Sensex slides 571 pts in early trade; breadth negative

The key equity barometers traded with sharp losses in early trade as renewed tensions between the United States and Iran rattled global markets, driving crude oil prices above $76 a barrel and dampening investor sentiment. The Nifty slipped below the 24,300 level. Oil & gas, auto, and PSU bank stocks declined, while pharma shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 570.74 points or 0.73% to 77,609.98. The Nifty 50 index lost 142.40 points or 0.58% to 24,256.30.

In the broader market, the BSE 150 MidCap Index declined 0.25% and the BSE 250 SmallCap Index fell 0.28%.

The market breadth was negative. On the BSE, 1,353 shares rose and 1,702 shares fell. A total of 175 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 393.19 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 383.43 crore in the Indian equity market on 07 July 2026, provisional data showed.

Stocks in Spotlight:

JSW Infrastructure shed 0.47%. The company?s wholly owned subsidiary JSW Jatadhar Marine Services entered into a novation agreement with JSW Utkal Steel for the development of the captive jetty at Jatadhar Muhan, Odisha.

Ideaforge Technology rose 4.65% after the company launced the qualified institutional placement (QIP) issue and fixed the floor price at Rs 835.86 per share. The company may offer a discount of up to 5% to the floor price.

Uno Minda shed 0.50%. The company?s board approved its entry into the four-wheeler passenger vehicle seating systems segment through JV Uno Minda Tachi-S Seating. The company will set up a greenfield manufacturing facility in Chhatrapati Sambhajinagar with an investment of around Rs 320 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.34% to 6.715 compared with the previous session close of 6.692.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.1200 compared with its close of 95.9600 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement shed 0.37% to Rs 1,44,897.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 100.10.

The United States 10-year bond yield rose 0.55% to 4.554.

In the commodities market, Brent crude for September 2026 settlement rose $1.95 or 2.63% to $76.11 a barrel.

Global Markets:

Asian markets mostly declined on Wednesday as investors weighed rising tensions in the Middle East and surging oil prices.

The U.S. started a ?series of powerful strikes? against Iran on Tuesday evening, retaliating for attacks against three commercial vessels traveling in the Strait of Hormuz, U.S. Central Command said. Earlier, the Treasury Department revoked a license that permitted Iran to sell its oil around the world in light of the attacks in the Hormuz Strait.

The West Texas Intermediate futures for August delivery rose 2.1% to $71.87 per barrel in Asia trading. Futures for the international benchmark Brent crude for September delivery jumped 1.9% to $75.53 per barrel.

Investors? attention now turns to the minutes from the Federal Open Market Committee?s June meeting, due at 2 p.m. ET Wednesday. The release is expected to provide more insight into Federal Reserve Chairman Kevin Warsh?s first policy meeting, where officials left interest rates unchanged while signaling that additional rate hikes could be warranted if inflation pressures persist.

Overnight on Wall Street, US stocks fell on Tuesday after Samsung's quarterly results and reports that China's DeepSeek is developing its own AI chip triggered renewed selling in the semiconductor sector.

The tech-heavy Nasdaq Composite suffered the steepest decline, falling 1.16% to 25,818.69. The Dow Jones Industrial Average lost 0.25% to 52,925.15, while the S&P 500 dropped 0.45% to 7,503.85.

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