Last Updated on July 23, 2026 9:01 pm by BIZNAMA NEWS
Nifty Settles Below 23,900 Amid Broad-Based Selling; Auto and Media Defy Trend
By Our Business Correspondent
Indian equity benchmark indices extended their downward trajectory for the fourth straight session on Thursday, pressured by soaring global crude oil prices and escalating geopolitical tensions in the Middle East. Investor sentiment remained cautious as broad-based selling dragged frontline gauges lower, with the Nifty settling below the crucial 23,900 threshold. Broader markets underperformed benchmark indices significantly, while sectoral performance reflected deep-rooted defensive shifts and commodity-driven pressures.
Benchmark Indices and Market Breadth
The S&P BSE Sensex slipped 363.66 points, or 0.47%, to close at 76,391.39. Concurrently, the Nifty 50 index fell 126.65 points, or 0.53%, ending at 23,896.60. Over the course of four consecutive losing sessions, the Sensex has dropped 2.25%, while the Nifty has retreated by 1.90%. Heavyweight drags on the Nifty included Reliance Industries, which declined 1.24%, HDFC Bank, down 0.97%, and Bharti Airtel, which shed 0.82%.
Broader indices experienced sharper corrections, reflecting weak risk appetite across the board. The BSE 150 MidCap Index dropped 1.01%, and the BSE 250 SmallCap Index declined 1.20%, with midcap and smallcap segments overall losing about 1% each. Market breadth was decidedly negative; out of the shares traded on the BSE, 1,637 advanced, 2,585 declined, and 181 remained unchanged. Meanwhile, the NSE’s India VIX, which measures near-term market volatility expectations, ticked up 1.37% to 13.48, signaling heightened anxiety among traders.
From a technical standpoint, the Nifty has turned weak, with immediate support identified in the 23,750–23,780 range and overhead resistance pegged near the 24,000 mark.
Sectoral Performance and Commodities
Sectoral weakness was broad-based, with realty, oil & gas, infrastructure, and public sector undertaking (PSU) banks bearing the brunt of the selling pressure. Conversely, auto and media sectors emerged as the session’s lone gainers.
In the commodities and currency markets, macroeconomic indicators shifted dramatically:
- Crude Oil: Brent crude for September 2026 settlement surged $4.01, or 4.26%, hitting $98.08 a barrel amid tightening global supplies.
- Foreign Exchange: The partially convertible rupee edged slightly lower against the US dollar, hovering at 96.5600 compared to its previous close of 96.5300.
- Bond Yields: The yield on India’s 10-year benchmark federal paper rose 0.41% to 6.830, up from the prior close of 6.801.
- Precious Metals: MCX Gold futures for the 5 August 2026 settlement fell 1% to Rs 1,44,222.
- Global Currency & Debt: The US Dollar Index (DXY) inched up 0.04% to 101.16, while the United States 10-year bond yield added 0.47% to 4.679, touching 17-week highs due to renewed inflation anxieties.
Global Market Dynamics
Global equities faced strong headwinds as rising oil prices revived inflation fears and triggered speculation that central banks may tighten monetary policies sooner than anticipated. In the US, Dow Jones futures fell 192 points, pointing toward a weak opening for Wall Street. European shares declined, led heavily by technology stocks following Alphabet’s latest quarterly numbers, while investors monitored Middle East developments ahead of the European Central Bank policy meeting.
Asian markets mostly closed higher, buoyed by major U.S. tech companies’ robust capital expenditure plans which promise high demand for semiconductor manufacturers. However, escalating conflicts—marked by fresh U.S. strikes on Iran and Houthi attacks on oil tankers in the Red Sea—pushed oil prices to six-week highs. Prolonged disruptions threaten vital trade arteries like the Strait of Hormuz and Bab el-Mandeb, which handle over a quarter of global oil and gas shipments.
Overnight on Wall Street, the S&P 500 dipped 0.14% to 7,498.96, the Nasdaq Composite fell 0.57% to 25,690.90, and the Dow Jones Industrial Average edged down 6.06 points (0.01%) to 52,218.58. Alphabet shares dropped 1% in after-hours trading after raising its 2026 capital expenditure forecast to $205 billion to fuel artificial intelligence infrastructure.
Corporate Earnings and Spotlight Stocks
The ongoing June quarter (Q1 FY27) earnings season drove massive stock-specific movements:
- Eternal: Rose 0.95% after posting a 268% surge in consolidated net profit to Rs 92 crore, backed by an 182% jump in operational revenue to Rs 20,211 crore.
- Gandhar Oil Refinery (India): Surged 19.82% as consolidated profit after tax skyrocketed 689.2% YoY to Rs 205.9 crore, with revenue climbing 91.8% YoY to Rs 1,731.9 crore.
- NTPC Green Energy: Climbed 6.45% following a 38.3% YoY increase in profit after tax to Rs 304.84 crore and a 62.7% rise in operating revenue to Rs 1,106.86 crore.
- Tanla Platforms: Soared 9.69%, reporting a 20.07% jump in net profit to Rs 142.17 crore.
- HEG: Rallied 3.88% on a 16.71% increase in net profit to Rs 122.34 crore.
- PVR INOX: Advanced 1.55%, returning to profitability with a consolidated PAT of Rs 56.50 crore aided by robust box office collections and higher footfalls.
- Cipla: Declined 1.42% after reporting a 39.19% drop in net profit to Rs 789.05 crore, despite a 3.51% rise in operating revenue.
- Dr. Reddy’s Laboratories: Slipped 1.10% following a 68.71% YoY decline in net profit to Rs 443.5 crore.
- Nippon Life India Asset Management: Fell 3.57% despite a 27% increase in net profit to Rs 503.7 crore.
- Chennai Petroleum Corporation: Lost 2.97% on a 27.37% dip in standalone net profit to Rs 1,016.67 crore.
- Hindustan Petroleum Corporation (HPCL): Dropped 2.30% after reporting a massive standalone net loss of Rs 11,526.41 crore compared to a net profit in the corresponding period last year.
- Waaree Renewable Technologies: Declined 7.57% after reporting a 25.58% sequential decline in net profit to Rs 115.90 crore.
IPO Updates
Primary market activity showed mixed traction across active initial public offerings:
- Xtranet Technologies: Received bids for 1,01,08,340 shares against 91,93,800 shares on offer, achieving a subscription rate of 1.10 times.
- Lohia Corp: Attracted bids for 56,20,370 shares against 1,43,52,274 shares on offer, reaching a subscription level of 0.39 times.
- INDO-MIM: Witnessed strong demand, securing bids for 6,20,51,430 shares against 5,50,93,201 shares available, translating to a subscription of 1.13 times.
Disclaimer: This report is based on market data, company disclosures and publicly available information as of the close of trading on July 23, 2026. Investors should consult qualified financial advisers before making any investment decisions.