Stock Market Today: Sensex at 83,234, Nifty50 Below 25,400

Dalal Street stays cautious as Sensex dips 300 pts ahead of TCS earnings and US tariff updates 

Dalal Street experiences a quiet trading session on Thursday as investors show caution ahead of key events. Market participants remain focused on two major factors: the expected announcement regarding US President Donald Trump’s new tariff policy and the first-quarter (Q1FY26) earnings season, which begins today with Tata Consultancy Services (TCS) set to report its results. 

Adding to the day's significance, the weekly expiry of Nifty 50 futures and options (F&O) contracts also takes place today. Traders are closely watching these developments, which could trigger market movement in the coming sessions. 

Indices Trade Lower Amid Global Uncertainty 

The benchmark indices open lower and remain weak through the morning. The BSE Sensex trades at 83,234.72, down by 301 points or 0.36 percent. The NSE Nifty50 slips by 107 points or 0.42 percent to 25,368.75. Both indices reflect investor hesitation as they wait for fresh cues on trade policy and domestic earnings. 

In the broader markets, the Nifty MidCap index falls 0.39 percent and the Nifty SmallCap index slips 0.33 percent. The subdued performance across these indices indicates a lack of strong buying interest outside of the large-cap segment.

Top Gainers and Laggards on Sensex 

On the Sensex, stocks like Tata Steel, Maruti Suzuki, and UltraTech Cement emerge as the top gainers. Tata Steel benefits from marginal strength in global metal prices, while Maruti Suzuki sees positive movement likely driven by expectations of robust Q1 vehicle sales. UltraTech Cement shows resilience, supported by steady infrastructure demand and housing activity. 

On the losing side, Infosys, Tech Mahindra, and Bharti Airtel weigh down the index. Infosys and Tech Mahindra fall ahead of TCS earnings, with the entire IT sector facing pressure. Investors are unsure about the impact of global uncertainties on IT deal flows and margins. Bharti Airtel also trades lower as telecom stocks remain volatile amid rising competition and policy overhang. 

Sectoral Overview: IT, Pharma Dip While Metals Shine 

Among the sectoral indices, the Nifty IT index declines by 0.99 percent. This drop comes just ahead of TCS’s quarterly earnings announcement. Investors prefer to wait before taking fresh positions in IT stocks, anticipating commentary on deal pipelines and pricing pressures from TCS. 

The Nifty Pharma index also slips by 0.79 percent. Pharma stocks fail to attract fresh buying amid a lack of new approvals and muted global demand signals. The Nifty PSU Bank index is down by 0.49 percent as public sector lenders face mild profit booking following recent gains. 

On the brighter side, the Nifty Metal index bucks the trend and rises 0.14 percent. Global metal prices hold steady, and expectations of demand recovery in China help support domestic metal stocks. Tata Steel and JSW Steel show modest gains as a result. 

IPO Watch: Travel Food Services and Smartworks in Focus 

The IPO market stays active with two developments drawing attention. 

The allotment status of the Travel Food Services IPO is expected to be finalized today. Investors who applied for shares in this food and beverage retail chain are eagerly waiting to check the allocation. The company operates in airport terminals, railway stations, and highway hubs, and its IPO receives strong interest from institutional and retail participants. 

Meanwhile, Smartworks Coworking Spaces launches its IPO today. Based in Gurugram, Smartworks offers flexible office space solutions to enterprises. The price band is set between ₹387 and ₹407 per share. At the upper end of this range, the company aims to raise ₹582.56 crore. The IPO includes both a fresh issue and an offer-for-sale by existing stakeholders. 

Smartworks has shown impressive revenue growth over the past two years and plans to use the proceeds to repay debt and expand its coworking centers in major Indian cities. The IPO comes at a time when demand for flexible workspaces is rising due to hybrid work trends. 

Investor Sentiment Remains Guarded 

The overall mood in the market stays cautious. Domestic investors are awaiting clarity on how US trade policy changes may impact exports and global investor sentiment. President Trump’s tariff stance, particularly targeting emerging markets, has raised concerns about its impact on Indian industries, especially IT and manufacturing. 

On the domestic front, the start of the corporate earnings season brings mixed expectations. TCS, being the first major company to report Q1 results, will set the tone for the broader IT sector. Analysts expect modest revenue growth but are closely watching commentary on deal activity, client budgets, and the impact of currency fluctuations. 

With the weekly F&O expiry taking place today, traders are also managing short-term positions. Volatility may increase toward the end of the session as contracts expire and new positions are built for the upcoming week. 

Outlook for the Rest of the Day 

Unless there is a major announcement regarding US tariffs or a surprise earnings result from TCS, the market is likely to remain range-bound through the rest of the day. Technical analysts observe that the Nifty faces immediate support near 25,300 and resistance around 25,500. A break in either direction may guide short-term movements. 

Investors are expected to shift focus toward upcoming corporate results over the next few sessions. Sectors such as banking, auto, and FMCG may come into play as more companies announce their Q1 performance. 

With global markets also trading cautiously, Indian equities are mirroring the broader trend of waiting for direction. Volatility may return if macroeconomic data, earnings surprises, or geopolitical developments provide new triggers. 

Final Thoughts  

Today reflects a cautious and measured approach by market participants. Dalal Street trades in a narrow range with a negative bias, led by losses in IT, pharma, and telecom. Gainers like Tata Steel and Maruti Suzuki offer some support to the indices. Investors are keenly watching US tariff announcements and TCS’s earnings, both of which may influence near-term sentiment. 

The action in the IPO market continues to be strong, with Smartworks launching its issue and Travel Food Services preparing to finalize allotments. Broader participation in these public issues shows continued investor interest despite near-term market hesitation. 

For now, the Indian stock market maintains a wait-and-watch stance, with clarity expected to emerge once global and domestic developments unfold.