HCL-Tech,-Tata-Steel,-Wipro-Fall

Markets stay flat as investors await Trump’s tariff list and Q1 earnings kickoff 

The Indian stock market continues to trade in a narrow range. There is no strong direction as investors wait for more clarity on global trade policies and the start of India’s Q1FY26 earnings season. 

The BSE Sensex trades around 83,680, down 33 points or 0.04%, while the Nifty 50 holds near 25,519, down just 3 points or 0.01%. Traders and investors remain cautious ahead of a key announcement from U.S. President Donald Trump, expected on Thursday, regarding new tariff rates on seven countries. 

Key Losers on Nifty Today 

Several heavyweight stocks in the Nifty 50 index trade in the red. The top losers include HCL Technologies, Tata Steel, Wipro, HDFC Life, L&T, SBI Life, ICICI Bank, JSW Steel, Infosys, Tech Mahindra, and Tata Motors. These stocks decline by up to 1% during the session. 

The fall in IT stocks reflects global uncertainty and selling pressure, while the dip in steel and auto names signals caution in cyclical sectors. Investors are avoiding aggressive bets on companies that may be directly affected by U.S. trade decisions or global supply chain disruptions. 

Gainers Support Market at Lower Levels 

On the other side, some stocks are providing support to the index. Among the top Nifty gainers are Hindustan Unilever, Asian Paints, Cipla, Shriram Finance, Adani Enterprises, Maruti Suzuki, Jio Financial Services, and Sun Pharma. 

FMCG and pharma stocks gain on hopes that demand remains steady despite global trade tensions. These sectors are usually considered safe during times of uncertainty. Gains in defensive stocks help balance the overall index and prevent a deeper decline. 

Mid- and Small-Cap Stocks Show Mixed Trends 

The Nifty MidCap index trades slightly lower, down 0.03%, showing mild weakness. In contrast, the Nifty SmallCap index rises 0.56%, continuing its strong performance from the past few sessions. Select stocks in the small-cap space attract investor interest due to steady earnings expectations and lower exposure to global markets. 

Analysts expect mid- and small-cap stocks to continue performing well during the Q1FY26 earnings season. These companies often show better growth due to lower base effects and strong domestic demand. 

Sector-Wise Performance Is Mixed 

In terms of sectors, the Nifty FMCG index gains 0.45%, supported by buying in names like Hindustan Unilever and Asian Paints. The Nifty Pharma index also moves up by 0.4%, led by Cipla and Sun Pharma. The Nifty Media index mirrors this gain, adding another 0.4% as select entertainment stocks attract buying interest. 

On the downside, the Nifty Realty index slips 1%, the biggest sectoral loser for the day. Real estate stocks fall as rising interest rates and weak property sales data weigh on sentiment. The Nifty Metal index falls 0.79%, hurt by worries over new tariffs on copper imports. The Nifty IT index also declines 0.6%, tracking global tech weakness and possible U.S. policy moves. 

Tariff Uncertainty Keeps Traders on Edge 

The main concern in the market right now is the possibility of new U.S. tariffs. Reports suggest that President Trump is likely to release a list of seven countries on Thursday, with fresh duties across various sectors. 

There is talk of 50% tariffs on copper, 10% tariffs on countries just for being part of BRICS, and 200% duties on pharmaceutical imports. Markets are waiting for official confirmation. However, most analysts believe that traders are not reacting too strongly because Trump has a history of changing his stance or backing out of bold claims. 

So far, these announcements are not shaking the markets as much as expected. Most investors are waiting for more official details before making any big decisions. 

Market View: Earnings Season to Take Focus 

With global trade news dominating headlines, domestic investors also look ahead to the corporate earnings season. The June 2025 quarter results (Q1FY26) are about to begin. Market experts believe these numbers will play a key role in deciding the next big move in stocks. 

According to market strategist VK Vijayakumar from Geojit Financial Services, mid-cap companies are likely to continue the strong earnings growth seen in the March quarter. Large-cap companies may also show some improvement, but not enough to change the market trend in a big way. 

This suggests that markets may continue to trade within a narrow band until companies start reporting their results and offering guidance for the future. 

Foreign and Domestic Flows Remain Stable 

Foreign institutional investors (FIIs) are showing mixed activity. While some days bring inflows, others see profit booking. Domestic institutional investors (DIIs), including mutual funds and insurance companies, are steadily supporting the market with regular buying, especially in mid- and small-cap stocks. 

SIP flows remain strong, crossing ₹23,000 crore in June. This indicates continued retail participation, which is helping stabilize the broader market even as global issues create short-term pressure. 

Currency and Bond Markets Stay Quiet 

The Indian rupee weakens slightly, trading around 85.92 against the U.S. dollar. This mild depreciation is due to demand for dollars from oil importers and concerns over trade tensions. However, the currency market remains largely stable for now. 

Bond yields are flat to slightly higher, with the 10-year government bond yield holding near 6.31%. Rising inflation expectations and global interest rate trends will guide bond movements in the coming weeks. 

Technical Outlook for Nifty and Sensex 

From a technical point of view, the Nifty 50 continues to trade in a tight range between 25,400 and 25,600. There is strong support at 25,400, while resistance remains near 25,600–25,700. A breakout or breakdown outside this range will decide the short-term trend. 

The Sensex also remains in a sideways pattern. Momentum indicators suggest that the index may stay range-bound until a major event—either the tariff announcement or key earnings results—triggers a breakout. 

Final Thoughts 

Stock markets in India continue to trade sideways on Wednesday, July 9, 2025. There is no strong direction as investors wait for clarity on U.S. trade policy and the upcoming earnings season. While some stocks and sectors show gains, others remain under pressure due to tariff fears and global weakness.  

Overall, the market mood is cautious, with most traders staying on the sidelines until clearer signals emerge. The next few days, especially the U.S. announcement and India’s Q1 results, will decide the market's next move.