After opening the day lower, the benchmark indices continued their downward momentum and ended the session in the red.

Indian equity markets indices, Sensex and Nifty, settled lower on Friday, pulled by selling in IT stocks after Tata Consultancy Services' weaker-than-expected Q1 earnings. In addition, escalating global trade tensions after President Donald Trump imposed fresh trade tariffs on Canada also weighed down the sentiment.

At the closing bell, the BSE Sensex closed lower by 689 points (down 0.8%).

Meanwhile, the NSE Nifty closed 205 points lower (down 0.8%)

HUL, Axis Bank, Sun Pharma among the top gainers today

TCS, M&M, and Tata Motors, on the other hand, were among the top losers today.

The GIFT Nifty was trading at  25,200, lower by 204 points at the time of writing.

The BSE MidCap index ended 0.7% lower, and the BSE SmallCap index ended 0.7% lower.

Barring the healthcare sector and the FMCG sector, all other sectoral indices were trading negatively today, with stocks in the media sector and the auto sector witnessing selling pressure.

The rupee is trading at Rs 85.5 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 96,78 per 10 grams.

Meanwhile, silver prices were trading 0.7% higher at Rs 108,046 per 1 kg.

Here are four reasons why Indian share markets are down:

#1 Weak Q1 Earnings from TCS

TCS's quarterly results disappointed investors, causing its stock to drop 2.5%. The company's revenue growth was slower than expected due to clients cutting back on tech spending amid global uncertainty. This dragged down other IT stocks like Infosys and Wipro, and the Nifty IT index fell 2.1%.

#2 Crackdown on Market Manipulation Scam

Market Regulator is cracking down a vast pump-and-dump scheme involving more than 200 privately traded companies suspected of inflating share prices. The regulator has searched 80 locations and taken data from 100 computers and 150 mobile devices. The goal of this significant enforcement action is to shield investors from stock manipulation, especially when it comes to low-float stocks.

#3 Oil Rises on Possible Russia Sanctions

Oil prices rose after Trump's comments on Russia sparked speculation about potential sanctions. Brent crude reached $68.83 a barrel and US WTI crude hit $66.81, with prices driven by anticipated supply constraints despite concerns over increased OPEC+ production.

#4 Trump's New Tariff Plans

In addition to imposing 15-20% tariffs on other major trading partners, US President Donald Trump announced a 35% tariff on Canadian imports that would take effect on August 1. Trump's choice has increased concerns among investors and economic uncertainty worldwide.
 

Glenmark Pharma Hits Record High Again

In the news from pharma sector, shares of Glenmark surged 15% following the announcement of a significant licensing agreement with AbbVie for its cancer medication.

The cancer medication will be developed and marketed by AbbVie in major markets such as China, Japan, Europe, and North America. Development, production, and sales in developing regions such as Asia, Latin America, Africa, and others will be managed by Glenmark.

If development, regulatory, and commercial milestones are met, Glenmark's subsidiary will get Rs 58.1 billion (bn) up front and could receive up to Rs 101.7 bn in additional payments. Additionally, they will receive double-digit royalties in tiers based on the cancer drug's net sales.

For the treatment of patients with relapsed or refractory myeloma, the US Food and Drug Administration granted ISB 2001 orphan drug designation in July 2003 and fast-track designation in May. Multispecific antibodies like this one may result in better, longer-lasting responses in cancer treatment, according to AbbVie, which is thrilled about this collaboration. They are dedicated to creating novel treatments for patients with multiple myeloma who still require better choices.

RPP Infra Surges 5% on Orders

Moving on to the news from infrastructure, RPP Infra's shares surged by 5% following the announcement that it had secured orders totalling Rs 3.7 bn in Rajasthan, through its joint venture, RPP-BCC IV in which RPP Infra holds 51% stake.

In accordance with Jal Jeevan Mission (JJM) guidelines, the order concerns retrofitting work to provide a water supply through Functional Household Tap Connections (FHTC).

Using the Bisalpur Dam system, the project will provide water to 355 additional habitations as well as 202 main habitations in the Ajmer district's Arain, Silora, and Ajmer Rural blocks.

The agreement covers ten years of operation and maintenance as well as a one-year defect liability period. The Public Health Engineering Department of Rajasthan will oversee the project, which has a 20-month completion time limit.In March, RPP Infra secured a contract worth Rs 0.8 bn to upgrade Chennai's water infrastructure. Water pipe installation, distribution station setup, and subterranean tank construction are all part of the project.

Along with improving Pachorowadi-Shewale-Satgaon Road in Nashik, the company also secured a further Rs 3.2 bn contract for the reconstruction and enlargement of bridges and culverts on the Alibag Bypass Road.

More By This Author:

Sensex Today Trades Lower; Nifty Below 25,350
Sensex Today Ends 345 Points Lower; Nifty Below 25,400
Nifty Below 25,500; Tata Motors & Infosys Top Losers