Stock Markets Today, July 24: The domestic equity markets remained under heavy selling pressure on Friday morning as rising crude oil prices, escalating geopolitical tensions in the Middle East and weak
global cues continued to dent investor sentiment.
At around 10:38 am, the BSE Sensex was trading at 75,576.63, down 814.76 points or 1.07%. The Nifty 50 declined 245.15 points, or 1.03%, to 23,624.45.
This is the fifth straight day of a market fall amid geopolitical tensions and higher crude oil.
Investors Lose Over Rs 4.63 Lakh Crore
The sharp fall in equities wiped out substantial investor wealth. The total market capitalisation of BSE-listed companies fell to Rs 4,71,97,822.68 crore from Rs 4,76,60,985.93 crore in the previous session, eroding investors’ wealth by nearly Rs 4.63 lakh crore in morning trade.
Selling Deepens Across the Market
Selling pressure intensified across large-, mid- and small-cap stocks. The Nifty Midcap 100 declined 1.17%, while the Nifty Smallcap 100 dropped 1.41%. The India VIX, which measures market volatility, jumped 7.92% to 14.54, indicating heightened nervousness among investors.
Most sectoral indices traded in the red. Realty fell 1.83%, Auto declined 1.54%, Financial Services Ex-Bank lost 1.47%, Smallcap indices dropped over 1.4%, while Metals, Oil & Gas, Consumer Durables and IT also remained under pressure. FMCG was the only sector holding marginal gains.
ITC Bucks the Trend; Financials, Infra Stocks Under Pressure
Among Sensex stocks, ITC was the only notable gainer, rising 0.39%. Losses in HCLTech, Sun Pharma and Adani Ports were relatively limited.
The biggest losers included Bajaj Finance (-3.14%), Eternal (-2.93%), Infosys (-2.88%), Bharti Airtel (-2.58%), Mahindra & Mahindra (-2.19%), IndiGo (-2.17%), Larsen & Toubro (-1.76%), Tata Steel (-1.47%) and UltraTech Cement (-1.40%).
Oil Shock, Global Risks Keep Markets Under Pressure
Investor sentiment remained weak after Brent crude climbed above $100 a barrel following attacks on Saudi oil tankers in the Red Sea and the escalation of military conflict in the Middle East.
Higher crude prices have renewed concerns over inflation, India’s import bill and the current account deficit. Rising US Treasury yields, a stronger dollar and renewed foreign institutional investor (FPI) selling have further weighed on domestic equities.
Asian markets also remained under pressure as investors assessed the impact of geopolitical tensions, higher energy prices and expectations that major central banks could keep interest rates higher for longer.
Expert View
V K Vijayakumar, chief investment strategist at Geojit Investments Limited, said uncertainty and volatility are likely to remain elevated. “The total uncertainty and high volatility in markets continues without any signs of immediate respite. The attack on Saudi tankers by the Iran-backed Houthis in the Red Sea is the main reason for the recent sharp spike in Brent crude to about $100. Such high price is bound to revive India’s Balance of Payments concerns. Rupee too has been impacted, though mildly, with the currency depreciating to 96.57 to the dollar.”
He added that the weakening rupee has once again turned foreign investors cautious.
“With the rupee weakening again, FPIs who had turned buyers on many days this month have again shifted to the sell-mode,” Vijayakumar said.
On global markets, he cautioned that rising US bond yields remain another major near-term risk. “The spike in the US 10-year yield to 4.7% is negative for equity markets globally. This is a near-term risk.”
Technical View
Ponmudi R, CEO of Enrich Money, said, “Nifty 50 opened with a sharp gap-down near the 23,666 mark, decisively breaking below its one-month trading range and extending the weakness seen over the previous few sessions. From a technical perspective, the 23,800 zone is now expected to act as the immediate resistance, as it coincides with today’s gap area and the level that previously served as a crucial support. This is followed by the 24,000 psychological mark, which remains the next significant resistance. A sustained move above these levels will be required to stabilise the current weakness.”
On the downside, the 23,600 zone now acts as the immediate support. A decisive break below this level could intensify selling pressure and drag the index towards the 23,400–23,200 support region. Momentum indicators continue to reflect a bearish undertone. The Relative Strength Index (RSI) is hovering near 41, remaining well below the neutral 50 mark, indicating strengthening downside momentum. Overall, the near-term technical outlook remains firmly bearish, with the index needing to reclaim 24,000 to improve sentiment, while holding above 23,600 will be crucial to avoid another leg of decline, he added.
