Nifty 50 Falls for 5th Straight Session as Crude Oil Touched $100; Sensex Drops 332 Points

Indian benchmark indices extended their losing streak for the fifth consecutive trading session on Friday, July 24, as rising crude oil prices, weak corporate earnings and escalating geopolitical tensions in the Middle East weighed on investor sentiment. Although the market recovered from Intraday lows during the second half of the session, both the Nifty 50 and Sensex ended lower, marking their worst weekly performance in four months.

Investor sentiment remained under pressure after Brent crude oil surged above the USD 100 per barrel mark earlier in the day amid fears of supply disruptions. The escalation followed U.S. President Donald Trump's warning of "major military punishment" for Iran and its Houthi allies after Yemeni fighters attacked two Saudi oil tankers in the Red Sea, raising concerns over global energy supplies through another key shipping route.

Higher crude oil prices remain a significant concern for India, the world's third-largest crude oil importer and consumer, as they can fuel inflation, widen the trade deficit and put pressure on economic growth as well as corporate profit margins.

The Nifty 50 opened weak at 23,666.35 and slipped to an intraday low of 23,606.30 during the first half amid broad-based selling. Buying interest emerged at lower levels, helping the benchmark recover to an intraday high of 23,823.60 before mild profit booking erased part of the gains. The Nifty 50 eventually settled at 23,767.45, down 102.15 points or 0.43 per cent. The Sensex also declined 331.61 points, or 0.43 per cent, to close at 76,059.78.

For the week, the Nifty 50 lost around 2.3 per cent while the Sensex declined approximately 2.7 per cent, registering their weakest weekly performance in four months. It also marked the second instance in calendar year 2026 when the Nifty 50 has fallen for five consecutive trading sessions. In contrast, the Bank Nifty gained 0.18 per cent, snapping its four-day losing streak, while India VIX rose 4.32 per cent to move above the 14 mark, indicating elevated market volatility.

Brent crude oil eased below USD 97 per barrel by the close but remained more than 12 per cent higher for the week as traders continued to assess geopolitical risks and the possibility of tighter global oil supplies.

Sectoral performance remained mixed, with only five of the 11 major sectoral indices ending in positive territory. The Nifty Midcap 100 index declined 0.10 per cent to its lowest level in six weeks, while the Nifty Smallcap 100 index slipped 0.32 per cent, touching a three-week low.

The Nifty Media index emerged as the top sectoral performer, rising 1.86 per cent and hitting a nine-month high during the week. On the other hand, the Nifty Auto index was the biggest laggard, falling 1.1 per cent and snapping its three-day winning streak, with 12 of its 15 constituent stocks ending in the red.

Among individual stocks, Infosys declined 0.62 per cent, while InterGlobe Aviation, the parent company of IndiGo, slipped 0.77 per cent after reporting weaker-than-expected June quarter earnings. Ramco Systems tumbled 10 per cent after reporting a sharp decline in quarterly profit. In contrast, Cyient gained 1.13 per cent after posting an increase in its June quarter profit.

Reliance Industries contributed the most to limiting losses in the Nifty 50, adding 8.54 points to the index, followed by HCL Technologies with 6.05 points and ITC with 4.51 points. On the downside, Bharti Airtel was the biggest drag, shaving off 22.26 points, followed by Bajaj Finance at 15.71 points and HDFC Bank at 14.85 points.

Market breadth remained marginally positive despite the benchmark decline. Of the 3,425 stocks traded on the NSE, 1,703 advanced, 1,596 declined and 126 remained unchanged. During the session, 58 stocks touched their 52-week highs, while 79 hit their 52-week lows. Additionally, 77 stocks were locked in their Upper Circuits, whereas 98 stocks hit their Lower Circuits.

Disclaimer: The article is for informational purposes only and not investment advice.