Bluestone and Himadri Rally While IBM Faces Sell-Off

Tuesday, July 21, 2026, saw a marked contrast in market performance for major firms. Bluestone Jewellery and Lifestyle surged 19% to reach an eight-month high of ₹728.40 following a robust June quarter report that showed a 49% increase in retail sales. Similarly, Himadri Speciality Chemical hit a fresh 52-week high after nine consecutive days of gains, reporting a record-breaking quarterly revenue of ₹1,432 crore and a 27.4% rise in net profit. Conversely, IBM continues a steep decline, shedding 26.5% of its value over five sessions after missing revenue expectations.

Canara HSBC Life Insurance Company also enjoyed a strong session, climbing 11% intraday after posting a 20% year-on-year rise in net profit to ₹28 crore. The insurer's Value of New Business (VNB) margin improved to 21.1%, signaling a successful shift toward higher-margin traditional and protection product offerings. For Himadri, the focus remains on expansion, with a ₹240 crore capital expenditure plan aimed at super speciality carbon black and carbon nanotube facilities, which are essential components for high-growth battery and electronics markets.

IBM's struggles stem from broader macroeconomic pressures and execution failures, with CEO Arvind Krishna noting that enterprise customers are reallocating capital toward AI-optimized chips and server hardware. The decline, the firm's largest one-day drop since 1968, underscores the difficult transition traditional tech giants face as they navigate infrastructure-related revenue shortfalls. While domestic Indian firms in the jewellery and insurance sectors are benefiting from strong local consumer demand, international legacy tech firms like IBM face significant headwinds in closing large-scale transactions in an environment defined by rapid capital rotation.