Nifty extended its losing streak for the second straight session on July 10, weighed down by heightened volatility typical of the weekly derivatives expiry. The subdued mood also reflected a lack of fresh triggers, as investors awaited the start of the June-quarter earnings season with TCS’s results and monitored progress on the long-pending India–US trade deal.
At the close, the Sensex was down 345.80 points or 0.41 percent at 83,190.28, and the Nifty was down 120.85 points or 0.47 percent at 25,355.25. About 1919 shares advanced, 1947 shares declined, and 140 shares remained unchanged.
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On the sectoral front, Nifty IT emerged as the biggest drag, with heavyweights like Infosys, Wipro, TCS, and Tech Mahindra slipping. Analysts warned that the IT sector may witness a tepid earnings season, hurt by global macroeconomic uncertainties.
Brokerage Equirius Capital expects TCS’s US revenues to decline sequentially by about 0.4 percent in constant currency terms for the quarter, citing headwinds from the ramp-down of the BSNL deal and weaker international sales growth.
Nifty PSU Bank index was also one of the worst performers, falling 0.77 percent, followed by Nifty IT and Nifty Pharma, which declined 0.82 percent and 0.59 percent, respectively. Nifty Bank and Nifty FMCG also slipped 0.41 percent and 0.55 percent. On the broader front, the Nifty Midcap 100 and Smallcap 100 indices dropped 0.29 percent and 0.28 percent, respectively.
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Among the gainers, Nifty Realty led the pack with a 0.70 percent rise, while Nifty Metal and Consumer Durables edged higher by 0.41 percent and 0.16 percent, respectively. Volatility remained subdued as India VIX declined over 2 percent to 11.68.
Looking ahead, Manish Sonthalia, Director & CIO at Emkay Investment Managers, maintained a positive medium-term view despite near-term volatility, describing it as “unequivocally a buy-on-dips market.”
“I believe investors who buy into this dip will benefit from tailwinds expected in Q3 and Q4. We see Nifty 50 earnings growth in Q1FY26 at around 3–8 percent. While markets could overshoot on the upside, this volatility is an opportunity to accumulate select stocks,” he said.
On the technical side, Vaishali Parekh, VP – Technical Research at Prabhudas Lilladher Capital, noted that volatility could intensify as the results season unfolds. “The index has strong support in the 25,250–25,300 zone, which needs to hold. On the upside, a decisive break above 25,650 could trigger a fresh rally, opening the path to targets of 25,700 and 26,200 in the coming sessions,” she added.
Maruti Suzuki, IndusInd Bank, Tata Steel, Bajaj Finance, and Bajaj Finserv were the top gainers on the Nifty. Laggards on the index included Bharti Airtel, Asian Paints, HDFC Life, Apollo Hospitals, and Shriram Finance.
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