SENSEX SLUMPS 252 PTS; IT SHARES DECLINE FOR 2ND DAY

Published on Jul 21, 2026 11:34

The domestic equity indices traded with minor losses in the early afternoon trade. The Nifty traded below the 24,200 level. IT shares extended losses for two consecutive trading sessions.

At 11:30 ST, the barometer index, the S&P BSE Sensex, fell 251.82 points or 0.32% to 77,456.70. The Nifty 50 index fell 65.80 points or 0.27% to 24,172.70.

In the broader market, the BSE 150 MidCap Index rose 0.14% and the BSE 250 SmallCap Index added 0.08%.

The market breadth was negative. On the BSE, 1,866 shares rose and 1,953 shares fell. A total of 224 shares were unchanged.

Economy:

India`s core sector output growth accelerated to a five-month high of 5% year-on-year in June, up from 3.2% in May, supported by a sharp surge in iron ore production and sustained expansion in cement and electricity. Iron ore output jumped 43.9% from 19% in the previous month, while coal production returned to positive territory, rising 1.4% after contracting 9.5% in May. Cement output grew 9.8%, its fastest pace in five months, while steel production increased 4.6%, moderating from 5.1% a month earlier. Electricity generation remained robust, expanding 9.8%, though slower than 11.2% in May. However, weakness persisted in the energy segment, with crude oil, natural gas and refinery products contracting 4.2%, 7.4% and 4.7%, respectively. Fertiliser production also remained subdued, declining 3.3% for the fourth consecutive month. The June figures are the first to be released under the revised 2022�23 base year, replacing 2011�12, with iron ore added to the index, taking the number of core industries to nine. During the April�June quarter, cumulative core sector growth improved to 3.6% from 1% a year earlier, although growth under the revised series for FY26 stood at 3%, lower than 4.3% recorded in FY25.

IPO Update:

The initial public offer (IPO) of Caliber Mining and Logistics received bids for 31,67,04,955 shares as against 78,35,821 shares on offer, as per NSE data as of 11:15 hours on Tuesday (21 July 2026). The issue was subscribed 40.42 times.

The issue opened for bidding on Friday (17 July 2026) and it will close on Tuesday (21 July 2026). The price band of the IPO is fixed between Rs 402 to Rs 424 per share. The minimum order quantity is 35 equity shares.

Buzzing Index:

The Nifty IT index fell 0.55% to 29,001.50. The index fell 0.77% in the two consecutive trading sessions.

LTM (down 1.13%), Infosys (down 1.09%), Tata Consultancy Services (down 1.05%), Wipro (down 0.74%) and Mphasis (down 0.68%) added.

On the other hand, Tech Mahindra (up 0.88%) ,Oracle Financial Services Software (up 0.37%) and Persistent Systems (up 0.3%) declined.

Stocks in Spotlight:

TVS Motor Company shed 0.16%. The company said that its board has approved the allotment of 50,000 senior, rated, unsecured, listed, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1 lakh each, for an aggregate amount of Rs 500 crore.

AstraZeneca Pharma India rose 0.62%. The company said Bhavana Agrawal has resigned as Executive Director and Chief Financial Officer (CFO), effective at the close of business hours on 31 August 2026.

Bajaj Healthcare fell 4.15%. The company�s standalone net profit jumped 16.1% to Rs 13.7 crore as compared with Rs 11.8 crore posted in Q1 FY26. Revenue increased 11.3% YoY to Rs 166 crore in Q1 FY27.

Global Markets:

Asian stocks gained on Tuesday as mediation efforts in the Middle East pushed oil prices away from a one-month high.

Yemen`s Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia, a move that could further disrupt energy supplies, amid attacks between the U.S. and Iran, even as efforts were being made to revive a fragile ceasefire.

Brent crude futures eased 0.38% to $88.88 per barrel in early trading on Tuesday as investors latched on to hopes of a resolution. Brent hit its highest since mid-June at $91.42 a barrel in the previous session.

A senior Iranian official was quoted by the media stating that Tehran had received a proposal from mediators for a 10-day ceasefire, intended to pave the way for a lasting agreement to end the ⁠war that began on February 28 with U.S.-Israeli attacks on Iran.

In other developments, investor focus this week will be on earnings from Alphabet and Intel, along with other firms, to gauge the impact of the war and whether the AI trade has more room to run given sky-high profit expectations for the second-quarter.

Strong earnings from Asian chip bellwethers Samsung Electronics and TSMC in recent weeks were not enough to satisfy investor expectations, underscoring the challenge facing the industry.

Overnight in the US, Wall Street`s three major indexes finished lower on Monday while investors looked for moves toward Middle East de-escalation and waited for earnings reports due from major technology companies later in the week.

The Dow Jones Industrial Average fell 307.16 points, or 0.59%, to 51,839.26, the S&P 500 lost 14.41 points, or 0.19%, to 7,443.28 and the Nasdaq Composite lost ⁠12.17 points, or 0.05%, to 25,508.07.