September 24, 2025 (mid-day) — Indian equities remained under pressure through the noon session, with the Nifty 50 hovering just below 25,100 and breadth firmly negative. The tone was set by IT and auto names, where Tech Mahindra and Tata Motors emerged as key contributors to the index decline. Traders pointed to a mix of soft global cues, currency jitters, and steady foreign selling as the main overhangs, keeping rallies shallow and short-lived.
What’s weighing on the market
IT stocks extended weakness after renewed concerns around overseas staffing costs and client-side decision delays. That kept the entire pack on the back foot and turned Tech Mahindra into one of the heaviest drags on the benchmark. On the auto side, Tata Motors lagged as investors tracked near-term production timing at its luxury arm and the possible knock-on impact on dispatches and working capital. The combination—services exposure in IT and global-cycle sensitivity in autos—left the index struggling for direction in a risk-off tape.
Mid-day : breadth, volumes, flows
Market breadth stayed negative with decliners outpacing gainers on the large-cap list as well as across the broader universe. Dealers flagged foreign portfolio outflows alongside cautious domestic positioning, while local buying provided intermittent support, it was largely tactical and focused on dips rather than sustained risk-on. Currency moves added to the hesitancy: every bout of rupee weakness increased volatility, particularly in import-sensitive and globally linked sectors.
| Item | Level / Move | Note |
|---|---|---|
| Nifty 50 | Near 25,100, down ~0.3%–0.6% intraday | Weak tone, shallow rallies |
| Tech Mahindra (TECHM) | Down ~1.5%–2.0% | Among top Nifty drags |
| Tata Motors (TATAMOTORS) | Down ~1.0%–1.5% | Auto weakness persists |
| Sector laggards | IT, Auto, Realty | Defensive pockets firmer |
Numbers are mid-day references, check NSE & BSE for latest data.
Why it matters
- Earnings sensitivity in IT: Higher onsite costs and shifting project timelines can compress margins. When a large services name slips, its index weight magnifies the impact on Nifty.
- Auto transmission from global cues: Any uncertainty around premium-segment production schedules or export markets can drag near-term volumes and pricing power, keeping sentiment in autos uneven.
- Flows + FX loop: Persistent foreign selling alongside a shaky rupee often caps risk appetite and raises equity risk premiums, especially for globally exposed businesses.
What to watch into close
- Index shelf: The 25,000–25,100 zone remains the first support band; a clean hold could limit damage, while repeated breaches may invite momentum shorts.
- Stock-specific headlines: Any clarity on staffing/visa cost dynamics for IT services or a firmer restart cadence for premium auto production could shift tone quickly.
- Currency and crude: A stable rupee and benign oil would reduce macro noise and help the market absorb sector-specific negatives.
Outlook
Absent a positive global cue or a steadier currency, the afternoon bias stays cautious. Expect range-bound trade with fades near intraday pops and quick rotations into defensives on weakness. A clearer read on operating calendars for autos and on client budgets for IT could stabilize the tape, until then, Tech Mahindra and Tata Motors are likely to remain the bellwethers for the day’s direction.
