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yesterday

Sensex, Nifty Extend Weekly Decline as Q1 Earnings Disappoint

Foreign investors sold more than ₹1,850 crore after mixed Q1 results from IT and banking majors, underscoring caution ahead of a looming tariff deal.

A vendor displays souvenirs on the street in front of the New York Stock Exchange in New York, Monday, July 14, 2025. (AP Photo/Seth Wenig)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, July 18, 2025. (AP Photo/Ahn Young-joon)
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Overview

  • Q1FY26 earnings season kicked off July 17 with 37 firms, including Wipro, LTIMindtree, Axis Bank and Jio Financial, reporting June quarter results.
  • IT sector results disappointed overall as Tech Mahindra missed estimates, Wipro posted only marginal revenue growth despite a 9.8% year-on-year profit rise, and LTIMindtree’s gains were modest.
  • Banking stocks under pressure as Axis Bank reported a 4% year-on-year profit decline to ₹5,806 crore and asset quality concerns weighed on investor sentiment.
  • The Sensex lost 501.51 points to close at 81,757.73 and the Nifty dipped to 24,968.40, marking a third straight weekly drop even as midcaps, smallcaps, metals and realty outperformed.
  • Uncertainty over US-India trade negotiations and a looming tariff-deal deadline kept investors on edge as markets navigated earnings and policy catalysts.