CHENNAI: Indian markets opened lower on July 11, extending a possible third session of losses. The slump is attributed to global trade concerns—chiefly Trump’s tariff threats, and weak Q1 earnings in IT, and cautious sector sentiment. A mixed bag of corporate outcomes left HUL and Glenmark as bright spots, while FX and volume data remained subdued.
Nifty 50 dropped roughly 0.3–0.4%, hovering between 25,262 and 25,290 in the morning trade, and slipped further to 25,163 at 11.03 AM, while the Sensex was down about 0.4%, trading around 82,850–82,920 in the morning session. Sensex touched 82,547 (down 642.76 points) in the mid morning trade.
Eleven out of 13 primary sectors declined. IT stocks led the slide—TCS fell about 2.1%, dragging the Nifty IT index down about 1.1%, with Infosys and Wipro also lower.
President Trump’s announcement of a 35% tariff on Canada (effective August 1) and the possibility of 15–20% tariffs on other major trade partners rattled global markets and weighed on investor sentiment.
Weak first quarter (Q1 FY26) revenue from TCS compounded market pressure, while Hindustan Unilever bucked the trend, surging 4.4% after naming a new CEO.
The rupee was expected to open weaker around ₹ 85.70–85.74/USD, reflecting the dollar's strength amid tariff jitters.
Stock and sector specific highlights
IT domain: The sector underperformed due to TCS’s revenue miss and broader trade concerns impacting global IT discretionary spending.
Hindustan Unilever: Gained sharply (+4.4%) on the CEO appointment .
Glenmark Pharma rallied about 10% after clinching a licensing deal with AbbVie.
Tata Elxsi and IREDA dropped 4–5%, while Anand Rathi Wealth enjoyed a 5% uptick following its earnings report.
Broader markets
SEBI’s freeze on Jane Street funds has dampened options volumes, especially in Bank Nifty, though analysts foresee a rebound in 4–6 weeks.
Analysts warn that trade‑war risks could further pressure earnings across export‑oriented sectors and bank margins.
Outlook
With key corporate results due, markets may continue to be stock‑specific, though overarching trade‑war sentiment remains a headwind .
Any fresh escalation in US tariff rhetoric or implementation may keep volatility elevated.
Continued dollar strength or rupee weakness could pressure FIIs and inflate input costs for domestic firms.