Market Close Report, July 23, 2026: Sensex, Nifty Fall For Fourth Straight Session As Oil, Iran Continue To Weigh

Mumbai, July 23: Indian benchmark indices extended their losing streak to a fourth consecutive session on Thursday, with the Sensex falling 364 points and the Nifty ending below 23,900 as broad-based selling weighed on equities. Rising crude oil prices, persistent geopolitical tensions and weak global cues kept investors cautious, while gains in auto stocks and select heavyweight shares provided some support. 

Sensex, Nifty Extend Losing Streak 

At the close, the Sensex was down 363.66 points, or 0.47%, at 76,391.39, while the Nifty declined 126.65 points, or 0.53%, to settle at 23,869.60. 

Market breadth remained weak, with 1,569 shares advancing against 2,479 declines, while 155 stocks ended unchanged. The Nifty midcap and smallcap indices each fell around 1%, indicating that selling pressure extended beyond the benchmark indices. 

The market’s fourth straight session of losses came amid caution over elevated crude oil prices and geopolitical tensions, with investors also keeping a close watch on the ongoing corporate earnings season for stock-specific cues. 

Auto Sector Outperforms As Realty, Oil & Gas Drag 

Sectoral performance remained largely negative, with only a handful of indices ending in positive territory. 

The Nifty Realty index emerged as the worst-performing sectoral gauge, falling 1.8%. Nifty Oil & Gas, Nifty Infrastructure, PSU Bank and Nifty Energy indices each declined around 1%, reflecting pressure across several economically sensitive pockets of the market. 

Other sectors also ended lower, with Nifty Metal falling 0.7%, while Nifty Pharma, Nifty FMCG and Nifty Consumer Durables each declined 0.4%. 

In contrast, the Nifty Auto index rose 0.7%, making it the best-performing sector of the session. The Nifty Media index also gained 0.22%. Fifteen of the 16 major sectors fell. 

SpiceJet surged 10% following a report that the Adani Group could enter the airline business, sparking speculation about potential acquisition. Sentiment was further boosted by reports that a Gulf-based airline was carrying out due diligence as part of a possible evaluation of a stake in the financially troubled carrier. 

Bajaj Auto, M&M, TCS Among Top Nifty Gainers 

Bajaj Auto emerged among the top Nifty gainers, helping the auto index outperform the broader market. Mahindra & Mahindra and Eicher Motors also advanced, supporting sentiment in the automobile sector. 

Tata Consultancy Services and SBI Life Insurance were among the other notable gainers. 

On the other hand, Adani Enterprises, Shriram Finance, Nestle India, Adani Ports and Bajaj Finance featured among the biggest Nifty losers, weighing on the benchmark index. 

Crude Oil Surge Keeps Investors Cautious 

The sharp rise in crude oil prices remained a key concern for Indian investors. Brent crude climbed to around $96 a barrel, hitting a six-week high as escalating U.S.-Iran tensions and disruptions to energy shipping routes raised fears of tighter global supplies. 

Higher oil prices are a concern for India, which imports a large share of its crude requirements. A sustained rise in energy costs could put pressure on inflation, the trade deficit and the rupee, while raising input costs for companies across sectors. 

The oil rally has also revived concerns over the global interest-rate outlook, as persistent energy price pressures could make central banks more cautious about easing monetary policy. Elevated bond yields and a stronger dollar could, in turn, weigh on emerging-market equities. 

Earnings Season Drives Stock-Specific Moves 

Investors also remained focused on quarterly earnings, with individual stocks witnessing sharp moves based on results and company-specific developments. 

Pharma and energy stocks came under pressure after disappointing quarterly earnings triggered selling in key counters. Dr Reddy’s Laboratories fell 1.4%, while Cipla declined 1.6%. Hindustan Petroleum Corporation also slid 2.5% following a weak quarterly performance. 

IndusInd Bank was among the session’s biggest laggards, plunging 6% as investors locked in gains despite the private lender reporting a sharp increase in June-quarter profit, aided by lower provisions. The stock had rallied before results. Infosys slipped 0.5%, while InterGlobe Aviation, the parent of IndiGo, declined 1.8% as investors awaited their quarterly earnings later in the day. 

The earnings season is likely to keep volatility elevated in the near term, with investors assessing whether corporate profit growth can withstand higher commodity costs and a challenging global macroeconomic environment. 

The domestic market could remain sensitive to developments in crude oil prices and the Middle East, while foreign fund flows and movements in the rupee are likely to influence sentiment. 

For now, the Sensex and Nifty remain under pressure after four consecutive sessions of losses. While the outperformance of auto stocks provided some respite, the broader weakness across midcaps, smallcaps and most sectoral indices suggests that investors continue to favour caution as geopolitical risks, elevated oil prices and earnings uncertainty weigh on risk appetite. 

Source

•  NSE
• BSE