Key Highlights:

– Sensex fell 232.93 points; Nifty dropped 71.4 points in early trade.

– IT majors like Infosys and Tech Mahindra among top losers.

– FIIs offloaded ₹5,104 crore worth of equities on Friday.

Mumbai: Benchmark indices Sensex and Nifty dropped in early trade on Monday amid selling pressure in IT stocks and foreign fund outflows.

The 30-share BSE Sensex declined 232.93 points to 82,267.54 in early trade. The 50-share NSE Nifty dipped 71.4 points to 25,078.45.

From the Sensex firms, Bajaj Finance, Infosys, Tech Mahindra, Bharti Airtel, HCL Tech and Asian Paints were among the biggest laggards.

However, Trent, Axis Bank, Mahindra & Mahindra and NTPC were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,104.22 crore on Friday, according to exchange data.

“Nifty has been exhibiting weak trend weighed mainly by the weakness in the IT stocks. This weakness may persist particularly since the FIIs were big sellers in the cash market last Friday. Market is expecting a US-India trade deal soon with a tariff rate of around 20 per cent for India. If this happens the market will get a sentimental boost. Any disappointment on this front can drag the market further down,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were trading in the positive territory while Japan’s Nikkei 225 index quoted lower.

The US markets ended lower on Friday.

Global oil benchmark Brent crude climbed 0.17 per cent to USD 70.48 a barrel.

On Friday, the Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47. Similarly, the Nifty dropped 205.40 points or 0.81 per cent to 25,149.85.

Key Highlights:

– Sensex falls 689.81 points and Nifty slips 205.4 points

– TCS reports weak Q1 FY25 earnings, dragging IT sector

– US-Canada tariff tensions dent global and domestic sentiment

Mumbai: On Friday, Indian stock markets closed in the red, pulled down by rising global trade tensions and a poor start to the earnings season. The Sensex fell by 689.81 points (0.83 percent) to finish at 82,500.47, while the Nifty dropped 205.4 points (0.81 percent) to end at 25,149.85.

TCS Results Shake Investor Confidence

The biggest trigger for the fall was Tata Consultancy Services (TCS) posting weaker-than-expected results for Q1 FY25. This caused a sharp selloff in IT stocks, with the Nifty IT index falling nearly 1.8 percent. Other IT firms like HCL Technologies also dropped.

Auto and Other Sectors Also Under Pressure

Auto stocks joined the decline, with the Nifty Auto index falling by nearly 1.8 percent too. Among the biggest losers on the Sensex were TCS, Mahindra & Mahindra, Tata Motors, Bharti Airtel, and Titan, losing up to 3.5 percent.

On the other hand, some stocks such as Hindustan Unilever, Axis Bank, Sun Pharma, and NTPC ended higher and provided limited support to the market.

Global Trade Issues Weigh Heavy

Investor mood worsened after US President Donald Trump imposed fresh 35 percent tariffs on Canadian imports, increasing concerns about global trade tensions. This added to already cautious market sentiment.

Mid and Small Caps Also Feel the Heat

The broader markets also saw declines. The Nifty MidCap index dropped 0.88 percent, and the Nifty SmallCap index slipped 1.02 percent, showing weakness across the board.

Some Sectors Show Strength

Despite overall weakness, FMCG and Pharma sectors managed small gains. The Nifty FMCG and Pharma indices ended in the green.

Volatility Increases Slightly

The India VIX, which measures market fear, rose 1.24 percent to close at 11.81, indicating slightly higher uncertainty among investors.

Hyderabad, July 10: The Enforcement Directorate has booked 29 celebrities in Telugu states for endorsing betting apps.

The central agency has filed an ECIR against 29 actors, influencers, and YouTubers for allegedly promoting illegal betting platforms, in violation of the Public Gambling Act, 1867.

The probe, under the Prevention of Money Laundering Act, has been taken up based on five FIRs filed in Telangana and Andhra Pradesh.

Film actors Vijay Deverakonda, Rana Daggubati, Prakash Raj, Nidhi Agarwal, Pranitha Subhash and Manchu Lakshmi, and Ananya Nagella are among those who have been booked by the ED.

The names of TV actors, TV hosts and social media influencers like Sreemukhi, Shyamala, and Varshini Sounderajan, Vasanthi Krishnan, Shoba Shetty, Amrutha Chowdary, Nayani Pavani, Neha Pathan, Pandu, Padhmavathi, Harsha Sai and Bayya Sunny Yadav also figure in the list.

Most of these celebrities were earlier booked by the Hyderabad and Cyberabad Police. FIRs were registered against them at Panjagutta, Miyapur, Cyberabad, Suryapet, and Visakhapatnam police stations.

The ED suspects endorsements of platforms like Junglee Rummy, A23, JeetWin, Parimatch, Lotus365, and others involved laundering of large sums through paid promotions.

The ECIR has been booked under BNS sections 318 (4), 112 r/w 49, Telangana Gaming Act sections 3, 3 (A), 4, IT Act 2000 and 2008 section 66D.

In March, Vijay Deverakonda, Rana Daggubati, Prakash Raj and others were booked by Cyberabad police for allegedly promoting betting apps. They, however, clarified that they are not promoting any illegal app.

While Rana Daggubati and Vijay Devarakonda stated that they endorsed only legally permitted online skill-based games, Prakash Raj said he did not renew a contract to promote an app in 2017 after realising that he should not have done it.

A case against six actors and 19 social media influencers was registered at the Miyapur Police Station of Cyberabad Commissionerate in March.

The police registered the case on a complaint by one Phanidra Sharma, a resident of Miyapur, who stated that he found several celebrities and social media influencers actively promoting illegal betting apps, websites and other platforms. The complainant said promotion of betting apps was causing harm to individuals and society by encouraging this addictive, short-term, risky money-making behaviour, leading to financial distress.