Indian equity benchmarks ended lower, snapping a four-session winning streak as profit booking in heavyweight stocks outweighed strong gains in IT shares ahead of the earnings season.
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Benchmarks snapped a four-session winning streak on Tuesday as profit booking in heavyweight stocks outweighed a strong showing from IT, with the market unable to hold above the crucial 24,500 mark on the weekly Nifty expiry day. Underneath the flat headline numbers, the broader market told a more uncomfortable story.The Nifty 50 ended 0.13 per cent lower at 24,398, while the BSE Sensex shed roughly 105 points to close at 78,180, erasing nearly 600 points from its intraday high of 24,531. The Nifty Midcap 100 fell 0.30 per cent, and the Nifty Smallcap 100 declined 0.55 per cent, with declining stocks outnumbering advancers by nearly 2:1.Global headwinds added to the caution. Asian markets traded lower after Samsung’s earnings triggered a 5 per cent-plus fall in South Korea’s KOSPI, dragging broader regional sentiment and weighing on Nasdaq futures.“Broader markets also witnessed a mild retracement after their recent rally, with both midcap and smallcap indices declining around 0.5 per cent,” said Ajit Mishra, SVP-Research at Religare Broking, adding that “mixed global cues and stock-specific volatility capped the upside.”IT outperforms while stock-specific action dominatesThe session’s starkest action was in individual stocks tied to quarterly business updates. Trent tumbled 12.6 per cent after weaker-than-expected provisional revenue growth in the June quarter, while Kalyan Jewellers dropped 9 per cent despite posting 38 per cent revenue growth — both punished for missing elevated market expectations. On the other side, Titan surged on strong provisional updates, and Info Edge jumped 13 per cent on billing growth. As Sarvam Goel of Pocketful put it, “...good numbers are not enough anymore. You have to beat the expectations.”Sectorally, IT was the clear standout, with the Nifty IT index gaining close to 4 per cent as investors accumulated tech stocks ahead of the June-quarter earnings season. TCS reports on Thursday and is expected to set the tone for the sector. HCL Tech, Tech Mahindra, Infosys and TCS all contributed to the IT gains. Realty and Metals were the session’s biggest sectoral losers, declining 1.6 per cent and around 1 per cent respectively, while Media, Energy and Chemicals also remained under pressure.Global cues and earnings in focusOn the macro front, the rupee strengthened nearly 45 paise to 94.95 against the dollar after Saudi Arabia cut August crude oil prices for Asian buyers, easing concerns over India’s import bill. Crude oil prices, however, were mixed. International benchmarks rose over 1 per cent to near $69 per barrel after reports of a fresh attack on a Qatari LNG vessel in the Strait of Hormuz, raising questions over the durability of the late-June ceasefire in the region. Domestic crude futures hovered near ₹6,600. MCX Gold slipped around 1 per cent to ₹1,45,300, tracking a 0.75 per cent fall in COMEX Gold to around $4,130, weighed down by the firmer rupee and improved risk appetite.Looking ahead, markets will closely watch the FOMC meeting minutes due Wednesday, followed by US initial jobless claims later in the week, for cues on the interest rate outlook and dollar direction. Domestically, TCS results on Thursday will be the first major test of the earnings season and could set the direction for the IT sector and broader market sentiment. Defence and Electronics stocks are also expected to remain in focus — India signed BrahMos missile supply agreements with Indonesia during Prime Minister Modi’s Jakarta visit, while the government is set to launch Semicon 2.0 to expand semiconductor incentives. Progress on the India-US interim trade deal and the southwest monsoon will continue to be watched as near-term drivers.Published on July 7, 2026
