BENGALURU: Indian shares declined on Monday, dragged by index heavyweights Reliance and ICICI Bank after they missed their quarterly profit estimates, while Wipro tumbled on subdued revenue forecast for the March quarter. The Nifty 50 fell 0.68% to 25,518.9, while the Sensex shed 0.7% to 82,974.84 as of 10:01 a.m. IST. Fourteen of the 16 major sectors logged losses. The broader small-caps and mid-caps fell 0.6% and 0.5%, respectively. Heavyweights Reliance and ICICI Bank were the biggest drags, falling 2.5% and 3.1%, respectively. Reliance missed December-quarter profit estimates on weakness in its retail business and higher expenses, while ICICI Bank reported a lower-than-expected profit due to elevated provisions following a supervisory review. IT index fell 1%, dragged by Wipro, which lost 7.2%. The country’s fourth-largest IT services firm forecast weaker-than-expected revenue growth for the ongoing March quarter after deal booking fell to a six-quarter low in the December period. “Mixed earnings from frontline stocks have kept markets in a cautious zone, caught in a continued tug of war between cautious bears and selective buying by bulls,” said Prashanth Tapse, senior vice president of research at Mehta Equities. Sentiment was further dented after U.S. President Donald Trump vowed on Saturday to implement a wave of increasing tariffs from February 1 on eight European Union members until Washington is allowed to buy Greenland. The fresh tariff threats have amplified geopolitical and trade uncertainty, while relentless foreign outflows have further unsettled markets, Tapse said. Foreign portfolio investors have offloaded $2.5 billion worth of Indian equities so far in January, following record outflows of $19 billion in 2025. Among other stocks, Tech Mahindra rose 3.3% after surpassing third-quarter revenue expectations, while RBL Bank fell 7.1% on missing quarterly forecast.