Nifty 50 slips below 24,000 as crude spikes, volatility rises

Indian equities extended losses for a fourth straight session on Thursday, with the Nifty 50 closing around 23,839 and the Sensex near 76,255, as Brent crude climbed above $96 a barrel amid escalating Iran US tensions.

Higher energy prices, persistent foreign institutional selling and weakness in banking and broader market indices kept risk appetite subdued, even as select IT and defensive stocks offered limited support.

Market overview

Index	23 Jul 2026 Close	Move & % Change	Comments
Sensex	approx. 76,255	-500 pts (-0.65%)	Fourth day of declines, dragged by banks and Reliance.
Nifty 50	approx. 23,839	-157 pts (-0.65%)	Slipped below 24,000, trades in short term consolidation range.
Bank Nifty	approx. 56,630	-497 pts (-0.87%)	Underperformed, closed below 20 day EMA, downside momentum rising.
Nifty Midcap 100	approx. lower 0.3%	down 0.3%	Broader weakness signalled cautious risk appetite.
Nifty Smallcap 100	approx. lower 0.3%	down 0.3%	Smallcaps extended declines amid volatility.

• Indian market logged a fourth consecutive negative session.
• Selling intensified after indices broke below short term moving averages.
• Broader market decline showed risk off mood beyond frontline stocks.

Key movers

Top gainers

Stock	Sector	Notable Factor
Eternal	Diversified	Rose about 2 to 3%, only clear Sensex constituent gainer.
TCS	IT services	Gained around 1.7%, supported by global tech spending optimism.
M&M	Auto	Added nearly 1.6%, bucked broader weakness.
HCL Tech	IT services	Advanced about 0.8%, tracking strength in global technology names.
Kotak Bank	Private bank	Edged up around 0.6%, selective buying despite sector pressure.

• Defensive names ITC and Hindustan Unilever posted modest gains.
• IT stocks benefited from upbeat capex commentary by major US tech firms.

Top losers

Stock	Sector	Notable Factor
Adani Ports	Ports & logistics	Fell about 2.4%, among top Sensex laggards.
Bajaj Finance	NBFC	Declined nearly 1.9%, weighed on financials.
IndiGo	Aviation	Dropped around 1.9%, vulnerable to higher fuel costs.
Reliance Industries	Energy & telecom	Lost about 1.4%, pressured by crude driven sentiment.
Axis Bank	Private bank	Shed roughly 1.3%, part of broader bank selling.
SBI	PSU bank	Fell about 1.2%, extended recent weakness in lenders.
Infosys	IT services	Down near 1%, despite sector resilience elsewhere.
Asian Paints	Consumer	Declined about 0.9%, sensitive to input cost worries.

• Heavyweights HDFC Bank, NTPC and Power Grid also traded lower.
• Declines in index majors amplified the headline index fall.

Sectoral action

Sector/Index	Direction (approx.)	Key Drivers
Nifty Bank / Bank Nifty	down 0.9%	Closed below 20 day EMA, MACD and RSI signal rising downside momentum.
Nifty Oil & Gas	down 1%	Higher crude prices and supply risk weighed on energy names.
Nifty Pharma	down 1%	Sector opened lower, tracking risk off sentiment.
FMCG	mixed to slightly up	Select stocks attracted defensive buying amid volatility.
Midcap & Smallcap indices	down 0.3%	Broader market weakness as investors cut risk exposure.

• NSE breadth showed around 1,456 declines versus 695 advances.
• Most sectoral indices ended in the red, showing broad based selling.

Technical outlook

• Nifty 50 has been consolidating between 23,785: 24,531 since mid June.
• Index now trades below key moving averages, short term bias remains cautious.
• Immediate Nifty resistance seen at 24,070: 24,100 (20 day EMA zone).
• Additional resistance zones at 24,200: 24,250 and 24,150.
• Nifty support identified at 23,800: 23,750, with extension risk to 23,650.
• Option data suggests broader Nifty trading band 23,500: 24,500.

• “A decisive and sustained breach below this support zone could trigger an extension of the ongoing weakness and lead to further downside in the index.”, Sudeep Shah, Head Technical and Derivatives Research, SBI Securities.

• Sensex slipped below its 20 day SMA around 77,000, showing near term weakness.
• Analysts see potential Sensex downside towards 76,000, then 75,700: 75,500.
• On the upside, a move above 77,000 could open 77,300: 77,500.

• Bank Nifty closed below its 20 day EMA for the first time since early July.
• Immediate Bank Nifty support lies at 56,700: 56,600, then 56,300: 56,000.
• Resistance is placed at 57,500: 57,600, with another cap near 57,800.

Global cues

Market/Asset	Movement	Notes
Brent crude	+2.3%, around $96.20	Hit six week high after US strikes on Iran and Houthi attacks on Saudi tankers.
WTI crude	above $88	Followed Brent higher, reinforcing energy cost concerns.
South Korea KOSPI	+3.15%	Rallied on US tech capex boost.
Nikkei 225, Hang Seng	up	Advanced despite Middle East tensions.
Shanghai Composite	down	Traded lower, diverging from regional peers.
US equities	down	Closed in negative territory on previous session.
Rupee vs USD	near 96.52	Traded steady, with expectations of RBI support offsetting oil impact.

• Yemen’s Houthi rebels reportedly targeted Saudi oil tankers, raising supply disruption fears.
• US military completed a 12th successive night of strikes on Iranian targets.
• “India’s vulnerability to high oil price is once again becoming a macro concern.”, V K Vijayakumar, Chief Investment Strategist, Geojit Investments.

Flows and volatility

Statistic	Value/Change	Context
FII equity flows (22 Jul)	₹819.20 crore selling	Foreign investors resumed net selling after a brief pause.
Market breadth (NSE)	1,456 declines, 695 advances	Reflects broad based risk reduction across segments.

• Persistent FII outflows added to pressure on indices and the rupee.
• Analysts expect markets to stay range bound with a cautious undertone.

• “In my view, the Indian equity market is likely to remain range bound with a mildly cautious undertone in the near term.”, Vipin Dixena, Market Analyst.

Smallcap volatility backdrop

• Data on Nifty Smallcap 250 TRI show frequent sharp intra year drawdowns.
• In 12 of the past 20 years, the index saw over 20% peak to trough falls.
• Comparable Nifty 50 TRI drawdowns above 20% occurred in only 4 years.
• Historical smallcap corrections show higher volatility versus large caps.

• A ₹1 lakh lump sum in Nifty Smallcap 250 TRI before the 2008 crisis grew to ₹4.3 lakh by March 2026.
• The same amount invested at the 2008 bottom reached ₹17.7 lakh over that period.
• Median 10 year SIP returns in the index were around 16% annually.

• These outcomes show the role of entry timing in one time investments.
• Systematic investing has historically reduced dependence on precise market timing.

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