Indian equity markets continued their downward trend for the third consecutive session on Thursday, July 23, 2026. Both the Sensex and Nifty opened lower, driven primarily by a significant surge in Brent crude oil prices, which hit $96.25 per barrel. The escalation in crude prices follows a breakdown in the 21-day ceasefire between the US and Iran, leading to renewed attacks.
Market Performance and Key Movers
During the current session, the BSE Sensex shed 208 points, closing at 76,548, while the NSE Nifty declined 48 points to settle at 23,948. The broader market sentiment was weak, reflected in the market capitalization of BSE-listed firms, which fell to Rs 479.30 lakh crore from the previous day's Rs 480.05 lakh crore.
Several blue-chip stocks experienced significant losses. Top losers included Infosys, Bajaj Finance, Tata Steel, HDFC Bank, NTPC, SBI, and Reliance Industries, with declines of up to 1.11%. Conversely, a few stocks managed to post gains, such as Trent, M&M, ICICI Bank, and HUL, which rose up to 0.48%.
Analysts Offer Caution on Indian Stock Market Fall
Market strategists are advising caution, citing the inability of key indices to sustain above crucial support levels. Anand James, Chief Market Strategist at Geojit Investments, noted, “Inability to float above key pivots has rendered the trend vulnerable for more declines. Though a collapse is less expected, 23,750 stands exposed.” He added that while intermittent upswings might occur, a push above 24,000 would be necessary to signal genuine strength.
Shrikant Chouhan, Head Equity Research at Kotak Securities, echoed this sentiment. “As long as the market is trading below 24,100/77000, weak sentiment is likely to continue on the downside,” Chouhan stated. He projected that the correction wave could extend towards the 50-day SMA or 23,800/76,000, with further downside potential to 23,750-23,600/75,700-75,200. For day traders, Chouhan recommended a level-based trading strategy due to the uncertain and volatile intraday market texture.
Previous Session's Performance
The previous trading session also saw significant declines, with the Sensex falling 715.06 points (0.92%) to 76,755.05, and the Nifty50 index dropping 191.45 points (0.79%) to close at 23,996.25, setting the stage for the current session's continued losses.