Key benchmark indices extended losses for a fourth straight session on Thursday. Rising crude oil prices and escalating geopolitical tensions in the Middle East weighed on investor sentiment. The Nifty settled below the 23,900 level. Broader indices also declined, with the Midcap and Smallcap indices losing 1% each. Sectoral weakness was broad-based, led by realty, oil & gas, infrastructure and PSU banks, while auto and media were the only gainers. The Nifty has turned technically weak, with immediate support seen around 23,750-23,780 and resistance near the 24,000 mark.

The S&P BSE Sensex slipped 363.66 points or 0.47% to 76,391.39. The Nifty 50 index fell 126.65 points or 0.53% to 23,896.60. Over four consecutive sessions, the Sensex has lost 2.25%, while the Nifty has slipped 1.90%.

Reliance Industries (down 1.24%), HDFC Bank (down 0.97%) and Bharti Airtel (down 0.82%) dragged the Nifty lower today.

The broader market underperformed the frontline indices, the BSE 150 MidCap Index dropped 1.01% and the BSE 250 SmallCap Index declined 1.20%.

The market breadth was weak. On the BSE, 1,637 shares rose and 2,585 shares fell. A total of 181 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.37% to 13.48.

Numbers to Track:

In the commodities market, Brent crude for September 2026 settlement added $4.01 or 4.26% to $98.08 a barrel.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.5600 compared with its close of 96.5300 during the previous trading session.

The yield on India's 10-year benchmark federal paper was up 0.41% to 6.830 as compared with previous close 6.801.

MCX Gold futures for 5 August 2026 settlement fell 1% to Rs 1,44,222.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 101.16.

The United States 10-year bond yield added 0.47% to 4.679.

Global Markets:

US Dow Jones futures fell 192 points, signalling a weak opening for Wall Street later in the day.

European shares declined on Thursday, led by technology stocks after Alphabet's quarterly results, while investors also monitored developments in the Middle East ahead of the European Central Bank's policy meeting.

Asian markets mostly ended higher, supported by expectations that robust capital expenditure plans announced by major U.S. technology companies would boost demand for semiconductor manufacturers. However, escalating conflict in the Middle East pushed oil prices to six-week highs, capping gains.

Rising crude prices have revived inflation concerns, driving short-term U.S. Treasury yields to 17-week highs as traders increased bets that the Federal Reserve may have to tighten monetary policy sooner than expected.

Brent crude futures extended gains after the United States launched a fresh round of strikes on Iran and Yemen's Houthis targeted oil tankers in the Red Sea, raising fears of wider disruptions to global energy supplies.

Nearly five months of conflict have depleted global oil inventories and fuelled inflationary pressures. Analysts warned that any closure of the Strait of Hormuz or Bab el-Mandeb would disrupt shipping routes that handle more than a quarter of global oil and gas supplies.

On Wall Street overnight, the S&P 500 ended marginally lower as rising oil prices offset optimism around corporate earnings. The S&P 500 slipped 0.14% to 7,498.96, the Nasdaq Composite fell 0.57% to 25,690.90, while the Dow Jones Industrial Average edged down 6.06 points, or 0.01%, to 52,218.58.

Alphabet shares fell 1% in after-hours trading after the Google parent raised its 2026 capital expenditure forecast to as much as $205 billion, underscoring strong demand for artificial intelligence infrastructure. The higher spending plan comes as investors have grown increasingly cautious about the scale of AI-related investments by large technology companies.

Stocks in Spotlight:

Eternal added 0.95% after the company reported a 268% surge in consolidated net profit to Rs 92 crore in Q1 FY27, compared with Rs 25 crore in the corresponding quarter last year. Revenue from operations soared 182% YoY to Rs 20,211 crore in the quarter ended 30 June 2026.

Cipla declined 1.42% after the company's consolidated net profit declined 39.19% to Rs 789.05 crore in Q1 FY27, compared with Rs 1,297.62 crore posted in Q1 FY26. Revenue from operations increased 3.51% YoY to Rs 7,077.02 crore in the quarter ended 30th June 2026.

Dr Reddys Laboratories slipped 1.10% after the company reported a 68.71% YoY decline in consolidated net profit to Rs 443.5 crore in Q1 FY27, compared with Rs 1,417.8 crore in the corresponding quarter of the previous year. Revenue from operations declined 5.55% YoY to Rs 8,070.5 crore in the quarter ended 30 June 2026.

Gandhar Oil Refinery (India) surged 19.82% after the company's consolidated profit after tax surged 689.2% year-on-year and 455.7% quarter-on-quarter to Rs 205.9 crore in Q1 FY27. Revenue from operations rose 91.8% YoY and 58.4% QoQ to Rs 1,731.9 crore in Q1 FY27.

Nippon Life India Asset Management fell 3.57%. The company has reported 27% increase in consolidated net profit to Rs 503.7 crore on a 26% rise in revenue from operations to Rs 766.9 in Q1 FY27 as compared with Q1 FY26.

NTPC Green Energy rose 6.45% after the company's consolidated profit after tax increased 38.3% YoY and 54.6% QoQ to Rs 304.84 crore in Q1 FY27. Revenue from operations increased 62.7% YoY and 21.3% QoQ to Rs 1,106.86 crore in the quarter ended 30 June 2026.

Chennai Petroleum Corporation declined 2.97% after the company reported a 27.37% decline in standalone net profit to Rs 1,016.67 crore for the quarter ended 30 June 2026, compared with Rs 1,399.70 crore in Q4 FY26. Revenue from operations (excluding excise duty) rose 62.74% year on year (YoY) to Rs 27,369.27 crore in Q1 FY27.

PVR INOX rose 1.55% after the multiplex operator reported a profit in Q1 FY27, aided by strong box office collections and higher footfalls. The company reported a consolidated profit after tax of Rs 56.50 crore in Q1 FY27 compared with a loss of Rs 54.50 crore in Q1 FY26. On a sequential basis, PAT declined 69.7% from Rs 186.40 crore reported in Q4 FY26, which included a post-tax gain of Rs 171.40 crore from discontinued operations following the disposal of the business. Revenue from operations increased 11.9% YoY and 4.8% QoQ to Rs 1,622.20 crore in Q1 FY27.

Tanla Platforms soared 9.69% after the company's consolidated net profit jumped 20.07% to Rs 142.17 crore on a 17.85% increase in revenue from operations to Rs 1,226.39 crore in Q1 FY27 over Q1 FY26.

HEG rallied 3.88% after the company's consolidated net profit climbed 16.71% to Rs 122.34 crore on 11.1% increase in revenue from operations to Rs 680.79 crore in Q1 FY27 over Q1 FY26.

Hindustan Petroleum Corporation (HPCL) fell 2.30% after the state-run oil marketing company reported a standalone net loss of Rs 11,526.41 crore in Q1 FY27, compared with a net profit of Rs 4,370.87 crore in Q1 FY26.

Waaree Renewable Technologies declined 7.57% after the company reported a 25.58% decline in consolidated net profit to Rs 115.90 crore for the quarter ended 30 June 2026, compared with Rs 155.74 crore in Q4 FY26.

IPO Update:

Xtranet Technologies received bids for 1,01,08,340 shares as against 91,93,800 shares on offer, according to stock exchange data at 16:51 IST on Thursday (23 July 2025). The issue was subscribed 1.10 times.

Lohia Corp received bids for 56,20,370 shares as against 1,43,52,274 shares on offer, according to stock exchange data at 16:51 IST on Thursday (23 July 2025). The issue was subscribed 0.39 times.

INDO-MIM received bids for 6,20,51,430 shares as against 5,50,93,201 shares on offer, according to stock exchange data at 16:51 IST on Thursday (23 July 2025). The issue was subscribed 1.13 times.

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