Reliance, ICICI Bank Results Weigh on Indian Equities
BENGALURU: Indian equity markets opened the week on a weak note on Monday as disappointing quarterly earnings from index heavyweights Reliance Industries and ICICI Bank dampened investor sentiment. Losses were further deepened by a sharp fall in Wipro after the IT major issued a subdued revenue outlook for the March quarter.
The benchmark Nifty 50 declined 0.68% to 25,518.9, while the Sensex slipped 0.7% to 82,974.84 as of 10:01 a.m. IST.
Market breadth remained negative, with 14 of the 16 major sectoral indices trading in the red. Broader markets also faced selling pressure, as mid-cap and small-cap indices fell 0.5% and 0.6%, respectively.
Heavyweight stocks Reliance Industries and ICICI Bank emerged as the biggest drags, shedding 2.5% and 3.1%, respectively. Reliance missed its December-quarter profit estimates, impacted by weakness in its retail segment and higher operating expenses. Meanwhile, ICICI Bank reported earnings below expectations due to increased provisioning following a supervisory review.
The IT sector index slipped 1%, led by Wipro, which plunged 7.2%. The country’s fourth-largest IT services firm projected weaker-than-anticipated revenue growth for the ongoing March quarter after its deal bookings dropped to a six-quarter low during the December period.
Commenting on market conditions, Prashanth Tapse, Senior Vice President of Research at Mehta Equities, said mixed earnings from frontline companies have kept markets cautious, as investors remain caught between selective buying and persistent selling pressure.
Investor sentiment was further hurt by renewed global concerns after U.S. President Donald Trump announced plans to impose escalating tariffs from February 1 on eight European Union members, linking the move to Washington’s demand to purchase Greenland. These developments have intensified geopolitical and trade uncertainties.
Persistent foreign selling has added to market volatility. Foreign portfolio investors have sold $2.5 billion worth of Indian equities so far in January, following record outflows of $19 billion in 2025, Tapse noted.
Among individual stocks, Tech Mahindra gained 3.3% after reporting better-than-expected third-quarter revenue, while RBL Bank plunged 7.1% after missing quarterly earnings estimates.
