Indian benchmark indices ended lower on July 11, with bears tightening their grip amid a cautious start to the June quarter earnings season and fresh global concerns. The Sensex closed 689.81 points, or 0.83%, lower at 82,500.47, while the Nifty shed 205.40 points, or 0.81%, to finish at 25,149.85.
Broader markets followed suit. The Nifty Midcap 100 lost 0.8%, and the Nifty Smallcap 100 fell by about 1%, reflecting a broad-based risk-off tone.
Investor sentiment took a hit from renewed global trade tensions. Trump's move to impose a fresh 35% tariff on Canadian imports, alongside hints of 15–20% blanket tariffs on other major trading partners, sparked concerns of a wider trade war. The uncertainty around an India–US trade pact further weighed on investor confidence.
Adding to the nerves, oil prices edged higher following comments by Donald Trump, who said he would be making an announcement related to Russia, fuelling speculation around fresh sanctions.
On the domestic front, Tata Consultancy Services (TCS) kicked off the earnings season with a subdued set of results. A sharper-than-expected decline in quarterly revenues, coupled with an uncertain outlook from management, left investors disappointed. TCS shares fell over 3% during the session, dragging down the broader IT pack. The Nifty IT index ended nearly 2% lower, as concerns mounted over a muted earnings season for the sector.
There were, however, some bright spots. Glenmark Pharmaceuticals surged over 20% intraday, lifting the Nifty Pharma index. The stock soared after its Swiss-based subsidiary entered into an exclusive global licensing deal with US-based AbbVie for its cancer drug currently under development.
Another standout was Hindustan Unilever (HUL), whose shares rallied after the company announced Priya Nair would take over as CEO and MD from August 1, becoming the first woman to lead the FMCG giant in its 92-year history. Market participants welcomed the leadership transition, hopeful it would mark the beginning of a growth-centric phase for HUL, which has struggled with volume and revenue growth in recent quarters.
Despite the gains in pharma and FMCG, the broader market tone remained cautious.
Vinod Nair, Head of Research at Geojit Financial Services, said that while investors may look for buying opportunities during dips, high valuations and persistent global headwinds, including tariff uncertainty and weak global spending, which could restrain fresh inflows in the near term.
Technically, Mandar Bhojane, Senior Technical and Derivatives Analyst at Choice Broking, believes the Nifty needs to decisively reclaim the 25,500–25,600 range to regain upward momentum. On the downside, he sees 25,000 as the immediate support level.
