Last Updated on July 14, 2026 11:35 pm by BIZNAMA NEWS
Our Correspondent
Domestic equity benchmarks witnessed a sharp correction on Tuesday, extending the losing streak to three consecutive sessions as a cocktail of rising crude oil prices, escalating Middle East tensions, and sticky inflation data rattled investor sentiment.
The S&P BSE Sensex shed 561.46 points (0.72%) to close at 77,054.94, while the Nifty 50 slipped 158.95 points (0.66%) to finish at 24,052.05, breaching the crucial 24,100 support level. The broader market sentiment remained tepid, with the BSE MidCap and SmallCap indices retreating 0.54% and 1.08%, respectively.
Macro Headwinds: The Inflationary Spike
Investors were blindsided by a double-whammy of rising inflation figures:
- Wholesale Price Index (WPI): Accelerated to 9.87% in June, up from 9.68% in May.
- Retail Inflation (CPI): Rose to 4.38% in June, breaching the Reserve Bank of India’s 4% threshold for the first time in 17 months, fueled by soaring food and transport costs.
- Energy Pressure: Brent crude futures surged over 4% to $86.79 per barrel, raising fears that sustained energy costs will keep global interest rates elevated for longer.
Market Snapshot: Top Movers
| Top Gainers (Nifty/Mid/Small) | Change (%) | Top Losers (Nifty/Mid/Small) | Change (%) |
| Landmark Cars | +20.00% | HCL Technologies | -4.63% |
| Biocon | +6.34% | EMS Ltd | -2.46% |
| PDS Ltd | +5.89% | State Bank of India | -2.34% |
| Welspun Corp | +4.08% | Larsen & Toubro | -2.11% |
| Plastiblends India | +1.39% | Khaitan Chemicals | -2.83% |
Stocks in focus
Biocon jumped 6.34% after reports that Viatris-owned Mylan is exiting its entire 5.6% stake through block deals worth about ₹3,481 crore, ending a 17-year partnership.
Landmark Cars hit the 20% upper circuit after reporting a 22.5% rise in first-quarter revenue on strong vehicle sales and after-sales growth.
HCL Technologies fell 4.63% despite reporting robust quarterly earnings, as investors were disappointed with the company’s unchanged FY27 revenue growth guidance.
PDS rallied 5.89% after securing a multi-year sourcing contract with the global sourcing arm of a leading French supermarket group.
Welspun Corp gained 4.08% after winning fresh export pipe orders worth about ₹1,400 crore.
Among other stocks, EMS Ltd, Khaitan Chemicals & Fertilizers and Krishana Phoschem ended lower following their quarterly updates.
IPO watch
Investor response to the SBI Funds Management IPO remained subdued, with the issue subscribed 0.66 times by late afternoon on the opening day. The public issue is priced in the ₹545-574 band and closes on July 16.
The Alphine Texworld IPO was subscribed 0.27 times on the first day of bidding, with a price band of ₹100-105 per share.
Key Highlights
- Corporate Spotlight: Biocon saw heavy trading volume, surging 6.34% following a major block deal involving Mylan’s exit. Landmark Cars hit the 20% upper circuit on the back of strong Q1 FY27 revenue growth. Conversely, HCL Technologies faced selling pressure (-4.63%) as investors grew cautious over the company’s unchanged revenue guidance, despite a 20.3% YoY jump in net profit.
- Volatility Index: The India VIX climbed 3.53% to 13.75, reflecting heightened anxiety among market participants.
- IPOs in Focus: The SBI Funds Management IPO saw a muted start, subscribed 0.66 times, while Alphine Texworld saw a 0.27 times subscription as of market close today.
- Foreign Exchange & Debt: The Indian Rupee weakened to 96.26 against the USD. Meanwhile, the yield on the 10-year benchmark bond climbed to 6.804%, signaling tightening credit conditions.
Outlook
Market participants are now bracing for US CPI data and commentary from Federal Reserve officials, which are expected to provide cues on the trajectory of global interest rates. With the Q1 earnings season in full swing, stock-specific action is likely to dominate the narrative in the coming sessions.