The Indian stock market started with optimism but couldn’t hold onto the early gains, with SENSEX and NIFTY50 both retreating as heavyweight tech stocks like Infosys stumbled.
A Rollercoaster Start for Indian Markets
Markets kicked off the day on a high, but that enthusiasm quickly faded. By 9:32 am, the SENSEX had dropped 58 points to 74,044, while the NIFTY50 index slid 27 points to 22,471. Earlier, both indices reached intraday highs — SENSEX climbed before shedding 394 points from its peak, and NIFTY50 briefly hit 22,577 before sliding to an intraday low of 22,496.
Tech stocks, particularly Infosys, Tata Consultancy Services, and HCL Technologies, dragged the market down, erasing the early surge driven by Tata Motors, HDFC Bank, and Kotak Mahindra Bank.
Infosys Leads the Losers
Infosys was the biggest drag on the market, plummeting nearly 4% to an intraday low of ₹1,598. The fall came after global investment giant Morgan Stanley raised alarms over the company’s growth outlook. Analyst Gaurav Rateria flagged potential downside risks for revenue growth and valuation multiples across Indian IT services, citing weaker deal wins in fiscal year 2025 compared to the previous year.
Other tech giants weren’t spared. Wipro, HCL Technologies, and Tata Consultancy Services followed suit, with losses between 1% and 3.5%. Dr Reddy’s Labs and Axis Bank also joined the losing camp.
Banks and Autos Drive Gains
On the flip side, Tata Motors and HDFC Bank emerged as bright spots. IndusInd Bank, recovering from a sharp drop in the previous session, led the NIFTY50 gainers with a nearly 4% rise to ₹681.
Other notable gainers included:
- Bharat Petroleum
- Kotak Mahindra Bank
- Adani Ports
- Trent
- NTPC
Reliance Industries and Bharti Airtel also saw modest gains after announcing a strategic partnership with Elon Musk-backed Starlink to expand high-speed internet access across India.
Global Markets Weigh on Sentiment
Asian markets mostly traded in the red, influenced by renewed global trade worries. The latest twist came from US President Donald Trump, who briefly hiked tariffs on Canadian steel and aluminium imports to 50%, only to roll back to the original 25% hours later. This back-and-forth left investors uneasy.
Across Asia:
- Japan’s Nikkei slipped 0.01%
- China’s Shanghai Composite fell 0.14%
- Hong Kong’s Hang Seng dropped 0.72%
- Australia’s ASX200 tumbled 1.8%
- South Korea’s KOSPI bucked the trend, climbing 1.4%
Broader Markets Hold Steady
While large-cap stocks struggled, mid and small-cap stocks outperformed. The Nifty Midcap 100 index inched up 0.09%, while the Nifty Smallcap 100 index rose a healthier 0.50%, offering some relief to investors seeking pockets of growth.
The day’s choppy trade reflects a market wrestling with global uncertainty, tech-sector weakness, and a few bright spots in banks and autos — a reminder that volatility remains the name of the game.
