Equities Extend Losing Streak To Five Sessions; Oil Retreat Eases Bond Pressure

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

India Stocks fall

By Tresha Dias

July 24, 2026 at 12:55 PM IST

Indian equities extended their losing streak to a fifth consecutive session on Friday, with the Sensex and Nifty falling 0.43% each, as rising crude oil prices and continuing geopolitical tensions in West Asia kept investors cautious. The Sensex declined 331.62 points to 76,059.77 after falling as much as 916.96 points, or 1.2%, during the session, while the Nifty50 fell 102.15 points to 23,767.45.

The sell-off broadened beyond the benchmark indices, with the Nifty Smallcap 100 falling 1.3% and the Nifty Midcap 100 declining 1%. On the NSE, all sectoral indices except FMCG ended lower. Brent crude climbed above $100 a barrel, raising concerns over imported inflation, the trade deficit, economic growth and corporate margins in India, the world's third-largest crude oil importer and consumer.

Among individual stocks, InterGlobe Aviation fell more than 2% after IndiGo reported a ₹238 crore net loss for the June quarter, citing higher fuel prices and the impact of the West Asia conflict. Infosys declined more than 1%, adding to pressure on the technology sector.

The Indian rupee ended nearly unchanged at 96.5625 per dollar today after likely intervention by the Reserve Bank of India helped offset pressure from elevated oil prices, weak domestic equities and renewed corporate dollar demand. State-run banks were seen selling dollars before the market opened and through most of the session, traders said, helping the rupee avoid a record low of 96.96 hit in May.

Government bond yield on the benchmark 6.94%, 2036 bond ended at 6.8253% from 6.8413% at the previous close. Brent crude fell towards $96 a barrel after trading near $100 earlier in the day, prompting investors to add to bond holdings.

Top Movers of the Day

Action Construction Equipment shares surged 6.32% to close at ₹1,040.90 after the company reported stronger-than-expected June-quarter earnings. Growth was supported by robust demand across its construction equipment and material handling equipment segments, while improved operating margins and healthy order inflows boosted investor sentiment.
KPIT Technologies climbed 5.88% to settle at ₹583.30 after posting June-quarter results that reflected healthy revenue growth and sustained demand from global automotive clients. The company’s management also reiterated its long-term outlook, supported by continued traction in software-defined vehicles and mobility engineering services.
PVR INOX advanced 4.73% to end at ₹1,055 as investors cheered the company’s June-quarter performance, aided by a stronger box office pipeline and improved occupancy levels. Expectations of better footfalls in the coming quarters, supported by a healthy slate of movie releases, also lifted sentiment.
R R Kabel rose 5.37% to ₹2,506 on the back of healthy investor buying after the company reported quarterly earnings that reflected continued growth in its wires and cables business. Optimism over sustained infrastructure spending and improving demand across residential and industrial segments also supported the stock.
Atul gained 4.87% to finish at ₹6,490 after reporting improved quarterly earnings, driven by better demand across key product categories and margin expansion. Investors also took comfort from management’s commentary on a gradual recovery in the specialty chemicals business.
Tata Elxsi jumped 4.41% to close at ₹3,537 after its June-quarter results met market expectations, with the company continuing to benefit from demand for engineering research and design services. Optimism surrounding its transportation, media and healthcare verticals further supported the stock.
Dr Lal PathLabs climbed 5.21% to end at ₹1,775 after reporting a healthy set of quarterly numbers. Improved diagnostic volumes, better realisations and operational efficiencies helped boost profitability, prompting fresh buying interest in the stock.
Godfrey Phillips India rose 4.13% to settle at ₹2,131 amid continued investor interest in tobacco stocks. The company’s resilient earnings outlook and expectations of sustained demand in the cigarettes business supported the upmove.
Persistent Systems advanced 3.86% to close at ₹5,195 after the company reported robust June-quarter earnings, supported by strong deal wins and continued growth in digital engineering services. Positive management commentary on demand trends also buoyed investor sentiment.
Zensar Technologies gained 3.66% to end at ₹504.90 after posting quarterly earnings that reflected stable growth in its technology services business. Investors also welcomed improving operational performance and the company’s focus on higher-margin digital transformation projects.
Astral climbed 3.30% to settle at ₹1,460.10 after its June-quarter results highlighted healthy demand across its pipes and adhesives businesses. Expectations of continued growth from infrastructure and housing demand also aided the stock.
Emmvee Photovoltaic Power rose 3.49% to close at ₹330.90 as investors remained optimistic about the solar equipment maker amid continued policy support for renewable energy and expectations of sustained demand for domestic solar manufacturing.
Go Digit General Insurance slumped 8.85% to close at ₹256 after the insurer reported June-quarter earnings that disappointed investors. Weak underwriting performance, higher claims costs and pressure on profitability weighed on sentiment, triggering heavy selling in the stock.
Motilal Oswal Financial Services declined 7.15% to settle at ₹873 after the company reported its June-quarter results. Investor sentiment turned cautious following the earnings announcement, with the stock witnessing broad-based selling despite continued strength in its diversified financial services franchise.

Futures & Options
The Nifty July 2026 futures contract closed at 23,830, a premium of 62.55 points to the Nifty 50's cash-market close of 23,767.45. The Nifty 50 fell 102.15 points, or 0.43%, on the day. The NSE's India VIX rose 4.11% to 14.03. Infosys, HDFC Bank and Tata Consultancy Services were the most-traded individual stock futures contracts in the NSE's F&O segment. The July 2026 F&O contracts expire on Jul 28, 2026.

Bonds
The yield on India’s benchmark government bond 6.94%, 2036 ended at 6.8253% from 6.8413% at the previous close. Brent crude fell towards $96 a barrel after trading near $100 earlier in the day, prompting investors to add to bond holdings. The gilt auction was broadly in line with expectations, with the RBI setting a 7.06% cut-off yield on the new 2041 bond, matching market estimates. The central bank set a cut-off price of ₹97.55, equivalent to a 7.6212% yield, on the 7.43%, 2076 bond, better than the 91bps poll estimate of ₹97.44.

State Bank of India is looking to raise 50 billion rupees through Basel III-compliant additional Tier-1 perpetual bonds within the next two weeks, in what would be the first such issuance by an Indian bank this year, the Economic Times reported, citing three bankers familiar with the matter. The issue is expected to carry a five-year call option, with SBI in advanced discussions with merchant bankers and investors.

Forex
The Indian rupee ended nearly unchanged at 96.5625 per dollar today after likely intervention by the Reserve Bank of India helped offset pressure from elevated oil prices, weak domestic equities and renewed corporate dollar demand. State-run banks were seen selling dollars before the market opened and through most of the session, traders said, helping the rupee avoid a record low of 96.96 hit in May.

Brent crude briefly rose above $100 a barrel for the first time in two months before retreating about 4%, but concerns over worsening supply disruptions kept pressure on the rupee. India imports nearly 90% of its crude oil needs, leaving the currency vulnerable to higher oil prices that can raise inflation, strain external balances and boost dollar demand.

Crypto
The cryptocurrency market traded higher today, with Bitcoin and Ethereum rising as spot ETF inflows offered support despite elevated geopolitical tensions and a cautious mood across broader markets.

Bitcoin traded near $65,218.75 on Friday, up 0.51%, as the cryptocurrency steadied after a volatile week across global markets. Its market capitalisation stood at $1.3 trillion, while 24-hour trading volume reached $23.36 billion. Elevated oil prices following renewed US-Iran hostilities kept risk appetite fragile, although continued spot ETF inflows provided support ahead of next week's Federal Reserve meeting.

Ethereum rose 2.27% to $1,874.22, with a market capitalization of $226.18 billion and 24-hour trading volume of $9.97 billion. Investors continued to monitor geopolitical developments, oil and Treasury yields, as well as the delayed CLARITY Act, for fresh direction.

US Stock Futures
US stock futures rose today, stabilising after a sharp sell-off in the previous session as surging oil prices and disappointing earnings from two megacap companies weighed on equities. S&P 500 futures gained 0.2%, while Nasdaq-100 futures were little changed and Dow Jones Industrial Average futures rose around 0.4%.

The previous session saw the Dow fall more than 500 points, or around 1%, for its fifth decline in six sessions, while the S&P 500 and Nasdaq Composite posted their worst one-day performances since June 23, falling 1.2% and 2.2%, respectively. Investor focus remained on the Middle East after President Donald Trump said he would soon decide whether to launch a “massive attack” on Iran, as the conflict extended into the Red Sea.

US Treasury
US Treasury yields rose, with the benchmark 10-year yield climbing for a fifth consecutive session to around 4.70%, its highest level since January 2025, as President Donald Trump's latest tariff package heightened concerns over worsening trade frictions. The measures included 10% tariffs on imports from countries including Mexico, Canada, the UK and India over alleged forced-labour concerns, while goods from the European Union and Taiwan generally faced a 10% duty. Products from Japan, South Korea and Switzerland faced tariffs of up to 12.5%, with additional charges applying to selected goods.

US 3-year Treasury note yields eased 3 basis points to 4.37% today. The yield has risen 24 basis points over the past month and is 49 basis points higher than a year ago.

Rising energy prices linked to escalating tensions in the Middle East, alongside resilient US labour-market conditions, added to expectations of tighter monetary policy and kept upward pressure on Treasury yields.

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