupee fell 15 paise to 85.85 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.15% to 97.79 level.
(With inputs from agencies)
At 9:40 am, the BSE Sensex was down 505 points, or 0.61%, at 82,684, while the Nifty50 slipped 144 points, or 0.57%, to 25,210.
On the sectoral front, the Nifty IT index dropped 1.3%, weighed down by TCS's results. Infosys, Wipro, LTIMindtree, and Tech Mahindra also slipped 1–2% in early trade.
Meanwhile, Trump said on Thursday that the U.S. would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trade partners.
Among individual stocks, Glenmark Pharmaceuticals shares zoomed 10% to hit their upper circuit and a new 52-week high after its subsidiary signed a global licensing pact with US-based AbbVie for cancer drug ISB 2001, securing $700 million upfront and up to $1.225 billion in milestones, plus tiered royalties.
Experts View
"Q1 results of TCS indicate continuing struggle for IT companies, particularly largecap IT. However, midcap IT is likely to do well. Outperformance in Q1 will be from telecom, oil and gas and segments of autos. Investors may focus on fairly valued stocks with earnings visibility," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.Prashanth Tapse, Senior VP (Research), Mehta Equities, said, "Nifty bulls may remain under pressure amid Trump’s tariff threats and hawkish Fed tones, with technical strength only above 25,670."
Global Markets
U.S. and European stock futures dipped in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, restraining an early rally in regional share markets.Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures also dropped 0.4%.
The MSCI's broadest index of Asia-Pacific shares outside Japan wobbled but was last up 0.5% on Friday. That brought the weekly gain to 0.7%.
Tokyo's Nikkei reversed earlier gains to be off 0.1%, and is set for a weekly drop of 0.6%. It was dragged lower by an almost 7% drop in shares of Uniqlo owner Fast Retailing after it warned of a significant tariff impact. China's blue chips rose 0.5%, while Hong Kong's Hang Seng index rallied 1.3%.
FII/DII Tracker
The Foreign institutional investors (FIIs) bought equities worth Rs 221 crore on July 10, while Domestic institutional investors (DIIs) also purchased equities worth Rs 591 crore on the same day.
Crude Oil
Oil prices steadied in early trading on Friday following a 2% drop in the previous session that was driven by U.S. President Donald Trump's new tariffs, expected to hurt economic growth, and a cut to OPEC demand forecasts.Brent crude futures rose 19 cents, or 0.28%, to $68.83 a barrel as of 0037 GMT. U.S. West Texas Intermediate crude ticked up 26 cents to $66.83 a barrel, up 0.39%.
Rupee vs Dollar
The Indian rupee fell 15 paise to 85.85 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.15% to 97.79 level.
(With inputs from agencies)
