Indian equity markets opened on a subdued note Friday, weighed down by a sharp pullback in technology stocks after a strong recent run.
The selling pressure in IT names came as investors locked in profits following a rebound driven by easing fears over heavy AI spending globally.
The benchmark 30-share Sensex fell 73 points to 77,855, while the broader NSE Nifty index dipped marginally to 24,314 in early trade.
A cautious tone gripped the market as escalating Middle East tensions and lingering uncertainty over the U.S. Federal Reserve’s rate path kept buyers on the sidelines.
Major IT stocks bore the brunt of the selloff, with HCL Technologies, Wipro, TCS and Infosys each tumbling between 2 and 4 percent.
The declines in tech heavyweights reflected a broader recalibration after the sector had surged on optimism surrounding global AI and semiconductor stocks.
Not all stocks were under pressure, with Maruti Suzuki India and Bajaj Finserv both moving higher ahead of their quarterly results due later in the session.
Tata Steel edged up slightly after the steelmaker reported a 12 percent rise in its quarterly profit, offering investors a bright spot in an otherwise cautious session.
Torrent Pharma added 1.1 percent after the pharmaceutical company posted a 3.3 percent year-on-year increase in its June quarter net profit.
Mazagon Dock Shipbuilders climbed 1.4 percent following the announcement of 21 percent growth in its June quarter profit, signalling strong momentum in the defence shipbuilding sector.
On the losing end, RailTel Corporation of India tumbled 3.2 percent after the company posted flat quarterly earnings, disappointing investors looking for growth.
Food delivery platform Swiggy fell over 1 percent after disclosing a loss of Rs. 791 crore for the June quarter, continuing to weigh on sentiment around loss-making consumer tech firms.
The mixed earnings landscape reflects a broader pattern across Indian markets, where investors are increasingly distinguishing between companies delivering profit growth and those still burning cash.
