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.Published on July 22, 2026
