Sensex Tanks 589 pts, Nifty Crashes Below 24,050 On Rising Crude Oil Prices Despite Bullish Global Lead

Mumbai, July 22: Indian benchmark indices started deep in the red on Wednesday and lost further ground during early trade, contrasting with moves in the rest of global markets that shrugged off the flare-up between the US and Iran after the former ended its latest spate of strikes. 

The Sensex declined 589.80 points, or 0.76 per cent, at 76,880.31, while the Nifty50 traded lower by 169.80 points, or 0.70 per cent, at 24,017.90 as of 9.35 am and 9.36 am, respectively. The local weakness came even as their Asian peers continued rallying on Wednesday morning and US stocks jumped on Tuesday after markets cheered a ceasefire between Washington and Tehran; this showed again that surging crude oil prices are hurting India, the third-largest oil importer globally, specifically at a time when rest of the world has gotten past war-induced risk worries. Brent crude traded above $91 per barrel during early trading sessions. 

Gainers & Losers 

Among Nifty50 stocks, Bajaj Auto jumped the most by 2.9 per cent to trade at Rs 10,705 over its previous close of Rs 10,403.50. Nestle India was up 0.9 per cent at Rs 1,464.90 against Rs 1,451.90, followed by ONGC up 0.78 per cent at Rs 251.85 from Rs 249.89. Titan gained 0.54 per cent to Rs 4,713.90 versus Rs 4,688.70, while Eternal advanced 0.24 per cent Rs 287.30 from Rs 286.60.  https://hdfcsky.com/stocks/cipla-ltd

InterGlobe Aviation dropped the most by 3.26 per cent to Rs 5,132 from Rs 5,305, followed by Cipla down 1.92 per cent at Rs 1,405 against Rs 1,432.50. Axis Bank fell 1.49 per cent to Rs 1,239.50 from Rs 1,258.20, SBI lost 1.47 per cent at Rs 1,029 from Rs 1,044.40 and Max Healthcare was down 1.18 per cent at Rs 1,087.40 from Rs 1,100.40. 

Broad Markets & Sectoral Performance 

The selling was spread across sectors with all major broad market indices traded in the red. The Nifty Next 50 was comparatively better off with a decline of 0.47 per cent. Nifty Midcap 100 and Nifty 100 were down by 0.54 per cent and 0.55 per cent, respectively. Nifty Smallcap 50 was the worst performer, shedding 1.06 per cent followed by Nifty Bank and Nifty Smallcap 100 lower by 0.90 per cent and 0.87 per cent. 

Sectorally, only Nifty Auto managed to move in the green, up by 0.47 per cent. Nifty Pharma was the top loser, plunging 1.58 per cent followed by Nifty PSU Bank and Nifty Private Bank down by 1.37 per cent and 1.04 per cent. 

Iran Conflict 

The United States military announced on Wednesday that it had carried out its latest round of attacks on Iran, marking the 11th consecutive night that it has done so. According to CENTCOM, the strikes were made overnight to “target military air defence systems, maritime capabilities, and unmanned aerial vehicle infrastructure,” which targeted four specific facilities with the intent to “limit Iran’s ability to threaten commercial shipping in the Strait of Hormuz.” Iranian forces have launched drone attacks against over 30 commercial ships since last week, CENTCOM added. The lull in aggression brought some relief to markets across Asia on Wednesday morning. Last week, US Defense Secretary Pete Hegseth informed Congress that fighting in the Middle East had reached $37.5 billion. Iran later attacked Iraqi military bases hosting American troops in what was said to be “retaliation” for the US attacks on its soil last week. Kuwait said Iranian drones targeted two oil facilities on Wednesday, signalling that tensions are still elevated. 

Asian Shares on Wednesday Morning 

Asian shares traded mixed to higher on Wednesday. Japan’s Nikkei 225 surged 1.93 per cent to 67,511.12, outperforming its regional peers. Indonesia’s Jakarta Composite Index rallied 1.74 per cent while China’s Shanghai Composite Index rose 0.22 per cent. Hong Kong’s Hang Seng and Vietnam’s VNIndex gave up gains to trade lower by 0.91 per cent and 0.97 per cent. Japan’s benchmark rallied following reports that the US ended its attacks on Iran and diplomats said leaders from the G7 would discuss trade and foreign policies in the coming weeks. 

US Markets on Tuesday 

On Wall Street, stocks closed sharply higher on Tuesday with investors growing optimistic over the halt in military hostilities between the US and Iran. The Dow Jones Industrial Average jumped 0.74 per cent to 52,224.64 while the Nasdaq Composite rallied 1.29 per cent to 25,837.21. The S&P 500 rose 0.89 per cent to 7,509.20. The NYSE Composite and Canada’s S&P/TSX Composite both climbed more than 0.9 per cent. 

Oil Prices 

Oil prices continued their upward march on Wednesday, with Brent crude futures trading 0.55 per cent higher by 50 cents at $91.51 a barrel, while US WTI crude rose 0.36 per cent or 30 cents at $84.64 as of writing. Both benchmarks settled at a five-week high on Tuesday after the US bombed targets in southern and western Iran in response to attacks on its oil facilities by Iran. Iran has since launched drone attacks on US bases in Bahrain, Kuwait and Jordan. Later on Tuesday, API data revealed that crude inventories in the US climbed last week while gasoline inventories declined. Official government data is expected later in the session. 

The Indian benchmark indices closed in the red on Tuesday with the Sensex down 238.41 points or 0.31 per cent to 77,470.11 and Nifty50 slipped 50.80 points or 0.21 per cent below the 24,200 psychological level to end at 24,187.70. Foreign institutional investors remained net sellers on Tuesday as rising crude oil prices and weakness in HDFC Bank, one of the biggest drivers of the broader index dragged investor sentiment. On BSE, 2,087 stocks advanced as compared with 1,942 declining stocks, while 180 stocks remained unchanged.

Sources

• bseindia.com
• nseindia.com
• https://www.reuters.com/world/middle-east/us-military-says-it-has-ended-its-latest-strikes-iran-2026-07-22/
• https://www.reuters.com/world/middle-east/us-war-iran-has-cost-375-billion-so-far-pentagon-says-2026-07-21/
• https://www.reuters.com/markets/stocks/asia-pacific/
• https://www.reuters.com/business/energy/oil-prices-rise-slightly-after-us-announces-new-round-strikes-iran-2026-07-22/