Nifty IT jumps 3.3% as Coforge revenue surges 33%, while HUL falls 7% on margin pressure. Crude eases on Iran talks, rupee strengthens. Fed and BoJ decisions next.
South Korea's KOSPI dropped 11%. Japan's Nikkei fell nearly 4%. A global semiconductor sell-off swept through Asia on Tuesday. Indian markets barely noticed.
The Nifty 50 closed at 23,985, down 0.04%. That was a monthly F&O expiry day, normally a choppy session. Declines outnumbered advances by almost two to one, but the index held its ground.
"Asian chip stocks told a different story. South Korean names like SK Hynix fell sharply on rising concerns about Chinese semiconductor competition," said Sarvam Goel, founder of Pocketful. "Indian IT services and Asian chip manufacturing are not the same trade. One is under pressure. The other is proving its value."
The Nifty IT index rallied 3.3%. Coforge led the charge, jumping 10% after reporting 33% year-on-year dollar revenue growth. Eighty-six percent of its revenue now comes from AI-led engineering, data and cloud services. The company's 12-month executable order book stood at $2.23 billion. The results triggered a broad re-rating; the IT sector has gained nearly 16% from its recent lows.
On the losing side, Hindustan Unilever tumbled 7% after weaker-than-expected earnings. Profits dipped despite 10% revenue growth, pointing to margin pressure. Varun Beverages fell 7% as first-quarter volume growth missed consensus estimates. FMCG and energy stocks broadly remained under pressure.
Easing geopolitical tensions in West Asia provided some cushion. US President Donald Trump signalled progress in Oman-mediated talks with Iran over the Strait of Hormuz. Brent crude moved lower, with quotes varying between $80 and $86 per barrel across sources but the direction clearly downward. Domestic crude futures fell over 2.5% to below ₹7,800.
The rupee strengthened for a third consecutive session. The spot USD/INR pair slipped to around ₹78.95, a one-week low, aided by softer crude prices and steady dollar supply from banks. Immediate support lies in the ₹95.40–95.60 range, with ₹96.15 as the key overhead hurdle, traders said.
Gold slipped to $4,030 per ounce and silver to $57. The dollar climbed to a one-month high of 101.57 ahead of the US Federal Reserve's policy decision on Wednesday. CME FedWatch data put the probability of a 25-basis-point July rate hike at 34%, with September odds near 80%.
Markets now track the Fed and the Bank of Japan policy outcomes. On the earnings front, investors will watch results from Asian Paints, Eicher Motors, Dabur India, Adani Enterprises, and Colgate-Palmolive, among others. Colgate-Palmolive (CL), which reports next, carries an Alpha Score of 50/100, reflecting mixed signals.
"Given the mixed global backdrop, we continue to advocate a selective, stock-specific approach, preferring auto and pharma," said Ajit Mishra, SVP Research at Religare Broking.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.