Nifty slips below 24,200 as higher crude, FII selling keeps market under pressure
The S&P BSE Sensex declined 238.41 points or 0.31% to 77,470.11. The Nifty 50 index fell 50.80 points or 0.21% to 24,187.70.
HDFC Bank (down 2.07%), State Bank of India (down 1.48%) and Reliance Industries (down 1.40%) dragged the Nifty lower today.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.34% and the BSE 250 SmallCap Index rose 0.19%.
The market breadth was positive. On the BSE, 2,188 shares rose and 2,021 shares fell. A total of 199 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.92% to 12.60.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.15% to 6.782 compared with the previous session close of 6.772.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 96.25 compared with its close of 96.36 during the previous trading session.
MCX Gold futures for 5 August 2026 settlement rose 1.01% to Rs 142,822.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 100.92.
The United States 10-year bond yield fell 0.24% to 4.587.
In the commodities market, Brent crude for September 2026 settlement added 53 cents or 0.59% to $89.75 a barrel.
Global Markets:
US Dow Jones futures climbed 222 points, indicating a positive start for Wall Street later today.
European shares advanced as investors assessed a proposed 10-day US-Iran ceasefire alongside fresh attacks on shipping in the Strait of Hormuz. Stronger-than-expected UK labour market data and lower public borrowing in June also remained in focus.
The UK's unemployment rate eased to 4.9% in the three months to May from 5.0%, while employment increased by 148,000, according to the Office for National Statistics.
Most Asian indices ended higher as hopes of de-escalation in the Middle East pushed oil prices away from a one-month high.
However, geopolitical risks persisted. Yemen's Iran-backed Houthis threatened a naval blockade of Saudi Arabia, raising concerns over potential disruptions to energy supplies. Meanwhile, media reports said Iran had received a proposal from mediators for a 10-day ceasefire aimed at paving the way for a broader agreement to end the conflict that began on 28 February 2026.
Investors are also awaiting quarterly results from Alphabet, Intel and other major companies this week to assess the impact of the conflict on corporate earnings and the sustainability of the AI-driven rally. Despite upbeat results from Asian chipmakers Samsung Electronics and TSMC in recent weeks, investor expectations remain elevated.
US stocks closed lower overnight as investors awaited earnings from major technology companies and monitored developments in the Middle East. The Dow Jones Industrial Average fell 307.16 points (0.59%) to 51,839.26, the S&P 500 declined 14.41 points (0.19%) to 7,443.28, and the Nasdaq Composite slipped 12.17 points (0.05%) to 25,508.07.
New Listing:
SBI Funds Management shares settled at Rs 609.90 on the BSE, a 6.25% premium to the issue price of Rs 574.
The stock debuted at Rs 610, representing a 6.27% premium over its issue price. It touched an intraday high of Rs 625 and a low of Rs 599. More than 91.13 lakh shares changed hands on the BSE.
Alpine Texworld shares settled at Rs 99.75 on the BSE, a 5% discount to the issue price of Rs 105.
The stock made a flat debut, listing at Rs 105, equal to its issue price. It hit an intraday high of Rs 105 and a low of Rs 99.75. More than 1.12 lakh shares were traded on the BSE.
Stocks in Spotlight:
HDFC Bank fell 2.07% after its June-quarter earnings missed margin expectations despite steady business growth. The bank reported a 5% rise in net profit, while gross advances and deposits grew 15.4% and 13.3%, respectively. However, its net interest margin (NIM) stood at 3.26%, remaining below the pre-merger level of around 4% seen before HDFC Bank's merger with HDFC Ltd in 2023.
Separately, the media reported that the bank is awaiting the outcome of an additional review by its independent directors before recommending CEO Sashidhar Jagdishan's reappointment to the Reserve Bank of India (RBI). The bank has been under investor scrutiny since former chairman Atanu Chakraborty resigned in March 2026, citing concerns that certain practices were not aligned with his personal ethics. An external legal review completed last month found no evidence to substantiate the governance concerns he had raised.
Bajaj Auto fell 0.92%. The company's standalone profit after tax (PAT) rose 42.3% year-on-year to Rs 2,983 crore in Q1 FY27, while revenue from operations surged 37.0% YoY to a record Rs 17,244 crore. On a sequential basis, PAT increased 8.6% from Rs 2,746 crore and revenue grew 7.7% compared with Q4 FY26.
TVS Motor Company rallied 5.67% after the company reported a 51.35% increase in standalone net profit to Rs 1,173.97 crore in Q1 FY27, compared with Rs 775.65 crore in Q1 FY26. Revenue from operations rose 38% to Rs 13,896 crore in Q1 FY27 from Rs 10,081 crore in Q1 FY26. The company said that its board has approved the allotment of 50,000 senior, rated, unsecured, listed, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1 lakh each, for an aggregate amount of Rs 500 crore.
SML Mahindra surged 2.62% after the company reported a 17.38% rise in standalone net profit to Rs 63.62 crore for the first quarter ended 30 June 2026, compared with Rs 54.20 crore posted in Q4 FY26. Revenue from operations rose 6.67% QoQ to Rs 957.54 crore in the quarter ended 30 June 2026. On a year-on-year (YoY) basis, standalone net profit declined 4.98%, while revenue from operations rose 13.19% in the quarter ended 30 June 2026.
Karur Vysya Bank surged 13.11% after the private sector lender reported a 44.92% rise in standalone net profit to Rs 755.70 crore for the quarter ended 30 June 2026, compared with Rs 521.45 crore in Q1 FY26. Total income increased 15.76% to Rs 3,491.21 crore in Q1 FY27 from the year-ago period.
Canara HSBC Life Insurance surged 3.43% after the insurer reported strong Q1 FY27 results. The company's consolidated profit after tax increased 20.15% YoY to Rs 28.14 crore in Q1 FY27. PAT declined 18.97% QoQ from Rs 34.73 crore in Q4 FY26. Total income rose 20.03% YoY to Rs 4,382.86 crore in Q1 FY27. On a sequential basis, total income increased 237.96% from Rs 1,296.86 crore in Q4 FY26.
One 97 Communications (Paytm) fell 3.86% after the company's board decided not to proceed with a proposed bonus issue, despite reporting strong Q1 FY27 earnings. The board said it had evaluated the proposed bonus issue from the perspective of long-term shareholder value and, after due deliberation, decided not to proceed with it at this stage. The company said it will continue to focus on compounding growth and profitability to create long-term shareholder value. The digital payments and financial services company reported a consolidated net profit of Rs 220 crore in Q1 FY27, up 78.86% YoY and 20.22% QoQ. Revenue from operations rose 27.63% YoY and 8.13% QoQ to Rs 2,448 crore in the quarter ended 30 June 2026.
BlueStone Jewellery and Lifestyle soared 20% after the company reported consolidated net profit of Rs 11.13 crore in Q1 FY27 compared with a net loss of Rs 32.78 crore in Q1 FY26. Revenue from operations rose 48.85% year-on-year to Rs 733.19 crore in Q1 FY27.
Kirloskar Pneumatic Company declined 6.12% after the company reported a 76.77% decline in consolidated net profit to Rs 33.4 crore for the first quarter ended 30 June 2026, compared with Rs 143.8 crore posted in Q4 FY26. Revenue from operations dropped 57.41% QoQ to Rs 303.1 crore in the quarter ended 30 June 2026.
IPO Update:
Caliber Mining and Logistics received bids for 1,14,56,32,985 shares as against 78,35,821 shares on offer, as per NSE data as of 16:27 hours on Tuesday (21 July 2026). The issue was subscribed 146.20 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.
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