Closing Bell: Nifty Slips to 24,187 for Second Straight Day as Crude Nears $90 and Iran Tensions Escalate

21 Jul 2026 , 06:43 PM

Indian benchmark indices extended their losing streak on July 21, 2026, with Nifty falling 50.80 points to 24,187.70 and Sensex declining 238.41 points to 77,470.11, as escalating US-Iran tensions and Brent crude near $90 a barrel weighed on sentiment. Heavy selling in HDFC Bank, SBI, Reliance, and IT majors dragged the indices lower amid continued FII outflows. Chemicals and Cement bucked the trend, with UltraTech Cement rallying on stronger-than-expected Q1 earnings, helping limit the broader market’s decline.

Market Overview: Nifty, Sensex, and Bank Nifty Performance

• Nifty 50 closed at 24,187.70 down 50.80 points (0.21%)
• Sensex ended at 77,470.11, down 238.41 points (0.31%)
• Nifty Bank settled at 57,835.35, down 109.65 points (0.19%)

Top Gainers Today

1. Shriram Finance Limited – closing at 1,064.10 up by 2.77%

2. Bajaj FinServ Limited – closing at 1,900.70 up by 2.11%

3. Eicher Motors Limited – closing at 7,694.00 up by 1.73%

4. HCL Technologies Limited – closing at 1,238.90 up by 1.44%

Top Losers Today

1. HDFC Bank Limited – closing at 716.50 down by 2.07%

2. Infosys Limited – closing at 1,070.60 down by 1.52%

3. State Bank of India – closing at 1,044.30 down by 1.48%

4. Tata Consultancy Services Limited – closing at 2,219.00 down by 1.43%

5. Reliance Industries Limited – closing at 1,304.60 down by 1.40%

 

Trending stocks Today

1. UltraTech Cement Limited –

• Closed at ₹12,075.00, up 1.45%

⮚ Strong Q1 FY27 Earnings Boosted Investor Confidence: UltraTech Cement reported a 17% YoY increase in consolidated net profit to ₹2,599 crore, while revenue from operations rose 16% YoY to ₹24,648 crore, driven by strong demand and healthy volume growth.

⮚ Robust Volume Growth and Operational Efficiency Supported Buying: The company recorded 13.1% YoY growth in domestic sales volumes, while EBITDA increased 14% YoY to ₹5,016 crore and operating EBITDA per tonne improved, reflecting disciplined cost management and strong execution.

⮚ Successful Integration of India Cements Strengthened Growth Outlook: UltraTech highlighted a strong turnaround in India Cements, which reported a ₹52 crore normalised profit against a loss in the previous year, reinforcing confidence in the company’s acquisition and integration strategy.

⮚ Positive Brokerage Views Reinforced Optimism: Leading brokerages including CLSA, Jefferies, Goldman Sachs, Citi, JP Morgan, and Morgan Stanley maintained a constructive outlook, citing stronger-than-expected earnings, market share gains, healthy capacity expansion, and expectations of sustained profitability despite near-term cost pressures.

Sectoral Performance Index

Indices	Change
Nifty PSU Bank	-0.88%
Nifty IT	-0.61%
Nifty Chemical	1.49%
Nifty Cement	1.40%
Nifty Realty	1.07%
Nifty Auto	0.93%
Nifty India Defence	0.76%
Nifty Metal	0.63%

 

Sectoral Performance & Key Reasons

Chemicals (+1.49%) and Cement (+1.40%) emerged as the top-performing sectors, supported by optimism over healthy demand, resilient quarterly earnings, and selective buying in fundamentally strong stocks, with UltraTech Cement’s better-than-expected Q1 FY27 results further boosting sentiment across the cement space. Realty (+1.07%), Auto (+0.93%), India Defence (+0.76%), and Metals (+0.63%) also witnessed gains on continued interest in domestic growth-oriented sectors and expectations of stable demand despite broader market weakness. On the other hand, PSU Banks (-0.88%) remained under pressure as investors continued to assess the impact of rising crude oil prices, geopolitical uncertainty, and concerns over banking sector profitability, while IT (-0.61%) declined amid cautious sentiment, weak global cues, and profit booking in large-cap technology stocks ahead of key earnings announcements.

Main Reasons for Stock Market Down Today

1. Escalating Middle East Geopolitical Tensions Weighed on Sentiment

Investor sentiment remained weak as tensions between the US and Iran intensified, with fresh military strikes and threats by Iran-backed Houthis to impose a naval blockade on Saudi Arabia. The heightened geopolitical risk increased fears of disruptions to global energy supplies and economic uncertainty.

2. Rising Crude Oil Prices Renewed Inflation Concerns

Brent crude oil remained close to $90 per barrel, raising concerns over India’s import bill, higher inflation, and the possibility of interest rates staying elevated. The rise in oil prices negatively impacted market sentiment, particularly for an oil-import-dependent economy like India.

3. Selling in Banking and Index Heavyweight Stocks Dragged the Market

Heavy selling in HDFC Bank, SBI, Reliance Industries, and other large-cap stocks put significant pressure on the benchmark indices. Weakness in these index heavyweights outweighed gains in the broader market, leading to a second consecutive day of declines.

4. Continued FII Selling Pressured Domestic Equities

Foreign Institutional Investors (FIIs) remained net sellers in Indian equities amid rising crude oil prices and increasing global macroeconomic risks. Persistent foreign outflows reduced buying support and added to the market’s downward momentum.

5. Weak Global Cues and Investor Caution Ahead of Q1 Earnings

Global markets remained subdued amid concerns over geopolitical risks and global growth. At the same time, investors adopted a cautious stance ahead of key Q1 FY27 earnings from major banking, IT, energy, cement, and consumer companies, leading to broad-based selling in large-cap stocks.

 

Summary–

Indian benchmark indices extended their losing streak for a second consecutive session on July 21, 2026, with the Sensex declining 238.41 points (0.31%) and the Nifty 50 falling 50.80 points (0.21%), as persistent geopolitical tensions in the Middle East, elevated crude oil prices, and continued foreign investor selling kept market sentiment subdued.

• Banking and index heavyweight stocks, including HDFC Bank, SBI, Reliance Industries, Infosys, and TCS, remained the biggest drags on the market, as investors stayed cautious amid margin concerns, weak global cues, and ongoing profit booking in large-cap stocks.

• Despite the weakness in benchmark indices, Chemicals, Cement, Realty, Auto, Defence, and Metal stocks witnessed selective buying. UltraTech Cement outperformed after reporting stronger-than-expected Q1 FY27 earnings, supported by robust volume growth, operational efficiency, and positive brokerage commentary, which lifted sentiment across the cement sector.

• Investor sentiment continued to be impacted by escalating US-Iran geopolitical tensions, Brent crude oil prices remaining near $90 per barrel, persistent FII outflows, and concerns over inflation and global interest rates, prompting investors to remain cautious despite resilience in the broader market.

With Nifty Bank slipping 109.65 points (0.19%) to 57,835.35, the day’s trading reflected continued pressure on large-cap financials and benchmark indices, while strength in select domestic-focused sectors and mid- and small-cap stocks helped limit the overall market decline.