Brent crude above $95 sends Nifty below 24,000 for third straight session - The HinduBusinessLine SENSEX
76,755.05 -715.06 NIFTY 23,996.25 -191.45 CRUDEOIL 8,452.00
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76,755.05 -715.06 NIFTY 23,996.25 -191.45 NIFTY 23,996.25 -191.45
CRUDEOIL 8,452.00 + 302.00 CRUDEOIL 8,452.00 + 302.00 GOLD 144,615.00
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ADS.THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. Home Markets Stocks Brent crude above $95 drags Nifty
below 24,000 for third straight session Realty, media, PSU banks and pharma led the sell-off, while auto and FMCG bucked
the trend on strong earnings from Bajaj Auto and Nestlé India By Anupama Ghosh Updated - July 22, 2026 at 05:10
PM.×ShareWhatsAppXFacebookLinkedInMessengerRedditMailhttps://www.thehindubusinessline.com/markets/stock-markets/brent-crude-above-95-drags-nifty-below-24000-for-third-straight-session/article71253233.eceCopy
Indian equity benchmarks extended losses for a third straight session on Wednesday, with the Sensex falling 715 points
and the Nifty slipping below 24,000 as Brent crude climbed above $95 a barrel amid escalating tensions in West Asia.
Equity markets extended their losing streak into a third consecutive session on Wednesday, as a sharp surge in crude oil
prices and escalating geopolitical tensions in West Asia rattled investor sentiment, overshadowing a largely encouraging
start to the earnings season.The Nifty 50 closed at 23,996.25, down 191.45 points or 0.79 per cent, slipping below the
psychologically significant 24,000 mark. The Sensex fell 715.06 points or 0.92 per cent to settle at 76,755.05. The
broader market fared worse, the Nifty Midcap 100 declined 1.09 per cent, and the Nifty Smallcap 100 fell 1.53 per cent,
with market breadth turning sharply negative, decliners outpacing gainers roughly 2:1.Crude oil surge intensifies market
pressureBrent crude climbed above $95 a barrel, a five-week high, while WTI breached $88, as US strikes on Iran
continued and peace talks remained stalled, stoking fresh fears over supply disruptions through the Strait of Hormuz.
“Rising oil is now the market’s central risk... results alone won’t be enough to change direction,” said Sarvam
Goel, Founder, Pocketful.Sector performance was broadly weak. Real estate, media, and PSU banks were among the steepest
losers, while pharma stocks came under additional pressure after US President Donald Trump announced a phased tariff
plan on generic drug imports: zero tariffs for two years, followed by 100 per cent in year three and 200 per cent
thereafter. Auto and FMCG were the only sectors to end in positive territory.Earnings movers: Bajaj Auto shines, Bandhan
Bank tumblesOn the earnings front, Bajaj Auto hit a fresh 52-week high after reporting strong Q1FY27 numbers, and
Nestlé India gained over 3 per cent after posting a 48 per cent year-on-year jump in net profit to ₹959 crore on
revenue of ₹6,378 crore. Bandhan Bank, however, plunged nearly 19 per cent despite reporting a 37 per cent rise in
profit to ₹1,037 crore, after the bank lowered its return-on-assets guidance for FY27 due to expected margin pressure
from rising deposit costs.Rupee weakens, volatility risesThe Indian rupee weakened by 32 paise to close at 96.56 against
the US dollar, pressured by surging crude oil prices and a stronger dollar. Gold hit a two-week high of $4,140, while
silver edged closer to $60, rallying amid ongoing tensions in West Asia. India VIX surged 5.6 per cent, reflecting
heightened market anxiety.Ajit Mishra, SVP Research at Religare Broking, noted that “rotational buying across sectors
continues to offer stock-specific trading opportunities,” while cautioning that the 23,650–23,800 zone could be
retested in the near term, with 24,150–24,300 likely to cap any rebound.Focus shifts to earnings and global
cuesThursday brings a heavy earnings calendar, with results from Infosys, NTPC, BPCL, InterGlobe Aviation, and Cipla
due. Investors will also watch the ECB interest rate decision and US jobless claims data. Analysts at Motilal Oswal
expect markets to “trade sideways with a marginal negative bias” as long as crude remains elevated and geopolitical
uncertainty persists. Comments Published on July 22, 2026 READ MORETHIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR
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Latest Business News FL Interviews Latest NewsBrent crude above $95 drags Nifty below 24,000 for third straight
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