Stock Market Live: Sensex falls by over 700 points, Nifty sinks below 25,200; Glenmark Pharma shares soar nearly 15%

Indian equity benchmark indices, the BSE Sensex and NSE Nifty50, are poised for a sharp gap-down opening on Friday, despite firm cues from global markets. Investor sentiment has turned cautious after U.S. President Donald Trump hinted at the possibility of imposing steep tariffs on countries like India and China for continuing to import Russian energy. At 8:00 AM, GIFT Nifty futures were trading 122 points lower at 25,281, indicating a weak start for Indian share market.

In the overnight trade, U.S. stocks continued their upward momentum, notching fresh record highs for the second straight session, buoyed by positive labor market data. Weekly jobless claims fell by 5,000 to 227,000, according to the latest report from the Labor Department.

The Dow Jones Industrial Average rose 0.43%, the S&P 500 gained 0.27%, while the Nasdaq Composite ended slightly higher, up 0.09%.

AI chipmaker Nvidia made headlines by closing with a $4 trillion market valuation for the first time, becoming the world’s first publicly traded company to reach this landmark.

U.S. President Donald Trump has hinted at the possibility of imposing steep tariffs on countries like India and China for continuing to import Russian energy.

Trump stated he would strongly consider supporting a new Russia sanctions bill, introduced in the U.S. Senate earlier this year, which proposes a 500% tariff on nations purchasing Russian energy - a move aimed at pressuring Russian President Vladimir Putin to negotiate an end to the Ukraine war.

Shares of Indian information technology (IT) companies will be in focus today after sectoral leader Tata Consultancy Services (TCS) released its June quarter earnings report post market hours yesterday.

The country’s most valued IT firm has reported a 6% year-on-year (YoY) rise in its consolidated net profit for Q1 FY26 (April-June) quarter, reaching ₹12,760 crore compared to ₹12,040 crore in the same quarter last year.

Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday highlighted Russia’s critical role in global oil markets, noting that the country produces over 9 million barrels of crude oil per day, roughly 10% of the world’s total supply of around 97 million barrels. He cautioned that if this volume were suddenly removed from the market, it would have created significant turmoil.

“Imagine the chaos if this oil, amounting to about 10% of the global oil supply of around 97 million, vanished from the market. It would have forced the world to reduce its consumption, and since the consumers would be chasing the reduced supplies, the prices would’ve spiralled to over $120-130,” he said in a X post.

“Russian oil was never under global sanctions. Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could,” he said.

“Some commentators who do not have an understanding of the dynamics of energy markets pass unnecessary judgements on our policies. India, under the leadership of PM @narendramodi Ji, has been a net positive contributor to global energy price stability, while at the same time we successfully navigated the trilemma of energy availability, affordability and sustainability,” he added.

India continues to provide clean cooking gas to our 330 million households at the lowest prices in the world, while we provide universal clean cooking to more than 103 million beneficiary families of PMUjjwala Scheme at just 0.4 dollars/kg or just 7-8 cents/day, said the minister.

Shares of Tata Consultancy Services (TCS) dropped nearly 2% in opening trade as investors reacted to its June quarter earnings. The country’s most valued IT firm has reported a 6% year-on-year (YoY) rise in its consolidated net profit for Q1 FY26 (April-June) quarter, reaching ₹12,760 crore compared to ₹12,040 crore in the same quarter last year.

The market breadth, indicating the overall strength, was positive, with 1,592 out of 3,003 stocks trading on the BSE advanced, while 1,236 declined, and 175 were unchanged.

As many as 54 stocks hit their 52-week highs, while 20 declined to their 52-week lows. Besides, 65 stocks were locked in its upper circuit limit, while 37 slipped to their lower circuit limit.

Shares of Hindustan Unilever (HUL) rose over 4% in early trade on Friday after the company appointed Priya Nair as its new managing director and chief executive officer (MD & CEO). Nair will take over from Rohit Jawa, who will depart from his role as MD & CEO of the company at the end of business on July 31.

Indian benchmark indices Sensex and Nifty pared early losses but were still trading 0.25% lower, reflecting cautious investor sentiment. The BSE Sensex was down 195 points at 82,994 level, while the Nifty50 dropped 0.25% to 25,291 mark.

The Indian rupee weakened by 19 paise to 85.89 against the US dollar in early trade on Friday (July 11), following former US President Donald Trump's announcement of a 35% tariff on Canadian goods starting next month. The move dampened investor sentiment across global markets.

At the interbank foreign exchange, the rupee opened at 85.76 before slipping to an early low of 85.89, marking a decline from its previous close of 85.70.

Tata Elxsi, the design and digital tech arm of the Tata Group, saw its shares nosedive 8% in early trade on Friday, July 11, hitting a nine-week low of ₹5,660 apiece after posting weaker-than-expected results for the June quarter.

As of 11:28 am, the stock was trading at ₹6,000, down ₹137.50 or 2.24% for the day.

The company reported revenue of ₹892.1 crore for the quarter ended Thursday, marking a 1.8% decline quarter-on-quarter and a 3.7% drop year-on-year. The miss was primarily driven by macroeconomic headwinds and elongated decision-making cycles in key markets, which dented demand—particularly in the media and healthcare segments.