Indian Markets Pare Early Gains; HCL Tech Drags, Tata Tech, Rallis Rally On Q1 Earnings

Retail inflation cooled to an over-six-year low of 2.10%, fueling rate cut hopes, but equity markets remained rangebound.

Indian equity markets opened marginally higher but pared early gains, with the Nifty index hovering around the 25,100 level. Investors are watching cues from the first-quarter earnings season that is underway, as well as updates on the US-India trade deal as negotiations continue with a senior delegation in Washington this week. 

On the macroeconomic front, India’s retail inflation eased to over a six-year low of 2.10%, raising the case for more rate cuts by the central bank. 

At 09:45 a.m. IST, the Nifty 50 traded 25 points higher at 25,106, while the Sensex was up 50 points at 82,303. Broader markets outperformed, with the Nifty Midcap index gaining 0.2% and the Smallcap index rising 0.5%. 

The retail sentiment on Stocktwits for Nifty remained ‘bearish’ on Tuesday. 

Sectorally, all indices traded in the green, with auto, real estate, oil & gas leading the gains. 

HCL Technologies was the top Nifty loser, falling over 3% after it reported weaker-than-expected first-quarter (Q1 FY26) earnings. 

Tata Technologies rose 3% despite a weak show in Q1; however, margins held steady. Rallis India rose 4% on a stellar quarter, profits nearly doubled to 95 crore, driven by strong revenue and margin expansion.

On the other hand, Tejas Networks fell 5% after the company swung to a loss of ₹193.87 crore in Q1 compared to a profit of ₹77.48 crore last year.

Deepak Fertilizers shares rose 4% after signing a ₹1,200 crore long-term LNG regasification deal with Petronet LNG for supply to its Taloja plant. And Power Mech gained 3% on securing two orders worth ₹551.35 crore. 

Watch out for HDFC Life, HDB Financial, ICICI Lombard, ICICI Prudential Life Insurance, GM Breweries, Hathway Cable, Himadri Speciality Chemical, Just Dial, Bank of Maharashtra, among others, as they report quarterly earnings today. 

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Ashish Kyal noted that a 15-minute close above 25,150 on the Nifty can lead the index to 25,220, followed by 25,270 levels. On the downside, a breach below 24,970 can be risky, extending the pressure to 24,880 or lower. The index is poised at a crucial juncture, with the broad range identified between 24,970 and 25,220.

Prabhat Mittal pegged Nifty support at 24,980 and resistance at 25,220. For the Bank Nifty, he sees support at 56,300 and resistance at 57,000.

Globally, Asian markets traded mixed as escalating tariff threats between the US and Mexico, and the EU weigh on investor sentiment. 

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