Nifty slides to 23,650 as crude tops $100, FII selling weighs

Indian equities extended losses for a fifth straight session on Friday, with the Nifty 50 dropping over 260 points intraday and the Sensex falling more than 900 points, as Brent crude stayed above $100 a barrel and foreign investor selling intensified. The selloff erased up to ₹6 lakh crore in market capitalisation in early trade, although some experts still see scope for the Nifty to reclaim new highs by late 2026 if earnings and domestic flows hold up.

Market overview

Index	24 Jul 2026 Close (approx.)	Move & % Change	Comments
Sensex	75,535 approx.	-850 pts (about -1.1%)	Hit intraday low of 75,474 as all 30 stocks fell.
Nifty 50	23,626 approx.	-244 pts (about -1.0%)	Tested intraday low of 23,606, fifth straight losing session.
Nifty Midcap	Not stated	down about 1.0%	Broader midcap gauge under pressure through the session.
Nifty Smallcap	Not stated	down about 1.2% to 1.5%	Smallcaps underperformed, extending recent declines.

• Nifty traded below 24,000 throughout, breaching 23,700 intraday.
• BSE market capitalisation slipped to about ₹471 lakh crore from nearly ₹477 lakh crore.
• One session saw a wipeout of nearly ₹5, 6 lakh crore in investor wealth.
• NSE breadth was weak, with more declines than advances across the board.
• India VIX rose over 4% to 14.08, signalling higher near term volatility.

Key drivers of the selloff

• Brent crude September contract touched about $101 per barrel, up nearly 40% in July.
• Crude gained about 15% this week after a 16% jump the previous week.
• Iran aligned Houthis claimed attacks on Saudi oil tankers and a Red Sea blockade.
• The Bab el Mandeb route and the Strait of Hormuz faced disruption risks.
• US forces carried out a 13th consecutive night of strikes on Iran.
• Rising oil revived concerns on India’s inflation and balance of payments.
• The rupee traded near 96.6 per dollar, close to its lifetime low.
• RBI likely intervened in FX markets to curb volatility, as per market participants.
• Foreign investors sold over ₹2,999 crore of equities on Thursday, per NSE data.
• Global risk sentiment weakened on expectations of a US Fed rate hike in September.
• Traders priced in about an 82% probability of a Fed hike, as per derivatives data.
• US 10 year Treasury yield climbed to around 4.71%, the 30 year to about 5.17%.
• Higher US yields made global investors rotate from equities to bonds.
• New US tariffs of 10% to 12.5% were announced on about 60 trading partners.
• India was placed in the lower 10% tariff category under Section 301.
• Tariffs on Brazil, Canada and generic drugs raised fears of renewed trade tensions.
• Weak global equities, especially in Asia, added to pressure on Dalal Street.

• “The attack on Saudi tankers by the Iran backed Houthis in the Red Sea is the main reason for the recent sharp spike in Brent crude to about $100”

, VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

Sectoral action

Sector / Index	Direction (approx.)	Key Drivers
Nifty Auto	down about 1%	Higher fuel costs and global risk off mood hit auto stocks.
Nifty Metal	down about 1%	Profit taking despite bullish long term calls on metals.
Nifty Realty	down about 1%	Rate hike fears and risk aversion weighed on rate sensitive names.
IT / Tech	down, not quantified	Sharp selloff in technology stocks cited as a key drag.

• Broader indices, including Nifty Midcap 100 and Nifty Smallcap 100, fell up to 1.5%.
• All 30 Sensex constituents traded in the red at one point in the session.
• Stocks like UltraTech Cement, IndiGo and Bharti Airtel led index losses, falling up to 2%.
• Weak global tech sentiment spilled over to Indian IT and platform companies.

Top movers

Top gainers

Stock	Sector	Notable Factor
Not specified	Not specified	Source data did not identify specific gainers.

• The session was dominated by losers, with no major benchmark gainer highlighted in available data.

Top losers

Stock	Sector	Notable Factor
UltraTech Cement	Cement	Among biggest Sensex drags, fell up to about 2%.
IndiGo	Aviation	Stock slipped around 3% intraday amid risk off mood.
Bharti Airtel	Telecom	Featured among top Sensex losers, down up to 2%.
Other Sensex names	Various	All 30 Sensex stocks traded in the red during the day.

• Technology stocks faced a sharp selloff, but individual names were not specified.
• Broader market losers outnumbered gainers significantly on both NSE and BSE.

Technical outlook on Nifty 50

• Nifty remained below the 24,000 mark, reinforcing a weak near term structure.
• The index breached 23,700 intraday and tested a low of 23,606.
• Kotak Securities said that weakness may persist while Nifty trades below 24,000.
• Immediate downside zones were identified around 23,650 to 23,550.
• Bajaj Broking flagged 23,800 as a key level, with a breach accelerating declines.
• They projected potential support near 23,500, a confluence of:

– Trendline support joining April and June 2026 lows.

– A bullish gap area from 15 June 2026.

– 61.8% retracement of the 23,070 to 24,530 up move.

Global cues

Market / Asset	Movement	Notes
Kospi (South Korea)	about -6%	Continued selloff despite strong year to date performance.
Nikkei (Japan)	about -3%	Risk off trade hit export heavy Japanese stocks.
Taiwan Weighted	over -2%	Tech heavy index fell on global growth worries.
Shanghai Composite	over -1%	Chinese equities weakened alongside regional peers.
Hang Seng	over -1%	Hong Kong market tracked regional declines.
Brent crude	about +40% in July	Traded near $100 to $101 per barrel on supply fears.
USD/INR	near 96.6	Rupee hovered close to record low, RBI seen intervening.

• Rising oil and a stronger dollar raised concerns on imported inflation for India.
• Higher US yields and tariff actions reinforced the risk of prolonged tight global liquidity.

Longer term views and sector themes

• SBI Securities remains constructive on Indian equities over FY26 to FY28.
• They expect double digit earnings growth with valuations more reasonable after consolidation.
• Key supports cited include strong domestic SIP flows and FCNR deposits.
• They see potential for Nifty 50 to scale new highs by late 2026.
• Banking and IT heavyweights are expected to aid that recovery.
• Preferred themes over the medium term include:

– Autos, auto ancillaries and select banks and NBFCs.

– Defence, precision engineering and capital market linked businesses.

– Value added metals, select chemicals and healthcare.

– Cables, wires, consumption plays and EMS.

• Emerging areas like circular economy, semiconductors, data centre ancillaries and battery chemicals are seen as high risk, high reward.

• “During 2026, we expect many sectors to close on a positive note with Nifty 50 likely to scale new highs during the fag end of the year”

, Baldev Prakash, MD and CEO, SBI Securities.

• Another market expert projected Nifty could reach about 30,800 in 12 to 18 months, citing a structural upcycle in metals and industrials.
• Both experts stressed disciplined asset allocation and a bottom up stock selection approach amid current volatility.

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