SENSEX SHEDS 715 PTS, NIFTY ENDS BELOW 24,000 AS CRUDE PRICES SPIKE

Published on Jul 22, 2026 16:55

Key equity benchmarks extended their losses for a third straight session on Wednesday, with the Nifty closing below the 24,000 mark. Weakness was driven by rising crude oil prices, a sharp depreciation in the rupee, and profit booking in heavyweight stocks. Broader indices also remained under pressure. Sectorally, pharma, banks and IT stocks led the decline, while FMCG and auto bucked the trend. Among individual stocks, Bandhan Bank plunged 16% after a cautious management outlook.

The S&P BSE Sensex tumbled 715.06 points or 0.92% to 76,755.05. The Nifty 50 index fell 191.45 points or 0.79% to 23,996.25. Over the three consecutive sessions, the Sensex has lost 1.78%, while the Nifty has slipped 1.38%.

ICICI Bank (down 1.60%), Reliance Industries (down 1.51%) and HDFC Bank (down 0.99%) dragged the Nifty lower today.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 1.05% and the BSE 250 SmallCap Index declined 1.39%.

The market breadth was weak. On the BSE, 1,458 shares rose and 2,780 shares fell. A total of 193 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 5.49% to 13.29.

Numbers to Track:

In the commodities market, Brent crude for September 2026 settlement added $3.76 or 4.13% to $94.77 a barrel.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.5900 compared with its close of 96.2500 during the previous trading session.

The yield on India`s 10-year benchmark federal paper was up 0.21% to 6.805 as compared with previous close 6.791.

MCX Gold futures for 5 August 2026 settlement rose 1.22% to Rs 1,44,623.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 101.15.

The United States 10-year bond yield fell 0.01% to 4.624.

Global Markets:

European indices traded higher on Wednesday after the UK`s inflation rate eased to 2.6% year-on-year in June 2026 from 2.8% in May, according to the Office for National Statistics (ONS). The reading moved closer to the Bank of England`s 2% inflation target.

June`s UK inflation was also lower than the euro zone`s 2.8% reading and well below the U.S. inflation rate of 3.5% recorded during the same month.

Asian shares ended mixed as investors took cues from a rebound on Wall Street, shrugging off rising oil prices despite Houthi rebels threatening to open a new front in the escalating Middle East conflict.

In commodities, Brent crude oil climbed after two tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday following threats of attacks from Yemen`s Iran-backed Houthi rebels.

Overnight on Wall Street, U.S. stocks ended lower as escalating tensions in the Middle East pushed oil prices higher. The S&P 500 slipped 0.19% to 7,443.28, the Nasdaq Composite eased 0.05% to 25,508.07, and the Dow Jones Industrial Average fell 307.16 points, or 0.59%, to 51,839.26.

The United States carried out its ninth consecutive day of strikes on Iran overnight. However, investor sentiment improved later in the session after Iranian Foreign Ministry spokesperson Esmail Baghaei raised hopes for a diplomatic resolution.

According to media reports, Baghaei said intermediaries had continued exchanging messages with Iran despite the latest U.S. strikes and added that negotiations between the two sides could continue based on national interests.

Stocks in Spotlight:

Bandhan Bank tumbled 16.63% after the lender lowered its FY27 exit return on assets (RoA) guidance and warned of sustained pressure on margins. In its post-earnings conference call, the bank revised its FY27 exit RoA guidance to 1.2%-1.4% from 1.6%-1.8% earlier. For the quarter ended 30 June 2026, the bank reported a standalone net profit of Rs 501.67 crore, up 34.9% from Rs 371.96 crore a year earlier but down 6.1% from Rs 534.14 crore in the previous quarter. Net interest income rose 5.9% YoY to Rs 2,921 crore, while net revenue increased 1.2% YoY to Rs 3,524 crore.

Pharmaceutical companies came under pressure on Wednesday after US President Donald Trump unveiled a phased tariff plan on imported generic medicines. Trump announced that generic medicines imported into the US will continue to attract zero tariffs for two years from 1 August 2026. The tariff will then rise to 100% from 1 August 2028 for one year, before increasing to 200% from 1 August 2029.

The Nifty Pharma index declined 1.31% to 25,752.25, giving up part of the 1.75% gain it had logged over the previous two trading sessions.

Lupin led the losses, plunging 4.35%, followed by Piramal Pharma (4.20%), Ajanta Pharma (3.25%), Aurobindo Pharma (2.96%), Sai Life Sciences (2.77%), Gland Pharma (2.20%), Dr. Reddy`s Laboratories (2.16%), Wockhardt (2.01%), Alkem Laboratories (1.90%), Mankind Pharma (1.86%), Zydus Lifesciences (1.76%), Glenmark Pharmaceuticals (1.43%), Cipla (1.15%), Sun Pharmaceutical Industries (0.91%), Laurus Labs (0.89%), Ipca Laboratories (0.39%) and Biocon (0.34%). Torrent Pharmaceuticals ended nearly flat, down 0.01%.

Nestle India jumped 3.31% after the company�s standalone net profit climbed 47.92% to Rs 975.12 crore in Q1 FY27, compared with Rs 659.23 crore in Q1 FY26. Revenue from operations climbed 25.16% YoY to Rs 6,378.18 crore, while total sales increased 25.4% to Rs 6,363.27 crore, led by strong domestic sales growth of 25% during the quarter.

Tips Music slipped 12.15% after the company reported weak Q1 FY27 earnings and deferred its proposal to consider a buyback of fully paid-up equity shares. The company said the proposal will now be considered at the meeting of its Board of Directors scheduled for 5 August 2026.

For the quarter ended 30 June 2026 (Q1 FY27), Tips Music reported a standalone net profit of Rs 43.70 crore, down 4.66% YoY and 25.99% QoQ from Rs 59.06 crore in Q4 FY26. Revenue from operations rose 20.93% YoY and 2.48% QoQ to Rs 106.51 crore.

Canara Robeco Asset Management Company surged 5.85% after the asset manager reported a strong set of earnings for the quarter ended 30 June 2026. The company`s consolidated net profit increased 23.93% YoY to Rs 75.60 crore in Q1 FY27 from Rs 61 crore in Q1 FY26. Profit increased 82.61% QoQ from Rs 41.40 crore in Q4 FY26. Revenue from operations increased 19.67% YoY and 1.75% QoQ to Rs 116.20 crore in the June 2026 quarter.

Crisil rallied 4.22% after the company reported 26.2% rise in consolidated net profit to Rs 216.5 crore on a 27.6% increase in income from operations to Rs 1,075.4 crore in Q2 CY26 as compared with Q2 CY25.

Cyient DLM surged 11.72% after the company�s consolidated net profit soared 118.23% to Rs 16.28 crore in Q1 FY27, compared with Rs 7.46 crore in Q1 FY26. Revenue from operations increased 34.26% YoY to Rs 373.80 crore in Q1 FY27.

Mahindra & Mahindra Financial Services surged 7.60% after the non-banking finance company (NBFC) reported a strong rise in quarterly profit, supported by record first-quarter disbursements, higher margins and lower credit costs. On a standalone basis, profit after tax increased 69.6% YoY to Rs 899 crore in Q1 FY27. Total income rose 12.1% YoY to Rs 4,974 crore in the quarter ended 30 June 2026.

Stylam Industries surged 4.22% after the laminate manufacturer reported a strong set of earnings for the quarter ended 30 June 2026. The company`s consolidated net profit increased 70.3% YoY to Rs 48.16 crore in Q1 FY27 from Rs 28.27 crore in Q1 FY26. Profit increased 25.9% QoQ from Rs 38.25 crore in Q4 FY26. Revenue from operations increased 15.37% YoY and 15.38% QoQ to Rs 326.47 crore in the June 2026 quarter.

MPS surged 20% after the company reported a 42.99% year-on-year increase in consolidated net profit to Rs 50.39 crore in the quarter ended 30 June 2026 (Q1 FY27), compared with Rs 35.24 crore in Q1 FY26. Revenue from operations grew 20.38% YoY to Rs 224.24 crore in Q1 FY27.

Bharat Coking Coal tumbled 6.82% after the company reported a net loss of Rs 68.09 crore in Q1 FY27 as against a net profit of Rs 176.87 crore in Q1 FY26. Revenue from operations for the period under was Rs 3,587.27 crore, down 3.56% YoY.

Sunteck Realty declined 7.94% after the company�s consolidated net profit fell 33.68% to Rs 42.28 crore on a 43.5% drop in revenue from operations to Rs 191.56 crore in Q1 FY27 over Q4 FY26.