Sensex down 100 pts, Nifty below 25,200 as PSU banks, IT stocks fall
Benchmark indices Nifty and Sensex gave up early gains to trade lower in the afternoon, dragged down by sharp losses in PSU bank and IT stocks. Sentiment remained fragile as investors weighed weak Q1 earnings signals and global tariff concerns, keeping markets under pressure.
At about 12:45 pm, the Sensex was down 114.47 points or 0.14 percent at 82,520.01, and the Nifty was down 23.45 points or 0.09 percent at 25,188.60. About 1857 shares advanced, 1549 shares declined, and 139 shares remained unchanged.
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Experts say investors are walking a tightrope between optimism and caution amid the ongoing relief rally, with focus firmly on Q1FY26 corporate earnings. Given stretched valuations, strong earnings upgrades will be key to sustaining the momentum. At the same time, global sentiment remains fragile, clouded by persistent tariff concerns.
Sectoral performance on the NSE was mixed, with defensive and consumption-related indices leading the gains. Nifty Realty outperformed with a 1.12 percent rise, followed by Pharma, which added 0.67 percent, and FMCG, up 0.55 percent. Consumer Durables and Energy also saw modest gains. On the flip side, selling pressure was visible in rate-sensitive sectors, with IT slipping 0.84 percent and PSU Banks down 0.75 percent. Private Banks, the Nifty Bank, and Infrastructure indices also ended in the red. Broader markets were largely flat, with the Nifty Midcap 100 down 0.15 percent and the Smallcap 100 easing 0.02 percent. Volatility remained subdued as the India VIX dipped 0.27 percent to 11.21.
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Among individual stocks, Le Travenues Tech, the operator of online travel portal Ixigo, were higher by 14 percent to trade at all-time highs after the June quarter results showed strong growth, led by faster-than-expected growth in bus and flight bookings with a Gross Transaction Value (GTV) growth of 55 percent on year.
Information and technology player Tech Mahindra Ltd (TechM) shares fell by over 2 percent after the Mahindra Group company posted its earnings results for the three months ended June 30, 2025. Brokerages remained mixed on their outlook for the firm following strong deal wins during the quarter, while the revenue came in under estimates.
The shares of Sona BLW Precision Forgings sharply surged over 8 percent on July 17 after a report said that Chinese automaker BYD is in talks with the company for the supply of EV components. The Indian company may also set up a local component manufacturing plant in China, CNBC-TV18 reported. Talks between Sona BLW and BYD have been ongoing for the past few months now, and the local component manufacturing plant in China is part of Sona BLW's long term roadmap.
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"For sustained upward movement, Nifty must hold above 25,330. Upside resistance is seen at 25,600–25,700, while 25,000 acts as immediate support. Bank Nifty continues its bullish structure of higher highs and higher lows after a successful double bottom pattern. Strong volumes suggest buying interest. The index must stay above 57,200 to retain bullish sentiment. A breakout above 57,600–58,000 can trigger sharp upside, whereas 56,800 is key support on the downside," Mandar Bhojane of Choice Equity Broking said.
Tata Consumer Products, Hindalco, Trent, Tata Motors, and Sun Pharma were the top gainers on the Nifty. Laggards on the index were Tech Mahindra, IndusInd Bank, L&T, Infosys, and SBI Life Insurance.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.