Indian Benchmarks Extend Losses as Sensex Drops Over 680 Points, Crude Tops $100 Amid Geopolitical Tensions
Markets continue to be weighed down by persistent Middle East conflict and rising oil prices, with investors awaiting further macro data and corporate earnings.
The story
Indian equity benchmarks continued their downward trajectory, with the Sensex tumbling over 680 points and the Nifty 50 falling below the 23,700 mark in early trading on Friday, July 24, 2026. This decline followed Thursday's session, where the Sensex closed down 0.47% at 76,391.39 and the Nifty 50 shed 0.53% to end at 23,869.60.
The persistent sell-off is largely attributed to escalating geopolitical tensions in the Middle East, which have pushed global crude oil prices above $100 per barrel. Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth ₹2,999.23 crore on Thursday, July 23, 2026, though Domestic Institutional Investors (DIIs) provided some counter-balance with net buying of ₹2,947.14 crore.
Among individual stocks, Infosys declined over 1% after tempering its full-year revenue forecast, while InterGlobe Aviation, parent of IndiGo, slipped over 2% following a reported net loss. Meanwhile, India's private sector growth slowed to a four-year low in July, with the HSBC Flash India Composite PMI dropping to 54.3 from 57.1 in June. The Index of Core Industries (ICI) for June 2026, however, showed a 5% growth, benefiting from a new series and the inclusion of the iron ore sector.
The tape
| Instrument | Last | Change |
|---|---|---|
| Sensex | 75,708.19 | -683.2 points (-0.89%) |
| Nifty 50 | 23,666.35 | -203.25 points (-0.85%) |
| Bank Nifty | 56,320.15 | -272 points (-0.48%) |
| USD/INR | 96.57 | +0.01 points (+0.01%) |
Flows & data
FII Net Flows
Reading: -₹2,999.23 crore (July 23, 2026)
Read: Foreign investors continued to pull out capital from Indian equities.
DII Net Flows
Reading: +₹2,947.14 crore (July 23, 2026)
Read: Domestic institutions provided support, nearly offsetting FII selling.
HSBC Flash India Composite PMI
Reading: 54.3 (July 2026)
Read: India's private sector growth slowed to a four-year low, primarily due to weaker services activity.
Index of Core Industries (ICI)
Reading: 5% growth (June 2026)
Read: The updated index, now including the iron ore sector, showed a five-month high growth.
IPOs & the primary market
The primary market remains active with several issues. Cube Highways Trust InvIT, which opened on July 22, 2026, is set to close today, July 24, 2026, with a price band of ₹151-₹152 per unit.
Similarly, the SME IPO of Shree Balaji (Mala) Textiles, also opened on July 22, 2026, concludes its subscription period today, offering shares at ₹66-₹70. Meanwhile, three new mainboard IPOs opened for subscription on July 23, 2026: Indo-MIM (₹461-₹485), Lohia Corp (₹404-₹425), and Xtranet Technologies (₹120-₹127), all closing on July 27, 2026.
On the listing front, Caliber Mining and Logistics, which closed its IPO on July 21, 2026, is scheduled to list today, July 24, 2026. Sotefin Bharat (SME) listed on July 23, 2026.
Valuation watch — India & global
The Nifty 50's Price-to-Earnings (PE) ratio stood at 20.80 for July 2026. A more recent update on July 23, 2026, placed the Nifty 50 PE at 20.35, marking a slight decrease.
This current PE is near its one-month low and is considered "mildly undervalued" or "slightly cheap" when compared to its historical average of 20.92 and a range of 11.20 to 40.80. Globally, persistent geopolitical tensions and rising crude prices are contributing to a risk-off sentiment, impacting valuations across markets. While India's PE appears reasonable against its historical context, the broader global environment, particularly in the Middle East, continues to be a key factor influencing market sentiment and potential froth signals.
Monsoon watch
The monsoon remains active across India, with the India Meteorological Department (IMD) forecasting heavy to very heavy rainfall, including isolated extremely heavy rainfall, for East Rajasthan, Gujarat, and Madhya Maharashtra on July 24, 2026. Konkan & Goa, Odisha, and West Rajasthan are also expected to experience heavy rainfall.
Ahmedabad recorded its highest July rainfall of the 21st century between July 23 and July 24, leading to widespread flooding. A fresh spell of active monsoon is anticipated over northwestern India, with widespread rainfall expected in Haryana, Chandigarh, Delhi, and Punjab from July 27 to 30. Meanwhile, heavy monsoon rains have caused severe flooding in Assam, resulting in at least 50 fatalities and displacing 700,000 people.
What we'll be watching
- Subscription for Cube Highways Trust InvIT closes on July 24, 2026.
- Subscription for Shree Balaji (Mala) Textiles SME IPO closes on July 24, 2026.
- Caliber Mining and Logistics IPO is scheduled to list on July 24, 2026.
- Silverstorm Parks SME IPO opens for subscription on July 24, 2026.
- The Ministry of Statistics and Programme Implementation (MoSPI) continues to release trial monthly indices for the new Index of Services Production (ISP) with a 60-day lag.
Reporting + analyst voices: grounded via Google Search at publish time.