The September quarter is about to end, and the period has proved to be a difficult one for index investors, with the BSE barometer Sensex shedding nearly 4% of its value during this period.
The index has faced a decline of over 3,000 points, falling from levels above 83,600to the current 80,400 mark. This decline in the index has been sparked by multiple factors, ranging from the impact of Trump’s tariffs to FII selling, valuation woes, and rupee depreciation, among others.
No wonder the index stocks have also fared poorly, with one in every third stock falling during these three months. Data from Capitaline shows that one tenth of Sensex stocks are in the red in the ongoing September quarter, logging losses of up to 25% during this period. On the other hand, only ten stocks have managed to eke out gains.
Top Sensex losers in Q2
Among the top five losers, three Tata group companies — Trent, Tata Consultancy Services and Titan — featured, highlighting a tough phase for several firms from the conglomerate.
Topping the losers’ list is the Westside owner, Trent, which has seen its stock fall from ₹6219 at the end of June to ₹4681.35 as of September 26, 2025 — clocking a fall of 24.7%. Trent’s lower growth expectations have led to the selloff in the Tata group stock.
At its 73rd Annual General Meeting (AGM), Trent lowered its near-term growth expectations, projecting 20% growth in its core fashion segment for the first quarter of the current fiscal year — well below its five-year CAGR of 35% (FY20–25). During Q1, Trent’s like-for-like (LFL) growth softened into the low single digits, paring down fashion revenue growth to 19.8% YoY. Store addition was flat on consolidation at both Westside and Zudio.
According to an Economic Times report, Kotak Institutional Equities recently slashed the FY2026–28 earnings estimates by 3–7%, citing slower same-store sales growth (SSSG) and muted revenue prospects. Kotak said that while the recent GST cut on apparel in the ₹1,000–2,500 price range is positive, it is unlikely to materially lift Trent’s near-term growth.
Meanwhile, HCL Tech, Tech Mahindra, and Tata Consultancy Services followed suit with a fall of 19%, 16.5% and 16%, respectively.
The year 2025 has been a tough one for the IT stocks amid a slowdown in discretionary spending in the US amid tariff hikes. The latest blow for the Indian IT companies came in the form of the H-1B visa hike, discounting the impact of any US Federal Reserve rate cuts.
TCS saw a ₹97,597 crore wealth erosion last week alone as United States President Donald Trump unleashed a new whammy of hiked fees on the H-1B workers visa.
Meanwhile, Titan shares have declined 9.8% during this period, followed by Infosys, which has dropped 9.5%. Reliance Industries, Kotak Mahindra Bank, BEL, Power Grid, ICICI Bank and HDFC Bank have lost 5-8% in their values.
On the flip side, Maruti Suzuki and Eternal are the only two Sensex constituents that have delivered double-digit gains in Q2 of FY26. The bull run in Maruti Suzuki shares on the back of the GST rate rationalisation has pushed the stock 31% higher in the September quarter.
The blue-chip auto stock is hovering at record high levels. Meanwhile, Eternal shares have zoomed 22% during this period amid strong growth for quick-commerce business and expectations of a rebound in the food delivery segment.
HUL, M&M and Bajaj Finance have been other top gainers, rising up to 9%.
Going ahead, analysts believe that Indian equities will remain in a sideways phase in the near term as growth visibility remains limited.
Stock market outlook: Recovery ahead?
“Meaningful earnings momentum is unlikely to return before FY27, keeping the benchmark indices in what is described as a ‘time correction’ phase — where valuations pause and wait for earnings to catch up,” opined N ArunaGiri, Founder & CEO at TrustLine Holdings.
Sideways markets are often misunderstood as negative for investors. In reality, a range-bound market with a mild positive bias tends to be the best setup for bottom-up stock picking, especially in the broader small- and mid-cap space, added N ArunaGiri.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
