Indian Benchmark Indices Stay Subdued Ahead of TCS Q1 Results and US Tariff Clarity; Sensex Falls 317 Points

Market Update at 12:15 PM: Dalal Street witnessed a quiet trading session on Thursday as investors remained cautious ahead of US President Donald Trump’s tariff policy updates and the domestic Q1FY26 earnings season. Tata Consultancy Services (TCS) is set to announce its Quarterly Results later in the day.

Adding to the cautious mood, the weekly F&O expiry for the Nifty50 is also scheduled for today.

By mid-session, the BSE Sensex was down by 317 points at 83,219, a decline of 0.38 per cent, while the Nifty50 slipped 101 points to Rs 25,371, lower by 0.41 per cent.

Among the Top Gainers on the Sensex were Tata Steel, Maruti Suzuki, and UltraTech Cement. On the other hand, Infosys, Tech Mahindra, and Bharti Airtel were the major laggards.

In the broader markets, the Nifty MidCap index dipped 0.28 per cent, while the Nifty SmallCap index edged lower by 0.2 per cent.

Sectoral indices showed mixed trends. The Nifty IT index declined 0.99 per cent ahead of TCS results. The Nifty Pharma and PSU Bank indices were also in the red, down 0.79 per cent and 0.49 per cent respectively. Meanwhile, the Nifty Metal index managed to gain 0.14 per cent.

Market Update at 9:45 AM: Indian equity benchmarks opened flat on Thursday as losses in IT stocks offset modest gains in other sectors. Investors stayed cautious ahead of a potential trade deal with the U.S. and the upcoming June-quarter earnings announcements.

As of 9:20 a.m. IST, the Nifty 50 declined by 0.04 per cent to 25,466.25, while the BSE Sensex slipped 0.05 per cent to 83,485.50.

Among broader indices, the Nifty Smallcap rose 0.2 per cent and the Nifty Midcap added 0.1 per cent.

Out of 13 key sectoral indices, nine were trading in the green with limited upside. The IT index dropped 0.4 per cent ahead of the earnings release from Tata Consultancy Services (TCS), which is scheduled after market hours. TCS shares were down 0.5 per cent to Rs 3,925.

Asian markets opened marginally higher, tracking overnight gains on Wall Street. This followed U.S. President Donald Trump’s move to issue final tariff notifications to seven smaller trading partners. Earlier this week, he also hinted at progress toward a trade deal with India.

Pre-Market Update at 7:45 AM: Indian markets are expected to start on a positive note on Thursday, July 10, as the Q1FY26 earnings season gets underway. Tata Consultancy Services (TCS) will be in focus as it announces its results today. Investors will track updates on revenue, margins, hiring trends, the BSNL deal, and developments in AI and cloud segments.

As of 7:34 AM, the GIFT Nifty was trading at 25,555—down by 25 points—indicating a slightly higher opening for the Nifty 50 and Sensex.

Globally, mixed cues emerged after U.S. President Donald Trump announced a 50 per cent tariff on imports from Brazil, up from the earlier 10 per cent. The new rate takes effect from August 1, citing what Trump termed as an “unfair trade relationship” and political factors tied to former Brazilian President Jair Bolsonaro.

Wall Street closed higher on Wednesday. The Nasdaq gained 0.94 per cent, setting a new record, supported by a 2 per cent rise in Nvidia, which crossed a market valuation of USD 4 trillion. The S&P 500 rose by 0.61 per cent and the Dow Jones added 0.49 per cent (up 217.54 points).

In India, markets ended lower on July 9, breaking a three-day winning streak. The Sensex fell by 176 points (0.21 per cent) to close at 83,536.08, while the Nifty 50 declined by 46 points (0.18 per cent) to end at 25,476.10 amid caution around earnings and trade tensions.

Foreign Institutional Investors (FIIs) were net buyers with inflows of Rs 77 crore, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 920.83 crore.

On the commodities front, gold prices inched up as the U.S. dollar weakened slightly following tariff-related uncertainty. Oil prices declined on concerns that trade tensions could slow global economic growth. The Brazilian real dropped by 2.8 per cent after the tariff announcement.

Minutes from the U.S. Federal Reserve’s June meeting indicated that most policymakers expect rate cuts later this year, with the inflation impact from tariffs considered modest or temporary.

For today, RBL Bank and Hindustan Copper remain on the F&O ban list.

Disclaimer: The article is for informational purposes only and not investment advice.