Sensex Tumbles Over 750 Points as Crude Oil Surge and Pharma Sell-Off Weigh on Dalal Street

Indian equity markets remained firmly under pressure in Wednesday’s session as rising crude oil prices and escalating geopolitical tensions triggered broad based selling. At around 12:25 pm, the Sensex was down 759.77 points, or 0.98 per cent, at 76,710.34. The Nifty 50 slipped below the psychological 24,000 mark to trade at 23,991.10, lower by 196.60 points, or 0.81 per cent.

Selling was more pronounced in the broader market. The Nifty Midcap 100 declined 0.97 per cent to 62,377.70, while the Nifty Smallcap 100 fell around 1.3 per cent. Market breadth remained weak as investors reduced exposure across midcap and smallcap counters.

The Nifty Bank index also traded lower, falling over 1 per cent as weakness in HDFC Bank, Axis Bank and Bandhan Bank weighed on the banking pack. HDFC Bank extended its post results decline after reporting weaker than expected net interest margins.

Nifty Auto was the only major sectoral index trading in positive territory, supported by strong quarterly performances from Bajaj Auto and TVS Motor.

On the losing side, Nifty Realty fell more than 2 per cent, while Nifty Pharma declined around 2 per cent. The Nifty PSU Bank index dropped over 1.5 per cent. Pharma stocks came under pressure after US President Donald Trump announced a phased tariff plan that could impose duties of up to 200 per cent on imported generic medicines after a two year transition period.

Bandhan Bank plunged around 14 per cent after the lender lowered its FY27 exit return on assets guidance to 1.2 to 1.4 per cent from 1.6 to 1.8 per cent earlier.

MedPlus Health Services dropped nearly 16 per cent to Rs 667.95 after its Q1 profit fell 21 per cent year on year amid lower gross margins and higher operating costs.

Bajaj Auto gained around 3.4 per cent after reporting a 46 per cent rise in quarterly profit to Rs 3,226 crore. Revenue increased 65 per cent to Rs 21,689 crore.

TVS Motor advanced around 4 per cent after its quarterly net profit increased 51 per cent to Rs 1,174 crore, supported by a 38 per cent rise in revenue.

According to the latest provisional data for July 21, foreign institutional investors were net buyers of Indian equities worth Rs 1,650.20 crore. Domestic institutional investors were net sellers worth Rs 656.90 crore.

Global cues were mixed. Wall Street ended higher as Semiconductor shares rallied, while Asian markets traded unevenly. Brent crude climbed to USD 92.67 per barrel, its highest level in more than five weeks, raising concerns over inflation, India’s import bill and corporate margins.

For the remaining session, traders will closely watch whether the Nifty can reclaim the 24,000 mark. The broader immediate range is seen between 23,800 and 24,400. Crude oil prices, geopolitical developments and ongoing Q1 earnings announcements are likely to determine near term sentiment.

Market movements can remain volatile, particularly around earnings and geopolitical developments.

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