Stock Markets Today, July 24: The domestic equity markets extended their losses in morning trade on Friday as rising crude oil prices, escalating geopolitical tensions in West Asia and weak global cues
continued to weigh on investor sentiment. At around 10:00 am, the BSE Sensex was trading at 75,620.71, down 770.68 points or 1.01%, while NSE Nifty fell 212.85 points, or 0.89%, to 23,656.75, slipping below the 23,700 mark.
Selling intensified across the broader market, with mid- and small-cap stocks witnessing sharper declines than frontline indices. The Nifty Midcap 100 dropped 0.96%, while the Nifty Smallcap 100 declined 1.15%. The India VIX, often referred to as the market’s fear gauge, surged 7.06% to 14.43, indicating increased volatility.
Sector-wise, most indices traded in negative territory. Realty was the worst performer, falling 1.68%, followed by Auto (-1.34%), Financial Services Ex-Bank (-1.27%), Metal (-1.18%), Smallcap and Oil & Gas. FMCG was the only sector trading marginally higher, while IT limited its losses.
Key reasons behind market fall today
US-Iran tensions escalate: Investor sentiment remained weak due to escalating geopolitical tensions in the Middle East. US President Donald Trump warned of a “major military punishment” for Iran and its Houthi allies after the Yemeni group attacked two Saudi oil tankers in the Red Sea, deepening concerns over disruptions to global oil supplies and shipping routes.
Crude oil crosses $100: The sharp fall in the markets was driven by a combination of global and domestic factors. Brent crude oil prices climbed above $100 a barrel, rising nearly 7% from the previous session, raising concerns over higher inflation and increased import costs for India.
Weak Q1 earnings: On the domestic front, disappointing quarterly earnings added to the pressure. Shares of Infosys and airline operator IndiGo declined after both companies reported weaker-than-expected results, weighing on overall market sentiment.
India VIX rises 7%: The India VIX, often referred to as the market’s fear gauge, surged 7.06% to 14.43, indicating increased volatility.
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.
