Taking Stock: Nifty ends below 25,400, Sensex lower as investors await TCS Q1, tariff decision

Market Today

Benchmark indices failed to build on early gains and ended lower for a second consecutive session on July 10, with Nifty closing below 25,400 as investors remained worried over US President Trump’s tariff moves, ahead of TCS Q1FY26 earnings.

At 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. Nifty Midcap and smallcap indices shed 0.3 percent each.

Except metal, realty, all other indices ended lower with pharma, telecom, IT, PSU Bank, FMCG down 0.5 percent each. IT stocks were cautious ahead of TCS Q1 results.

Bharti Airtel, HDFC Life, Asian Paints, Apollo Hospitals, Shriram Finance were among major losers on the Nifty, while gainers were IndusInd Bank, Maruti Suzuki, Tata Steel, Bajaj Finance, Bajaj Finserv.

Read More: Indian IPOs set to raise up to $18 billion in second-half surge

In stock-specific action, Prestige Estates shares gained nearly 3% as brokerages remained bullish after record Q1 business update, IREDA rose over 2% ahead of Q1 results, RailTel Corp shares gained on order win from Chhattisgarh, GP Eco Solutions India shares rose 5 percent on EPC contract worth Rs 122 crore, JTL Industries shares gained 3 percent on capacity expansion plan, and Power Finance Corp shares jumped nearly 3 percent after a block deal of 1.11 million shares.

Nearly 140 stocks on the BSE touched their 52-week highs, including Glenmark Pharma, UTI AMC, Krishna Institute of Medical Sciences, Laurus Labs, UltraTech Cement, SRF, LT Finance, Navin Fluorine, among others. Click to View More

Outlook for July 11

Index	Prices	Change	Change%
Sensex	85,106.81	-31.46	-0.04%
Nifty 50	25,986.00	-46.20	-0.18%
Nifty Bank	59,348.25	74.45	+0.13%

Nifty 50 25,986.00 -46.20 (-0.18%)

Wed, Dec 03, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Wipro	254.69	4.52	+1.81%

Biggest Loser	Prices	Change	Change%
Max Healthcare	1,086.00	-31.50	-2.82%

Best Sector	Prices	Change	Change%
Nifty IT	37825.30	284.00	+0.76%

Worst Sector	Prices	Change	Change%
Nifty PSU Bank	8253.20	-261.70	-3.07%

Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped lower following a breakdown from the congestion zone on the daily chart, reinforcing the prevailing bearish sentiment. Additionally, the index has moved below the 21-hour exponential moving average.

The RSI (14) on the daily chart has also turned negative, indicating weakening momentum. In the short term, the trend is likely to remain weak, which could lead to further downside.

On the lower end, support is placed at 25,250–25,200, while on the higher end, resistance levels are seen at 25,400 and 25,500.

Aditya Gaggar Director of Progressive Shares

Today's trade was dominated by bears. After a muted start, the market witnessed a one-sided move toward the south, ultimately ending the session at 25,355.25 with a notable loss of 120.85 points. Except for the Realty and Metal, all other sectors closed in negative territory, with IT and PSU Banking being the major laggards. The broader markets outperformed the Frontline Index, as the Midcap and Smallcap segments managed to restrict their corrections.

Over the past few sessions, the level of 25,400 had acted as a strong support; however, it was breached in today’s trade, though a confirmatory move is required.

If the downward momentum continues, the correction could extend further toward the 25,200 mark, while resistance is now seen lower at 25,520.

Ajit Mishra – SVP, Research, Religare Broking

Markets edged lower and lost nearly half a percent on the weekly expiry day. After a flat start, the Nifty gradually drifted lower as the session progressed and finally settled near the day’s low, around the 25,355.25 mark. On the sectoral front, profit booking in IT majors ahead of TCS results weighed on the index, followed closely by weakness in FMCG and pharma stocks. However, the realty and metal sectors bucked the trend and closed in the green. The broader indices also ended with modest losses, continuing their profit-taking phase.

Markets will react to TCS’s earnings in early trade, with a keen eye on management commentary, which could set the initial tone. With the Nifty now hovering near its immediate and crucial support zone—marked by the 20-day exponential moving average (20-DEMA) and the upper boundary of its previous consolidation range around the 25,200–25,300 zone—it will be critical for the index to hold this level to maintain its positive bias. That said, with the earnings season underway, stock-specific opportunities are likely to emerge on both sides, so participants should align their positions accordingly.

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