Market Wrap, July 11: NIFTY50 ends at 25,500, Sensex falls 690 points as IT stocks drag; TCS slips 3.4%

The Indian stock market settled lower on Friday, July 11, for the third straight session, majorly dragged by the IT stocks as June quarter earnings made the participants worried. The market investors also remained cautious on tariff uncertainties.

The equity benchmark indices have slipped for the second straight week, with Sensex and NIFTY50 each falling 1%.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) bought equities worth ₹221.06 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹591.33 crore worth of equities.

Globally, indices on the Asian market were mixed on Friday, while the US market closed at a record high on Thursday.

The Dow Jones Industrial Average gained 192.34 points, or 0.43%, to end at 44,650.64; the S&P 500 surged 17.20 points, or 0.27%, to close at 6,280.46; and the Nasdaq Composite advanced 19.33 points, or 0.09%, to settle at 20,630.67.

In Asia, Hong Kong’s Hang Seng took the lead, rising 0.46%. The Shanghai Composite closed marginally up by 0.01%, while Japan’s Nikkei 225 index fell 0.19%. South Korea’s Kospi declined 0.23%.

As many as 3,012 stocks traded on the NSE on Friday. Out of this, 1,030 advanced and 1,891 stocks declined, while 91 scrips remained unchanged.

This indicated that the market breadth was in favour of negative.

A total of 55 stocks hit their 52-week highs, while 23 stocks touched their one-year lows. Besides, 77 stocks hit their upper circuit limits, and 40 touched their lower circuit bands on Friday.

NSE-listed firms' market capitalisation stood at ₹454.50 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 11.82 levels, rising 1.24%.

TCS was the biggest losing stock, tumbling 3.47%, followed by Mahindra & Mahindra (-2.92%), Hero MotoCorp (-2.74%), Wipro (-2.62%), and Bajaj Auto (-2.54%).

On the contrary, Hindustan Unilever was the biggest gaining stock following its management change and closed 4.63% higher. SBI Life Insurance (1.37%), Sun Pharma (0.71%), IndusInd Bank (0.64%), and Axis Bank (0.63%) were the other top gainers on the 50-share index.