Closing Bell: Nifty Falls to 23,767 for Fifth Straight Session as Brent Crude Crosses $100 on Red Sea Attacks

24 Jul 2026 , 06:21 PM

Indian benchmark indices extended their losing streak for a fifth consecutive session on July 24, 2026, with Nifty slipping 102.15 points to 23,767.45 and Sensex falling 331.62 points to 76,059.77, as Brent crude surged past $100 a barrel following fresh attacks on Saudi oil tankers in the Red Sea. Weak global cues from Wall Street, disappointing Tesla and Alphabet earnings, and rising US bond yields added to the pressure. IT and Media stood out as bright spots, with HCL Technologies gaining on strong Q1 results and a new Odisha tech centre announcement, while auto led the broader market’s decline.

Market Overview: Nifty, Sensex, and Bank Nifty Performance

• Nifty 50 closed at 23,767.45 down 102.15 points (0.43%)
• Sensex ended at 76,059.77, down 331.62 points (0.43%)
• Nifty Bank settled at 56,693.50, up 101.50 points (0.18%)

Top Gainers Today

1. Wipro Limited – closing at 176.55 up by 0.99%

2. ITC Limited – closing at 284.00 up by 0.96%

Top Losers Today

1. Eternal Limited – closing at 280.00 down by 2.47%

2. Mahindra & Mahindra Limited – closing at 3,165.00 down by 2.00%

3. Bajaj Finance Limited – closing at 1,019.00 down by 2.00%

4. Shriram Finance Limited – closing at 1,006.00 down by 1.93%

5. Bajaj Auto Limited – closing at 11,100.00 down by 1.63%

 

Trending Stocks Today

1. HCL Technologies Limited –

• Closed at ₹1,859.00, up 2.89%

⮚ Odisha Global Technology Centre Announcement Boosted Sentiment: HCL Tech signed an MoU with the Odisha Government to establish a Global Technology Centre in Bhubaneswar, which is expected to create 5,000 jobs and commence operations by 2028, strengthening its long-term growth outlook.

⮚ AI and Digital Expansion Reinforced Growth Prospects: The new facility will focus on AI-led digital solutions and will complement HCL Tech’s proposed AI Data Centre in the Odisha Sovereign AI Park, highlighting the company’s continued investment in next-generation technologies.

⮚ Strong Q1 FY27 Earnings Supported Investor Confidence: HCL Tech reported a 20.3% YoY increase in net profit to ₹4,624 crore and a 13.9% YoY growth in revenue to ₹34,579 crore, reflecting healthy business momentum and strong operational performance.

⮚ Long-Term Talent and Infrastructure Investment Improved Outlook: The planned expansion, collaboration with educational institutions, and focus on developing AI and digital skills reinforced investor confidence in HCL Tech’s long-term strategy, supporting gains in the stock.

2. Cipla Limited –

• Closed at ₹1,409.00, up 1.15%

⮚ Strong Sequential Q1 FY27 Performance Boosted Sentiment: Cipla reported a 42% QoQ increase in consolidated net profit to ₹789 crore, while revenue rose 9% QoQ to ₹7,119 crore, reflecting a strong recovery from the previous quarter.

⮚ Robust India Business and Healthy Growth Outlook Supported Buying: The company’s One India business grew 12% YoY, driven by strong performance in branded prescription medicines, trade generics, and consumer healthcare, reinforcing confidence in its domestic growth.

⮚ Management Maintained Margin Guidance and US Growth Expectations: Despite a slight EBITDA margin miss, Cipla retained its FY27 EBITDA margin guidance of 18.5–20% and reiterated confidence in sequential growth in the US business, supported by an upcoming product pipeline.

⮚ Positive Brokerage Commentary Improved Investor Confidence: Leading brokerages highlighted Cipla’s strong domestic performance, healthy cash position, continued R&D investments, and improving visibility on key US product launches, supporting optimism over earnings growth in the coming quarters.

 

Sectoral Performance Index

Indices	Change
Nifty Auto	-1.10%
Nifty Energy	-0.57%
Nifty Metal	-0.55%
Nifty Realty	-0.55%
Nifty Media	1.86%
Nifty IT	0.82%
Nifty PSU Bank	0.58%

 

Sectoral Performance & Key Reasons

Sectoral performance on 24 July 2026 was mixed as investors balanced persistent macroeconomic concerns with strong earnings-driven buying in select sectors. Auto (-1.10%) emerged as the worst-performing sector amid concerns over rising crude oil prices, which could increase input and fuel costs, while Energy (-0.57%), Metal (-0.55%), and Realty (-0.55%) also remained under pressure due to escalating US-Iran geopolitical tensions, higher crude prices, and continued risk-off sentiment. In contrast, Media (+1.86%) led the gains, supported by stock-specific buying and improving investor sentiment, while IT (+0.82%) advanced on the back of strong quarterly earnings and positive developments from companies such as HCL Tech. PSU Banks (+0.58%) also ended higher, aided by selective value buying despite broader market weakness, as investors focused on fundamentally strong stocks amidst elevated market volatility.

Main Reasons for Stock Market Down Today

1. Brent Crude Oil Surged Above $100 per Barrel

The biggest drag on the market was the sharp rise in Brent crude oil prices above $100 per barrel, following fresh attacks on Saudi oil tankers in the Red Sea. Higher crude prices raised concerns over inflation, India’s widening trade deficit, a weaker rupee, and rising input costs, weighing heavily on investor sentiment.

2. Escalating US-Iran Conflict Increased Global Risk Aversion

Markets remained under pressure as the US launched its 13th consecutive round of strikes on Iran, while reports indicated that Iran rejected a renewed US ceasefire proposal. The prolonged geopolitical conflict heightened fears of disruptions to global oil supplies and kept investors cautious.

3. Weak Global Cues from Wall Street Dampened Sentiment

Indian equities tracked weak global markets after Wall Street witnessed a sharp overnight sell-off, with the Dow Jones, S&P 500, and Nasdaq ending lower. Disappointing earnings from Tesla and Alphabet, along with concerns over rising AI-related spending and weaker profitability, reduced global risk appetite.

4. Rising US Bond Yields and Foreign Capital Outflows Pressured Markets

The US 10-year Treasury yield climbed to around 4.7%, increasing the attractiveness of US debt over emerging market equities. Higher bond yields, coupled with a weakening rupee, raised concerns over continued foreign institutional investor (FII) outflows, putting pressure on Indian equities.

 

Summary–

Indian benchmark indices ended lower for the fifth consecutive session on 24 July 2026, as persistent US-Iran geopolitical tensions, Brent crude oil prices crossing $100 per barrel, weak global cues from Wall Street, and concerns over rising US bond yields continued to weigh on investor sentiment. While the broader market remained under pressure, selective buying in IT and media stocks helped limit the decline.

• Auto, Energy, Metal, and Realty sectors closed in the red amid concerns over higher crude oil prices, inflationary pressures, and global uncertainty. However, Media, IT, and PSU Banks outperformed the broader market, supported by earnings-led buying and selective value buying in fundamentally strong stocks.

• Investors also remained cautious following weak global market cues, disappointing earnings from select companies, and continued concerns over foreign capital outflows as rising US Treasury yields increased pressure on emerging markets.

With the Nifty 50 closing at 23,767.45, down 102.15 points (0.43%), the Sensex ending at 76,059.77, down 331.62 points (0.43%), and the Nifty Bank closing marginally higher at 56,693.50, up 101.50 points (0.18%), the session reflected cautious investor sentiment amid persistent global macroeconomic and geopolitical headwinds.