Daily Market News Update — 09th-10th July 2026

Midnight News Update: 09-10 Jul 2026

The Trump-risk is back in markets as renewed West Asia conflict and tariff threats have again put a fifth of Indian exports at risk. The additional 10-12% tariff threat comes from the US Trade Representative investigating forced-labour related trade practices in India. Meanwhile, Gulf region was emerging as an alternate export market and Trump’s latest moves put that at risk. Also, Iran is shipping out 11 million barrels of crude oil, before the US intensifies attacks on Iran, impacting India’s Iranian oil plans too. Most of the Indo-US diplomacy efforts gave come to nought.

For Q2FY27, TCS reported better-than-expected sales at ₹72,275 crore. However, the net profits were marginally lower by -2.7% on sequential basis at ₹13,349 crore. If the one-time legal costs were excluded, the net profit for the quarter would have been sequentially higher at ₹13,849 crore. In constant currency terms (CC), revenues were up just 0.4% sequentially. Operating margins fell by 130 bps to 24.0% in Q1FY27. Wage hikes actually shaved off 170 bps from the OPM. TCS also reported that annualized AI revenues was up at $2.6 billion, aided by faster deployment.

SBI Funds Management has announced the price band for its upcoming IPO at ₹545-₹574 per share. The IPO will be open for subscription from 14-Jul to 16-Jul, and the listing will happen on 21-Jul. The anchor allotment will take place on Monday, 13-July. The overall IPO size will be ₹11,693 crore, valuing the AMC overall at ₹1,16,930 crore. Between SBI and Amundi, the promoters of the JV will be hiving off 10% stake in SBI Funds. One of the big value propositions that SBI Funds is considering is to leverage the SBI customer database to offer Mutual Fund solutions.

In what could be a piece of good news for India, it has secured Australian uranium for its energy push. India is planning a big push to nuclear energy. India is planning to take its nuclear capacity to 100 GW by year 2047 and for that assured supplies of uranium hold the key. India is expected to see a surge in power demand, stemming from rapid industrialization, urbanization, and very power-hungry data centres. India currently operates 24 nuclear power plants with combined capacity of 8.78 GW, contributing just 3.1% to India’s power requirements.

Government of India has cleared the joint venture between Dixon Technologies and Vivo for the manufacture of smartphones. The JV will be an original equipment manufacturer (OEM) for Vivo. Dixon Tech will hold 51% in the joint venture, while Vivo will hold the balance 49%. The JV will handle volumes of about 22 million units per year, and expect nearly 67% of the volumes of Vivo to be transferred to the Dixon-Vivo joint venture. The stock of Dixon, which has been one of the top performing stocks in India over last 5 years, rallied another 4.2% after the news.

Indian Oil Corporation (IOCL) is undertaking a massive ₹75,000 crore investment outlay to add refining capacity of 17.3 million metric tonnes per annum (MMTPA). These will be spread across three units and will go onstream by year-end. With this expansion, the total refining capacity of IOCL will touch 98.05 MMTPA and also consolidate India’s position as a high-class regional refining hub for the world. The expansion of the exports basket will also reduce the net imports in the oil basket, boost forex inflows, and also help to steady the value of the Indian rupee.

With a spate of problems in its weight loss drug over quality factors, Dr Reddy’s Laboratories is pausing its weight-loss drug till the quality issues are fully resolved. The decision was taken after several unspecified impurities were found during the active pharmaceutical ingredient (API) scale up. The weight loss drug is sold by Reddy Labs as Semaglutide Injection. However, Reddy Labs has also assured that the products already supplied in the market were totally safe for patient use. Torrent Pharma is also recalling some Semaglutide batches procured from Reddy Labs.

Groww, which used to offer Direct Mutual Funds on its platform, Groww Prime. After the move came in for criticism from competitors like Zerodha, the promoters of Groww clarified that the Prime Platform would only be for customers who wanted to additionally avail advisory services. In fact, Groww also clarified that the existing Direct Platform will continue as before, but now DIY investors have a choice between Direct and Regular funds. For Groww, Direct Funds have helped about 1 crore investors build an AUM of ₹1,90,000 crore, obviously not something to be given up!