Tariff jitters,weak IT earnings drag markets lower

The Indian benchmark indices extended losses for a third straight day on Friday,weighed down by global tariff worries and a selloff in IT shares following TCS’s Q1 results, pushing Nifty 50 below 25,200.At close, the Sensex was down 689.81 points or 0.83 percent at 82,500.47, and the Nifty was down 205.40 points or 0.81 percent at 25,149.85.
HUL, SBI Life Insurance, Kotak Mahindra Bank, Axis Bank, IndusInd Bank were top gainers on the Nifty while losers included TCS, Bajaj Auto, M&M, Hero MotoCorp, Wipro.On the sectoral front,except FMCG (up 0.5 percent), pharma (up 0.7 percent), all other sectoral indices ended in the red with auto, IT, media, oil & gas, consumer durables, capital goods, realty, telecom down a percent each.The BSE Midcap index extended the fall for a third day, falling 0.5 percent, while BSE Smallcap index shed 0.7 percent, snapped a two-day gain. For the week, Sensex and Nifty indices fell more than a percent each, down for a second consecutive week.
Market This Week: 
●Market slips for 2nd straight week, Sensex & Nifty down 1% each
●IT has been biggest Nifty drag, HCL, TCS & Wipro amongst top losers
●FMCG is top gaining index while IT & Capital market fall the most
●Midcap falls in-line with benchmarks while Nifty Bank relatively outperforms
●Nifty Midcap index is down 1.6% & Nifty Bank 0.5%
Rupee Close: 
On 11 July'25,the Indian rupee depreciated 7 paise to close at 85.77 (provisional) against the U.S. dollar on Friday,on weak domestic markets and risk-off sentiments amid trade tariff uncertainty.Forex traders said global market sentiments were dented as U.S. President Donald Trump imposed 35% tariffs on Canadian goods.
Trading Guide:
Vinod Nair, Head of Research, Geojit Investments,the domestic market experienced a negative close due to a sober start to Q1 earnings season and a ramp-up in the tariff threat by the US to impose a 35% tariff on Canada. Investors may continue to be focused on quarterly earnings for a buy-on-dips strategy; however, in the near term, the current premium valuation and the global headwinds like low spending & tariff uncertainties may restrain new inflows. The IT index underperformed due to deferment in orders and new investments, which may impact FY26 earnings estimates.
Market experts recommended five shares to buy on Friday-Diamond Power Infrastructure, SPML Infra, Engineers India, Religare Enterprises, and PCBL Chemical

(Business Correspondent)