Sensex dips 300 points as Nifty nears 23,800
Indian stock markets opened lower on July 24, 2026, as global and domestic factors influenced investor sentiment. By midday, the Sensex had dropped 244 points, or 0.32%, to 76,147, while the Nifty 50 fell 74.60 points, or 0.31%, to 23,795.
Crude oil and geopolitics spook markets
The downturn followed a surge in crude oil prices, which topped $100 a barrel, sending shockwaves to oil-importing economies like India. The unwinding of the yen carry trade also triggered sell-offs.
Geopolitical tensions heightened concerns. U.S. President Donald Trump threatened a “major military punishment” for Iran and its Houthi allies after Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East conflict to a key shipping route.
All 16 major sectors on the NSE logged losses, with small-cap and mid-cap indices each falling 0.6%. The broader market reflected caution as investors awaited updates on energy markets and corporate earnings.
Corporate earnings paint a mixed picture
Quarterly results released on Thursday provided little clarity. Apar Industries reported standalone profit nearly doubled to ₹453.05 crore for the April-June quarter, fueled by strong demand in its core segments. Its shares climbed 6% to ₹14,269 on the NSE after the announcement. The board also approved further investment of up to BRL 3,000,000 in its wholly-owned subsidiary in Brazil and the incorporation of a new subsidiary in the UK.
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Allied Blenders and Distillers Limited posted a near-stagnant consolidated net profit of ₹45 crore for the quarter ended June 30, 2026, down 18.7% year-on-year from ₹56 crore in Q1FY26, as global supply chain disruptions worth ₹24 crore weighed on earnings. Income from operations rose 5.8% year-on-year to ₹984 crore, driven by volume growth in the Prestige & Above and Mass Premium segments.
Acutaas Chemicals posted standalone PAT of ₹75.89 crore in Q1FY27, jumping 70% year-on-year from ₹44.64 crore in Q1FY26. However, it fell on a quarter-on-quarter basis from ₹137.27 crore in March 2026. Shares traded 5% lower at ₹3,284 on the NSE.
The earnings season has revealed stark differences. Chemical and manufacturing firms are reporting strong numbers, while consumer-facing companies face rising costs and uneven demand.
Infrastructure and corporate updates
Larsen & Toubro’s heavy engineering division secured international orders worth up to ₹5,000 crore across five regions, including a major project in Africa.
Highway Infrastructure Limited won a ₹28.69 crore contract from the National Highways Authority of India for toll operations in Tamil Nadu.
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PDS announced the dissolution of its step-down subsidiary, Design COE USA INC, effective July 22, 2026. Its shares traded flat at ₹356.45 on the NSE.
The day also saw joint venture activity. Ice Make Refrigeration partnered with Japan’s Galilei Holdings to form Ice Make Horeca Private Limited, targeting the hospitality sector. Galilei will subscribe to 2.24 million equity shares in the new venture.
The Bank Nifty extended losses, dropping 397 points to 56,195. The weakness in financials reflected broader liquidity concerns, though some expect recovery if conditions improve.
By noon, the market had recovered slightly from its lowest point.
The rupee weakened against the dollar, adding uncertainty for importers and foreign investors. With crude oil prices still unstable and geopolitical risks unresolved, traders are likely to remain cautious until clearer signals emerge.
