Market Midday Report, July 22, 2026: Sensex, Nifty Extend Losses from Morning

Mumbai, July 22: Indian equities tumbled this Wednesday morning, contrasting with moves in other global markets that shrugged off US-Iran tensions after Washington ended its latest round of airstrikes against Tehran.

Sensex plummeted 589.80 points or 0.76 percent at 76,880.31 and Nifty50 dropped 169.80 points or 0.70 percent at 24,017.90 as of 9.35 am and 9.36 am, respectively. Their fall came even as Asian peers continued rallying on Wednesday morning after US markets jumped on Tuesday evening to a ceasefire between US and Iran; again reminding investors that rising crude oil prices are hurting India, which is the world’s third largest oil importer while the rest of the world has moved on from war induced risk concerns. Brent crude was trading above $91 per barrel during morning deals. 

At 12.06 pm, Sensex was down 645.55 points or 0.83 percent at 76,824.56, and Nifty50 down 174.10 points or 0.72 percent at 24,013.60 as crude rose further. 

Gainers & Losers 

Top Sensex gainers were Bajaj Auto up 4.71 percent to Rs 10,893.50 (prev. Rs 10,403.50), Nestle India up 2.11 percent to Rs 1,482.60 (Rs 1,451.90), ONGC up 0.64 percent to Rs 251.49 (Rs 249.89), Titan up 0.58 percent to Rs 4,715.90 (Rs 4,688.70), and Tata Consumer Products up 0.44 percent to Rs 1,086.30 (Rs 1,081.50). Top losers were IndiGo down 3.37 percent to Rs 5,126 (Rs 5,305), Jio Financial Services 2.05 percent to Rs 235.11 (Rs 240.03), SBI 1.98 percent to Rs 1,023.70 (Rs 1,044.40), Axis Bank 1.84 percent to Rs 1,235 (Rs 1,258.20), and Cipla 1.71 percent to Rs 1,408 (Rs 1,432.50). 

Broad Markets 

Selling was broad with Nifty Smallcap 50 plummeting the most, down 1.70 percent, followed by Nifty Financial Services and Nifty Bank declining 1.29 percent and 1.23 percent. The fall in Nifty 50 by 0.76 percent to 24,004.90 also saw Nifty Midcap Select and Smallcap 100 down by 1.02 percent and 1.36 percent, leaving no index or segment in green. 

Sectorally, Nifty Auto was the lone gainer up by 0.54 percent as Nifty FMCG rose marginally by 0.21 percent. Nifty Realty fell the most, down 2.76 percent followed by Nifty PSU Bank down 1.86 percent and Nifty Pharma down 1.46 percent. 

Iran War 

The US military said it has completed its 11th night of strikes against Iran, targeting operation centres, maritime assets and drone facilities in an effort to degrade Tehran’s ability to threaten commercial shipping in the Strait of Hormuz earlier attacked more than 30 times by Iran. Kuwait intercepted Iranian drones targeting its oil facilities later in the day while Iran-aligned Houthi forces in Yemen threatened tankers bound for Saudi Arabia in the Bab el-Mandeb Strait, and proclaimed a naval blockade of Saudi Arabia as well. US President Donald Trump’s war against Iran has already cost $37.5 billion, Defense Secretary Pete Hegseth told lawmakers on Tuesday, $8 billion more than the previous estimate. Markets cheered a brief ceasefire last week but fears of fresh attacks kept oil markets nervous. 

Asian Markets 

Asian markets continued to rise despite the strikes on Wednesday, catching ceasefire signals from Washington. Japan’s Nikkei 225 soared 1.93 percent, Indonesia’s Jakarta Composite jumped 1.74 percent and Pakistan’s KSE 100 gained 0.12 percent. Hong Kong’s Hang Seng and Vietnam’s VN shortened by 0.91 percent and 0.97 percent while Malaysia’s KLCI eased up by 0.34 percent. 

US stocks closed sharply higher on Tuesday after White House officials indicated a ceasefire with Iran, with Dow increasing 385.38 points, or 0.74 percent, to 52,224.64. Nasdaq led the gains by rising 1.29 percent to 25,837.21, while S& P rose 0.89 percent. Canada’s TSX and Mexico’s IPC also rose. 

Oil Prices 

Oil firmed up further on concerns over a larger supply disruption following fresh US strikes on Iran. Iranian drones had earlier targeted oil facilities in neighbouring Kuwait. Brent crude increased by 0.55 percent to $91.51 per barrel while US West Texas Intermediate climbed up 0.36 percent to $84.64 per barrel. Oil prices closed at a five-week high on Tuesday after US launched strikes on Iran in retaliation to downing of its drone last week. Iran has also retaliated by targeting sites in Bahrain, Kuwait and Jordan. Shipping through Strait of Hormuz has decreased since ceasefire talks collapsed last week leading Saudi crude to shift through Bab el-Mandeb Strait which now is under threat of blockade by Iran’s Houthi allies. Data from API showed US crude inventories increased last week while gasoline stocks decreased. 

Morning Session 

Indian markets opened sharply lower this Wednesday with Sensex down 589.80 points or 0.76 percent at 76,880.31 and Nifty50 down 169.80 points or 0.70 percent at 24,017.90. This comes even as Asian and US peers rallied underlining concerns for India which imports more than 80 percent of its oil needs. Indian equities lost ground further during morning deals as crude prices remained above $91 per barrel. Traders attributed Indian markets underperformance to worries of rising current account deficit amidst a ceasefire in Iran-US conflict.