SENSEX down 700 pts, NIFTY50 below 25,200: Weak start to Q1 earnings and other factors dragging markets today

Investor sentiment was also dampened amid various tariff uncertainties. At 12 PM, the S&P BSE SENSEX was down 697.92 points, or 0.84%, at the 82,492.36 level, while NSE’s NIFTY50 was at the 25,154.95 level Stock market today: The equity benchmark indices opened lower and extended their losses on Friday, July 11, with Sensex slipping below the 83,000 mark and NIFTY50 sliding below the 25,200 level. At 12 PM, the S\&P BSE SENSEX was down 697.92 points, or 0.84%, at the 82,492.36 level, while NSE’s NIFTY50 was trading at 25,154.95, down 200.30 points, or 0.79%. The IT stocks continued to drag the main equity indices, followed by media, auto, and oil and gas indices. Here are the key factors behind the market’s decline on Friday Earnings disappointment TCS earnings: India’s leading IT services firm, Tata Consultancy Services (TCS), on Thursday announced its April to June quarter earnings. Though the earnings met the estimates, it failed to impress the market investors, as the CEO said the company is facing 'demand contraction' due to the continuing uncertainties on the macroeconomic and geopolitical fronts and added that it does not see a double-digit revenue growth in FY26. Shares of TCS fell 3% to an intraday low of ₹3,285 apiece on the NSE. Last seen, the stock was trading at ₹3,290 per share, declining 2.72%. The country's largest IT services company on Thursday reported a 6% growth in June quarter (Q1 FY26) net profit at ₹12,760 crore, helped by a jump in non-core income even as revenues grew at a tepid pace. IREDA earnings: Shares of state-run Indian Renewable Energy Development Agency (IREDA) declined almost 6% after the company released its results for the first quarter of the financial year 2025-26. IREDA posted a 35.65% decline in its consolidated net profit to ₹246.88 crore in the latest June quarter compared to the same period of the previous fiscal year, mainly due to higher expenses. The firm had posted a post-tax profit of ₹383.7 crore in the April-June quarter. The consolidated revenue from operations advanced 28.95% to ₹1,947.6 crore in Q1 FY26 against ₹1,510.27 crore a year back. Last seen, the stock was trading down 4.65% on NSE at ₹161.76 per share. Also read: Zee Entertainment shares slip over 6% as shareholders reject proposal to raise ₹2,237 crore; check details Tata Elxsi earnings: Shares of the global design and technology services company tanked as the company reported a weak set of numbers for Q1 FY26. The Tata Group company reported a net profit of ₹144.4 crore for the quarter ended June 30, 2025 (Q1 FY26), down 21.6% from ₹184.1 crore logged in the corresponding quarter of the previous fiscal year. On a sequential basis, the numbers slipped 16.3% as the company reported a net profit of ₹172.42 crore in the March 2025 quarter (Q4 FY25). At the time of writing this, shares of Tata Elxsi were seen at ₹5,964.50 apiece, down 2.82%. Tariff uncertainty Investor sentiment was also dampened amid various tariff uncertainties. The US administration on Thursday imposed a 35% tariff on goods imported from Canada starting August 1. Meanwhile, an Indian delegation will soon travel to Washington for another round of talks with the United States to resolve tariff issues and finalise an interim trade agreement, news agency PTI had reported, citing government officials. The official said that negotiations will happen on both the interim and the first phase of the bilateral trade agreement (BTA) during this visit. Also read: NIFTY, SENSEX slump; HUL, Glenmark Pharma, RPP Infra, Dodla Dairy among buzzing stocks JP Morgan mulls cutting India’s share in EM Bond index Bloomberg on Thursday reported that JPMorgan Chase & Co. is considering cutting the weight of the largest bond issuers in its flagship emerging-market index—including China and India. The Wall Street bank is seeking to reflect a broader range of developing-nation debt. JPMorgan’s index is the main benchmark for developing-nation debt funds. Any changes to this composition can affect global investment flows. This made Indian investors nervous on Friday. Indian debt was added to JPMorgan’s indexes last year. Documents seen by Bloomberg suggest that the proposal includes lowering a cap on individual countries from 10% to 8.5%, which could increase the average yield of the benchmark. Oil prices Prices of oil increased on Friday after US President Donald Trump said he would make an announcement regarding Russia. Investors are expecting more sanctions on the major oil producer, while tariff concerns and rising OPEC+ output capped gains. Also read: PC Jeweller shares tank nearly 6%; all you need to know Brent crude futures were up 19 cents, or 0.28%, at $68.83 a barrel as of 0408 GMT. U.S. West Texas Intermediate crude ticked up 24 cents, or 0.36%, to $66.81 a barrel.