Why market is down today: Sensex cracks over 650 points, Nifty slips below 25,200; 3 reasons behind the fall
ADVERTISEMENT At 11:10 am, the BSE Sensex was down 675 points, or 0.80%, at 82,515, while the Nifty50 declined 189 points, or 0.75%, to 25,165. The total market capitalisation of BSE-listed companies dropped by Rs 3.03 lakh crore to Rs 457.22 lakh crore.
Across sectors, the Nifty IT index fell 1.6%, led by losses in TCS, Infosys, and Wipro. Auto and Oil & Gas indices slipped over 1%, while Financials and PSU Bank indices were down more than 0.5%. The Nifty Midcap100 and Smallcap100 also shed nearly 1%.
The broader market turned cautious after TCS's Q1FY26 results failed to meet revenue expectations. The stock dropped as much as 2.5% to Rs 3,297 after the IT major reported a 6% YoY rise in net profit to Rs 12,760 crore—slightly above estimates—but posted a 3.1% YoY decline in constant currency revenue.
With clients delaying discretionary tech spending amid global uncertainty, brokerages trimmed earnings estimates for FY26. The sentiment also spilled over to other IT majors. Infosys, Wipro, LTIMindtree, and Tech Mahindra fell between 1-3%, dragging the Nifty IT index 2.1% lower.
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US President Donald Trump announced a 35% tariff on imports from Canada starting next month, while hinting at 15%-20% blanket tariffs on other major trade partners. The move stoked fears of a broader trade war, hurting global investor sentiment.
ADVERTISEMENT Following the announcement, Nasdaq and S&P 500 futures fell about 0.4%, while EUROSTOXX 50 futures also declined 0.4%. Earlier this week, Trump had postponed some tariffs to August 1 to allow for negotiations but expanded duties on key allies including Japan and South Korea.Adding to the volatility, oil prices edged higher after Trump said he would make an announcement regarding Russia, raising speculation about new sanctions.
ADVERTISEMENT Brent crude rose to $68.83 a barrel, while US WTI crude surged to $66.81. The anticipation of tighter supply pushed oil prices higher, although gains were capped by concerns over rising OPEC+ output and ongoing trade-related uncertainty.
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