Indian shares slide to 10-week lows as Reliance, ICICI miss earnings estimates
Indian equity benchmarks ended lower on Monday, slipping to 10-week closing lows as weak quarterly earnings from key blue-chip companies weighed on market sentiment. The Nifty 50 closed down 0.4% at 25,585.5, while the Sensex also fell 0.4% to 83,246.18, as investors stayed cautious amid uncertain global cues.
Reliance Industries and ICICI Bank emerged as the biggest drags on the benchmarks, dropping 3% and 2.1%, respectively, after missing quarterly expectations. Reliance reported lower December-quarter profit due to weakness in its retail business and higher expenses, while ICICI Bank posted lower-than-expected profit due to elevated provisions. Wipro tumbled 8%—its steepest single-day fall since July 2024—after forecasting weaker-than-expected revenue growth for the March quarter as deal bookings hit a six-quarter low.
Broader sentiment remained fragile due to renewed concerns of a global trade war after U.S. President Donald Trump said he would impose increasing tariffs from February 1 on eight European Union members until Washington is allowed to buy Greenland. Thirteen of the 16 major sectors ended in the red, while mid- and small-caps declined 0.4% and 1%, respectively, though FMCG gained 0.7% to cushion losses. Among notable movers, Federal Bank jumped 3.5% to a record high after earnings, Tech Mahindra rose 2.9%, IndiGo climbed 4.2%, and Bharat Coking Coal surged 76.4% in its market debut.
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