Market Midday Report, July 23, 2026: Sensex, Nifty in Negative Zone at Noon as War with Iran Escalates, Oil Near $96

Mumbai: Indian stock markets continued to trade in negative territory at noon on Thursday with the benchmark BSE Sensex dipping 165.67 points or 0.22 per cent to 76,589.38 while NSE Nifty 50 was down 51.85 points or 0.22 per cent at 23,944.40 around 11.50 am. US bombs fell for a 12th straight night on Iran on Thursday. Oil surged toward a six-week peak, weighing on Asia stocks, after Washington intensified strikes on Iran over missile attacks that killed an American contractor. Weak cues from Wall Street also weighed on investor sentiment. Reuters separately reported that US intelligence agencies are investigating whether Russia provided targeting information for Iran’s drone attack on two CIA sites in the Gulf region. 

Gainers and Losers 

Among Nifty 50 stocks, Eternal (ETERNAL) led the gainers, jumping 3.74 per cent to an LTP of Rs 295.05 from its previous close of Rs 284.40, followed by Bajaj Auto (BAJAJ-AUTO), up 2.35 per cent to Rs 11,257 from Rs 10,998.50. Mahindra & Mahindra (M&M) gained 1.99 per cent to Rs 3,238.40 from Rs 3,175.30, Eicher Motors (EICHERMOT) rose 1.97 per cent to Rs 7,782 from Rs 7,632, and Hindalco Industries (HINDALCO) rounded out the top-5 gainers, up 1.09 per cent to Rs 960.35 from Rs 950. 

On the losing side, Dr. Reddy’s Laboratories (DRREDDY) was the biggest drag, falling 2.59 per cent to Rs 1,152.20 from Rs 1,182.80, followed by Nestle India (NESTLEIND), down 1.93 per cent to Rs 1,464.70 from Rs 1,493.60. Adani Enterprises (ADANIENT) slipped 1.06 per cent to Rs 3,114.30 from Rs 3,147.70, Tata Steel (TATASTEEL) dropped 0.81 per cent to Rs 185.01 from Rs 186.53, and Bharti Airtel (BHARTIARTL) completed the top-5 losers, down 0.76 per cent to Rs 1,934.20 from Rs 1,949. 

Broad Market and Sectoral Indices 

Among broad market indices, Nifty Next 50 and Nifty Microcap 250 bucked the weak trend, rising 0.31 per cent and 0.34 per cent respectively, while Nifty 100 Equal Weight added 0.17 per cent. On the losing side, Nifty Midcap 50 fell 0.21 per cent, Nifty Smallcap 250 declined 0.18 per cent, and the headline Nifty 50 itself was down 0.09 per cent. 

Among sectoral indices, Nifty Auto surged 1.42 per cent on strong buying interest, Nifty Media climbed 0.76 per cent, and Nifty Metal edged up 0.11 per cent. Conversely, Nifty Bank slipped 0.55 per cent, Nifty PSU Bank fell 0.44 per cent, and Nifty Private Bank declined 0.34 per cent, keeping financials under pressure through the session. 

Oil Prices 

Oil prices jumped to their highest level in over six weeks on Thursday, Brent crude futures gaining more than 1.5 per cent to trade near $96 a barrel, their highest since June 8. Brent had settled more than $3 higher at $94.07 on Wednesday. US West Texas Intermediate crude was up 1.7 per cent at $88.27 a barrel, adding to Wednesday’s near-3- per cent gain. Both benchmarks got support from news of renewed US strikes on Iran overnight and widening attacks by Houthi rebels in Yemen on tankers transiting through the Red Sea. 

War in the Middle East 

The war in the Middle East escalated further with Washington launching strikes for the 12th straight night against Iran early Thursday, hours after US President Donald Trump promised to destroy Iranian infrastructure whenever Tehran targets ships in the Strait of Hormuz. Iran’s Revolutionary Guards said a tanker attempting to pass through the mined route near the Strait south of Hormozgan Province was engulfed in flames while two others turned back. Iranian Ports and Maritime Authority spokesman said the Strait will remain closed until further notice unless coordinated with Tehran. Separately, Yemen’s Iran-aligned Houthi movement fired projectiles at Saudi Arabia on Thursday and announced a naval blockade of the kingdom, stepping up their campaign against Riyadh nearly seven years after the eruption of Yemen’s war. The Houthis claimed to have attacked the tanker Encelia in the Red Sea. Reuters reported that Iran’s drone strikes on two US facilities housing CIA operatives in the Gulf have triggered a US probe into whether Russia offered targeting information. 

Asian Stocks 

Asian stocks were trading mixed on Thursday with Japan’s Nikkei gaining 0.43 per cent. Hong Kong’s Hang Seng rose 0.56 per cent while Australia’s ASX All Ordinaries added 0.63 per cent. Pakistan’s KSE 100 dropped 0.97 per cent, Malaysia’s FTSE Bursa KLCI and Vietnam’s HNX 30 also traded in negative territory, down 0.60 per cent and 0.44 per cent, respectively. 

US Markets 

US stocks ended with a mixed close on Wednesday with Dow trading flat, down just 0.01 per cent at 52,218.58. The tech-heavy Nasdaq lagged behind other indices, declining 0.57 per cent to 25,690.90 on weakness in Big Tech stocks while S&500 was down 0.14 per cent to 7,498.96. The NYSE Composite bucked the trend to end 0.12 per cent higher. 

Sources

•  NSE
• BSE
• https://www.reuters.com/world/middle-east/iran-strikes-cia-facilities-prompt-questions-about-possible-russian-role-2026-07-22/
• https://www.reuters.com/business/energy/oil-prices-rise-six-week-high-us-iran-tensions-escalate-2026-07-23/
• https://www.reuters.com/markets/stocks/americas/