Sensex slumps 500 pts; financial services shares decline
The Nifty traded below the 24,250 mark. Financial Services shares declined after advancing for previous trading session.
At 11:30 ST, the barometer index, the S&P BSE Sensex, tanked 499.85 points or 0.63% to 77,627.81. The Nifty 50 index fell 116.30 points or 0.48% to 24,218.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.31% and the BSE 250 SmallCap Index added 0.17%.
The market breadth was positive. On the BSE, 1,924 shares rose and 1,919 shares fell. A total of 260 shares were unchanged.
In the commodities market, Brent crude for September 2026 settlement advanced $2.43 or 2.76% to $90.53 a barrel.
IPO Update:
The initial public offer (IPO) of Caliber Mining and Logistics received bids for 6,65,62,195 shares as against 78,35,821 shares on offer, as per NSE data as of 11:15 hours on Monday (20 July 2026). The issue was subscribed 8.49 times.
The issue opened for bidding on Friday (17 July 2026) and it will close on Tuesday (21 July 2026). The price band of the IPO is fixed between Rs 402 to Rs 424 per share. The minimum order quantity is 35 equity shares.
Parliament Monsoon Session 2026 begins today:
The Monsoon Session of Parliament commenced today and will continue till August 13, with 19 sittings scheduled over 25 days. The session is expected to witness heated exchanges between the government and the Opposition over various issues.
The session will also mark the first parliamentary appearance of the Nationalist Citizens Party of India (NCPI), formed after 20 rebel Trinamool Congress MPs merged with the new party and joined the NDA.
Ahead of the session, Prime Minister Narendra Modi is expected to address the media, while Lok Sabha Speaker Om Birla and Defence Minister Rajnath Singh held meetings with political parties.
The government is likely to introduce key legislations during the session, including the Supreme Court (Number of Judges) Amendment Bill, 2026, the Foreign Contribution (Regulation) Amendment Bill, 2026, and the Viksit Bharat Shiksha Adhishthan Bill, 2025.
Economy:
India?s forex reserves jumped $964 million to $675.157 billion in the week ended July 10, the Reserve Bank said.
Foreign currency assets, a major component of the reserves, increased by $930 million to $546.508 billion, the central bank?s data showed.
The value of gold reserves increased by $24 million to $105.223 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $3 million at $18.626 billion, the apex bank said.
India?s reserve position with the IMF also increased by $7 million to $4.793 billion at the end of the reporting week, according to the RBI?s data.
Buzzing Index:
The Nifty Financial Services index fell 1.67% to 26,454.80. The index added 1.31% in the past trading session.
Axis Bank (down 5.07%), HDFC Bank (down 4.83%), Kotak Mahindra Bank (down 2.14%), Cholamandalam Investment & Finance Company (down 1.44%), Jio Financial Services (down 1.44%), Bajaj Finance (down 0.9%), SBI Cards & Payment Services (down 0.48%), Muthoot Finance (down 0.4%), Shriram Finance (down 0.33%) and SBI Life Insurance Company (down 0.32%) added.
On the other hand, BSE (up 1.37%) ,REC (up 1.31%) and Power Finance Corporation (up 1.19%) added.
Stocks in Spotlight:
Lords Mark Industries hit the 5% upper circuit after the company said its lighting division secured a major order from the Chhattisgarh State Renewable Energy Development Agency (CREDA).
Tips Music surged 6.60% after the company announced that its board will consider a proposal for the buyback of fully paid-up equity shares at its meeting scheduled for 22 July 2026.
Bhansali Engineering Polymers surged 12.09% after the company's consolidated net profit increased 42.95% YoY and 27.13% QoQ to Rs 65.60 crore in Q1 FY27. Revenue from operations rose 53.34% YoY and 38.21% QoQ to Rs 472.15 crore in the June 2026 quarter. The company said revenue growth was driven by higher realisations, while operating leverage and improved cost efficiencies contributed to a significant expansion in profitability.
Global Markets:
Asian markets traded mixed on Monday as the escalating conflict in the Gulf lifted oil prices and fanned fears of inflation.
Brent crude climbed above $90 a barrel for the first time in more than a month as the U.S. military started a ninth straight day of attacks against Iran, which in turn struck targets across the region. Just a handful of ships transited the Strait of Hormuz on Sunday and one was reported to be on fire.
In the commodity market, the Brent duly added 2.6% to $90.40 a barrel, while U.S. crude rose 2.3% to $84.39.
The jump in fuel costs has revived worries about inflation even as U.S. consumer price data surprised on the downside last week, leading futures markets to reportedly price in 29 basis points of Federal Reserve rate hikes by year-end.
Futures imply a 60% chance of a rate rise as early as September, pushing yields on 30-year Treasuries back above the psychological 5.0% barrier. This is a level that tends to attract funds away from equities and toward fixed income, while lifting the valuation bar for future corporate earnings.
Last week, stocks fell again on Friday, with Wall Street posting a weekly decline, as traders weighed the latest moves in semiconductor names along with recent quarterly reports.
The broad market index lost 1.01% to end at 7,457.69, while the Nasdaq Composite dropped 1.4% to 25,520.24 as tech stocks came under scrutiny. The Dow Jones Industrial Average fell 406.55 points, or 0.77%, to close at 52,146.42.
Alongside chips, shares of Netflix were a major laggard Friday, falling more than 7% as the company?s forecast failed to ease investor concerns that growth is slowing.
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