The Indian stock market ended its second straight session with deep cuts, largely weighed down by select heavyweights including Bajaj Finance, Infosys, and HDFC Bank, which dragged the benchmark indices down by nearly 1%.
The Nifty 50 ended the session with a drop of 0.88%, falling below the 24,900 mark to settle at 24,842 points, while the S&P BSE Sensex closed with a decline of 0.85% at 81,477. The sharp selling over the last two sessions also pushed both indices to extend their weekly losses for a fourth straight week, the longest weekly losing streak since September 2024.
The broader markets witnessed even steeper selling, with the Nifty Smallcap 100 index ending with a sharp cut of 2.5% and the Nifty Midcap 100 index falling by 1.63%. Both indices closed the week with losses of up to 3.47%.
While the overall market continues to remain under pressure, select export-linked stocks, from leather, textiles, and pharmaceuticals sectors, performed well. This followed the signing of a free trade agreement (FTA) between India and Britain on Thursday during Prime Minister Narendra Modi’s visit to London.
The deal aims to lower tariffs on goods ranging from textiles to whisky and cars, while improving market access for businesses. Although the FTA should boost sentiment, analysts said the market is unlikely to see any major upside until there is clarity on U.S. trade negotiations.
The lack of fresh triggers, coupled with uncertainty over a potential India–US trade deal and a soft start to the June quarter earnings — which is also prompting overseas investors to wield their selling knife — is heavily weighing on the Indian stock market currently.
Top losers in Indian stock market today
Among the top losers, Chennai Petroleum emerged as the biggest laggard, plunging 9.1% to ₹692 apiece after the refiner reported a consolidated net loss of ₹401 million for the June quarter, compared to a net profit of ₹3.57 billion in the same period last year.
Intellect Design also witnessed a sharp decline, with its shares slumping 9.25% to ₹1,036 apiece — its steepest intraday percentage drop since April 7. The software development company posted a 31.3% year-on-year decline in consolidated net profit for the June quarter, while revenue from operations fell 3.3% YoY.
APL Apollo Tubes fell 8.5%, marking its biggest single day drop in recent times. The steel tubes maker trimmed its FY26 volume growth guidance to 10–15% from 15–20% earlier. According to Ambit Institutional Equities, which cited the post-earnings call, the lowered outlook was attributed to demand slowdown, early monsoon, and weak exports due to geopolitical tensions.
Meanwhile, selling in Swan Energy accelerated, with the stock shedding another 7.13% to settle at ₹473 apiece.
