Indices remain in red in late morning deals

Domestic equity indices remained weak and traded lower, declining by over a quarter percent, on account of rising crude oil prices. Market sentiments remained weak amid renewed geopolitical tensions in West Asia. The U.S. and Iran traded strikes as they contest control of the Strait of Hormuz, one of the most important trade routes for global energy supplies.  Depreciation in Indian rupee against dollar also weighed down sentiments. Rupee weakened by 39 paise to 95.77 against the dollar at the Inter-bank Foreign Exchange market due to increased demand for the American currency from importers and banks. However, losses remained capped as Foreign Institutional Investors (FIIs) bought equities worth Rs 2,603.72 crore on July 10, 2026.

On the global front, Asian markets were trading mixed as traders weighed the latest events in the Middle East and braced for a slew of corporate earnings reports due out later in the week. Back home, shares of oil marketing companies (OMCs), namely Hindustan Petroleum Corporation, Indian Oil Corporation and Bharat Petroleum Corporation, came under pressure as crude oil prices surged by over 4 per cent in the international market.

The BSE Sensex is currently trading at 77336.40, down by 232.99 points or 0.30% after trading in a range of 76857.43 and 77428.26. There were 11 stocks advancing against 19 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 1.84%, TECK up by 0.72% and Consumer Durables up by 0.41%, while Metal down by 1.05%, Realty down by 0.95%, Basic Materials down by 0.84%, Telecom down by 0.82% and Capital Goods down by 0.67% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 3.49%, HCL Technologies up by 2.89%, Tech Mahindra up by 1.56%, Infosys up by 1.18% and Power Grid up by 0.42%. On the flip side, Tata Steel down by 2.22%, Interglobe Aviation down by 1.60%, Bajaj Finserv down by 1.38%, Asian Paints down by 1.18% and Sun Pharma down by 1.17% were the top losers.

Meanwhile, the Global Trade Research Initiative (GTRI) has said that the India's free trade agreement (FTA) with the UK offers significant market access, but translating those opportunities into higher exports will require improvements in standards, certification, logistics and stronger buyer connections. It said ‘without parallel work on standards, certification, logistics, regulatory approvals and buyer networks, much of the opportunity will remain on paper. The agreement opens the door; India must now convert access into exports.’ The India-UK Comprehensive Economic and Trade Agreement (CETA), signed in July last year, is scheduled to come into force on July 15.

According to the think tank, the strongest export opportunities under the pact lie in labour-intensive products, processed foods, seafood, automobiles and select manufacturing segments. In contrast, sectors such as steel, petroleum and alcohol are unlikely to witness substantial gains. The UK imported goods worth $928.9 billion from across the world in 2025, but imports from India stood at only $15.2 billion, giving India a market share of just 1.6 per cent. The UK accounted for only 3.4 per cent of India's global merchandise exports of $445 billion. It noted that export potential depends on four factors - UK demand, India's export capacity, its current UK market presence and the tariff advantage created by CETA. It said sectors where Indian strength meets UK demand include garments; textiles; leather and footwear; processed foods; cereals, vegetables, fruits and spices; fish, and meat; automobiles, motorcycles and parts; and machinery, electronics and fabricated metal products. 

GTRI further stated that India exported garments worth $16.3 billion globally in 2025, while the UK imported garments worth $21.3 billion. India supplied $1.3 billion, accounting for 6.1 per cent of the UK's garment imports, with the UK already purchasing around 8 per cent of India's global garment exports, indicating well-established trade relationships. In processed foods, the UK imported products worth $33.4 billion last year, but sourced only $354 million from India, giving Indian exporters a market share of just 1.1 per cent. Similarly, the automobile sector also presents significant opportunities, with the UK importing automotive products worth $92.2 billion in 2025, while imports from India were only $325 million, representing a marginal 0.4 per cent share.

The CNX Nifty is currently trading at 24123.15, down by 83.75 points or 0.35% after trading in a range of 24000.20 and 24157.40. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were TCS up by 3.28%, HCL Technologies up by 2.96%, Tech Mahindra up by 1.75%, Infosys up by 1.14% and HDFC Life Insurance up by 0.86%. On the flip side, Tata Steel down by 2.36%, Grasim Industries down by 1.87%, Interglobe Aviation down by 1.80%, Nestle India down by 1.65% and Bajaj Finserv down by 1.56% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 1387.73 points or 2.02% to 67,170.00, Shanghai Composite weakened 69.56 points or 1.77% to 3,926.60, KOSPI dropped 529.93 points or 7.63% to 6,946.01 and Straits Times fell 14.41 points or 0.26% to 5,454.88. However, Taiwan Weighted added 27.91 points or 0.06% to 45,382.52, Jakarta Composite gained 10.58 points or 0.18% to 5,934.94 and Hang Seng advanced 8.88 points or 0.04% to 24,184.00.