SENSEX DROPS 561 PTS, NIFTY SLIPS BELOW 24,100 AS OIL PRICES SURGE

Published on Jul 14, 2026 16:31

Domestic equity benchmarks ended sharply lower on Tuesday as rising crude oil prices, escalating Middle East tensions and weak global cues dampened investor sentiment. The Nifty 50 fell below the 24,100 level. Selling pressure was broad-based, with IT, auto and banking stocks leading the decline, while pharma and metal shares outperformed. Geopolitical developments, crude oil prices and the ongoing Q1 earnings season are likely to drive near-term market direction.

The S&P BSE Sensex declined 561.46 points or 0.72% to 77,054.94. The Nifty 50 index fell 158.95 points or 0.66% to 24,052.05. In three consecutive sessions, the Nifty has lost 1.38%, while the Sensex has fallen 1.45%.

State Bank of India (down 2.34%), Larsen & Toubro (down 2.11%) and HDFC Bank (down 1.09%) were major Nifty drags today.

In the broader market, the BSE 150 MidCap Index fell 0.54% and the BSE 250 SmallCap Index dropped 1.08%.

The market breadth was weak. On the BSE, 1,501 shares rose and 2,737 shares fell. A total of 203 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, added 3.53% to 13.75.

Economy:

India`s wholesale price index (WPI)-based inflation accelerated to 9.87% in June 2026 from 9.68% in May, driven by higher prices of food articles, mineral oils (including petroleum products), basic metals, and chemicals and chemical products, according to the Ministry of Commerce and Industry.

The June WPI data is based on the revised series with 2022-23 as the base year. The updated series, introduced last month, is intended to better reflect the current structure of the economy.

Meanwhile, India`s retail inflation rose above the Reserve Bank of India`s 4% target for the first time in 17 months. Consumer price inflation (CPI) increased to 4.38% in June from 3.93% in May, driven by higher food and fuel prices.

Food inflation, measured by the All India Consumer Food Price Index (CFPI), stood at 5.32% in June. Transport inflation accelerated to 4.3% from 1.75% in May.

Numbers to Track:

In the commodities market, Brent crude for September 2026 settlement advanced $3.49, or 4.19%, to $86.79 a barrel.

The yield on India`s 10-year benchmark federal paper was up 1.05% to 6.804 as compared with previous close 6.733.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 96.2600 compared with its close of 95.6800 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement added 0.54% to Rs 141,060.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.19% to 101.10.

The United States 10-year bond yield rose 0.11% to 4.615.

Global Markets:

European indices traded lower on Tuesday as a sharp rise in crude oil prices fuelled concerns over persistent inflation and the trajectory of global interest rates.

Asian indices ended higher as investors assessed the impact of geopolitical developments on energy markets. However, gains were capped by worries that higher crude prices could stoke inflationary pressures.

Overnight, US stocks closed lower while oil prices surged amid renewed geopolitical tensions and concerns over potential disruptions to global energy supplies. The spike in crude prices raised fears that inflation could remain elevated, reducing the likelihood of near-term monetary policy easing.

The S&P 500 fell 0.79% to 7,515.34, the Nasdaq Composite dropped 1.55% to 25,873.18, and the Dow Jones Industrial Average declined 138.37 points, or 0.26%, to 52,498.64.

Investors are now awaiting US consumer price inflation (CPI) data and comments from Federal Reserve officials for fresh clues on the interest rate outlook.

Stocks in Spotlight:

Biocon surged 6.34% to Rs 437 after a large block deal took place in the counter early today. According to media reports, U.S.-based Viatris-owned Mylan was looking to sell its entire 5.6% stake in the biotechnology company through block deals worth around Rs 3,481 crore. The transaction would mark Mylan`s complete exit from Biocon after a 17-year partnership. The block deal was reportedly launched at a floor price of Rs 378.50 per share, a discount of 7.9% to Biocon`s Monday closing price on the NSE.

Landmark Cars hit an upper circuit of 20% after the company�s total revenue from operations jumped 22.47% to Rs 1,733 crore in Q1 FY27, compared with Rs 1,415 crore in Q1 FY26, driven by solid growth in both the vehicle sales and after-sales segments.

HCL Technologies declined 4.63% after the IT major retained its FY27 revenue growth guidance, prompting concerns that enterprise technology spending remains subdued despite a strong quarterly performance. For the quarter ended 30 June 2026, the company reported a consolidated net profit of Rs 4,624 crore, up 20.3% year-on-year and 3.0% quarter-on-quarter. Revenue from operations increased 13.9% YoY and 1.8% QoQ to Rs 34,579 crore.

PDS surged 5.89% after the company announced that it had secured a multi-year Sourcing as a Service (SaaS) contract with the global sourcing arm of a leading French-headquartered supermarket group. Under the agreement, PDS will provide end-to-end sourcing and supply chain services through a dedicated operating subsidiary, supporting the retailer`s textile sourcing strategy with a more agile sourcing model. The company expects to manage apparel sourcing valued at more than $250 million in annual free-on-board (FOB) volume.

Plastiblends India jumped 1.39% after the company reported 67.6% rise in net profit to Rs 14.95 crore on an 11% increase in revenue to Rs 221.61 crore in Q1 FY27 as compared with Q1 FY26.

EMS declined 2.46%. The company has emerged as the lowest bidder (L-1) for a sewerage project awarded by UP Jal Nigam (Urban), Varanasi, with an estimated order value of Rs 105.82 crore. The scope of work includes construction of a 10 MLD sewage treatment plant (STP) with co-treatment facility, sewage pumping station (SPS), boundary wall, staff quarters, site development, laying of rising mains, sewer network and sewer house connections.

Welspun Corp added 4.08% after the company announced the receipt of fresh large orders for supply of pipes for Oil & Gas export projects, from its India facility, cumulatively valued at approximately Rs 1,400 crore.

Khaitan Chemicals & Fertilizers fell 2.83% after the company reported a 49.04% year-on-year decline in standalone net profit to Rs 10.91 crore for Q1 FY27, compared with Rs 21.41 crore in the year-ago period. Revenue from operations declined 6.09% YoY to Rs 220.03 crore during the quarter.

Krishana Phoschem fell 1.19% after the company reported a sharp sequential decline in earnings for the quarter ended 30 June 2026 (Q1 FY27). On a standalone basis, net profit declined 43.1% QoQ to Rs 47.1 crore in Q1 FY27, while revenue from operations fell 29.5% QoQ to Rs 532.3 crore. On a year-on-year basis, net profit increased 54.2%, while revenue from operations rose 34.6%.

Initial Public Offer (IPO):

SBI Funds Management received bids for 8.16 crore shares as against 12.45 crore shares on offer, according to stock exchange data at 16:24 IST on Tuesday (14 July 2026). The issue was subscribed 0.66 times.

The issue opened for bidding on 14 July 2026 and it will close on 16 July 2026. The price band of the IPO is fixed between Rs 545 and 574 per share.

Alphine Texworld received bids for 32.52 lakh shares as against 1.20 crore shares on offer, as per NSE data as of 16:24 hours on Tuesday (14 July 2026). The issue was subscribed 0.27 times.

The issue opened for bidding on Tuesday (14 July 2026) and it will close on Thursday (16 July 2026). The price band of the IPO is fixed between Rs 100 to Rs 105 per share.