Mumbai, July 23: Indian equity benchmarks opened lower on Thursday continuing Wednesday’s selling pressure with rising crude oil prices, escalating US-Iran war and weak overnight cues from Wall Street weighing on market sentiment. The BSE Sensex was down 268.52 points at 76,486.53, while NSE Nifty 50 traded lower by 66.10 points or 0.28% at 23,930.15 as of 9:28 am failing to hold above psychologically crucial 24,000 mark for second consecutive session.

Gainers & Losers

Select counters bucked the trend led by Tata Consumer Products, Bajaj Auto and ONGC, which were trading up 0.94%, 0.7% and 0.57% in early trades, while top losers were led by Dr Reddy’s Laboratories falling over 4.5% after its Q1 profit miss, followed by Cipla and Tata Steel. Traders said the markets opened with a soft note as caution prevailed around crude oil prices with international benchmark Brent oil rising towards $96 per barrel on Thursday, its highest level in over six weeks after US launched fresh strikes on Iran overnight while Houthi rebels in Yemen widened attacks on shipping in Red Sea.

Broad Markets

Nifty Bank index traded lower by 0.68% to 56,737.75 and Nifty Next 50 down by 0.33% to 72,058.00 at the outset of trade, pointing to broad based selling pressure across market rather than sector specific panic.

Geopolitical tension between Iran and US resumed for a 12th straight night as Washington carried out fresh air strikes on Iran overnight. Crude Oil traders said Strait of Hormuz was fast emerging as biggest flashpoint in Middle East conflict now widened to include Houthis rebels who control part of Yemen attacking shipping in Red Sea.

Asian Markets

US intelligence analysts were separately probing whether Russia helped Iran develop technology used in recent drone attacks on two CIA facilities in the Gulf. Stock markets elsewhere in Asia traded with a mixed bias on Thursday morning as investors grew cautious over Iran war escalation while some regional bourses found support from good corporate earnings. Japan’s Nikkei 225 rose 0.43%, Hong Kong’s Hang Seng Index jumped 0.56% while China’s Shanghai Composite edged higher 0.04%. Australia’s S&P ASX All Ordinaries Index advanced 0.63%, Pakistan’s KSE 100 shed 0.97% and Malaysia’s FTSE Bursa Malaysia KLCI declined 0.60%.

US Markets

US stocks finished mostly lower on Wednesday with benchmark Nasdaq Composite falling 0.57% and S&P 500 slipping 0.14%, while Dow Jones Industrial Average remained almost flat closing trade at 52,218.58. The broader NYSE Composite bucked the downtrend to trade 0.12% higher. Indian markets followed weak cues from Wall Street and trading sentiment remained cautious on rising oil prices as investors tracked corporate earnings. US crude oil benchmark West Texas Intermediate was trading up 1.7% higher at $88.27 per barrel, extending more than 3% rally witnessed during previous session.

Oil Prices

On the global oil front, Brent crude futures rallied over 1.5% to around $96 per barrel, its highest since early March. US overnight struck Iran military installations for second consecutive day after it blamed Tehran for drone attack on two facilities in Saudi Arabia used by the CIA for drone operations in the Gulf. Iraq threatened US diplomatic consequences if it continues air strikes against Iran as tensions flare between Iraq’s top allies. Iran’s attacks on ships come as the Houthis claimed attack on oil tankers traversing the Red Sea shipping lane. Tehran also said tanker blown up near Bahrain’s BP Oil terminal was among Saudi Arabia-bound ships which Iran prevented from passing through Strait of Hormuz until further notice.

Oil tanker said to be on its way to Saudi Arabia caught fire and exploded off Iran coast on Wednesday following US attack. Iran warned it would target “ships taking part in Britain’s ‘adventurous play’” if Middle East tensions continue to escalate further. Iran state TV cited Revolutionary Guards spokesman Gen Ramezan Sharif as saying Strait of Hormuz was under control of Iranian Guards and completely closed to oil tankers that do not coordinate with Tehran beforehand. Iran has ordered ships to seek its permission before using Strait of Hormuz waterway while the Iran-aligned Houthis said they will target Saudi oil tankers transiting through Bab el-Mandeb Strait while vowing to impose naval blockade on Saudi Arabia.

How Indian Markets Ended on Wednesday

Indian equity benchmark indices ended sharply lower Wednesday on account of investors booking profits near highs while escalating geopolitical tension between Iran and US kept investors wary ahead of important earning results in the domestic market. The 30-share Sensex tanked 715.06 points or 0.92% to close at 76,755.05, while broader Nifty 50 shed 191.45 points or 0.79% to settle below important psychological resistance level of 24,000 at 23,996.25. A total of 2,616 stocks declined versus 1,443 gaining on BSE, while 170 remained unchanged. Market breadth remained skewed towards home losers but weakness was checked by gains in auto stocks and FMCG counters limiting sharper fall in indices.

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/

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