Key benchmark indices recovered from their intraday lows on Friday as Brent crude retreated below the $100-a-barrel mark after briefly crossing the milestone earlier in the session. The Nifty rebounded from an intraday low of 23,606.30, aided by value buying after recent market declines, a recovery in the rupee and gains in banking stocks. However, the relief rally was not enough to reverse losses, with the Sensex and Nifty ending lower for a fifth consecutive session. The Nifty settled below the 23,800 mark as lingering concerns over elevated crude prices, escalating Middle East tensions and sustained foreign fund outflows continued to weigh on investor sentiment. Auto, metal and oil & gas stocks led the decline.

The S&P BSE Sensex slipped 331.62 points or 0.43% to 76,059.77. The Nifty 50 index fell 102.15 points or 0.43% to 23,767.45. Over five consecutive sessions, the Sensex has lost 2.67%, while the Nifty has slipped 2.32%.

In the broader market, the BSE 150 MidCap Index dropped 0.16% and the BSE 250 SmallCap Index declined 0.23%.

The market breadth was positive. On the NSE, 1,703 shares rose and 1,596 shares fell. A total of 126 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 4.11% to 14.03.

Economy:

India's private sector activity expanded at its slowest pace in more than four years in July as softer demand and rising inflationary pressures weighed on growth, according to the HSBC Flash India PMI survey compiled by S&P Global.

The HSBC Flash India Composite PMI Output Index fell to 54.3 in July from 57.1 in June, marking the weakest pace of expansion since March 2022. The slowdown was driven by the services sector, with the HSBC Flash India Services PMI Business Activity Index dropping to 53.1 from 57.4, its lowest reading since February 2022. In contrast, manufacturing activity remained resilient, with the HSBC Flash India Manufacturing PMI Output Index rising to 57.0 from 56.3, although the headline Manufacturing PMI edged down to 53.9 from 54.2 in June.

Numbers to Track:

In the commodities market, Brent crude for September 2026 settlement declined $3.21 or 3.19% to $97.48 a barrel.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 96.5600 compared with its close of 96.7300 during the previous trading session.

The yield on India's 10-year benchmark federal paper was down 0.18% to 6.828 as compared with previous close 6.840.

MCX Gold futures for 5 August 2026 settlement advanced 0.34% to Rs 1,43,308.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 101.36.

The United States 10-year bond yield declined 0.43% to 4.683.

Global Markets:

US Dow Jones futures rose 231 points, signalling a positive start for Wall Street later on Friday.

European indices traded higher after official data showed UK retail sales volumes increased 1% in June, driven by stronger demand for air conditioners and clothing during warmer weather. Retail activity also received a boost from the FIFA World Cup, adding to signs of a recovery in the UK economy.

Asian indices ended mostly lower after Japan's core inflation rose to 1.6% in June, remaining below the Bank of Japan's 2% target for a fifth straight month. Headline inflation accelerated to 1.7% from 1.5% in May, its highest level this year. Persistent producer price pressures and a weaker yen have fuelled expectations that the BOJ could continue raising interest rates.

Brent crude remained volatile as attacks by Iran-backed Houthi militants on Saudi oil tankers in the Red Sea disrupted another key Middle East shipping route, alongside Iran's near-closure of the Strait of Hormuz. Oil prices have surged nearly 40% this month as the conflict intensified.

The geopolitical backdrop remained tense as the United States continued air strikes on Iran, while Tehran launched attacks on neighbouring countries hosting US military bases, keeping investors concerned about potential disruptions to global energy supplies.

Investor sentiment was also weighed down by the US administration's decision to impose higher tariffs on imports from 60 trading partners, stoking inflation concerns. As a result, the 30-year US Treasury yield hovered near its highest level since 2007, while benchmark European bond yields climbed to levels last seen in 2011.

Overnight, Wall Street ended sharply lower as surging oil prices and escalating Middle East tensions overshadowed corporate earnings. Investors also assessed results from major technology companies, with Alphabet's increased artificial intelligence spending weighing on sentiment.

The Dow Jones Industrial Average fell 506.93 points (0.97%) to 51,711.65, the S&P 500 declined 1.21% to 7,408.30, and the Nasdaq Composite dropped 2.15% to 25,137.69.

Technology stocks led the decline, with Alphabet tumbling 7% and Tesla slumping 14% after their quarterly earnings reports disappointed investors.

New Listing:

Shares of Caliber Mining and Logistics settled at Rs 528.50 on their debut on the BSE, a premium of 24.65% over the issue price of Rs 424.

The stock listed at Rs 504, reflecting a premium of 18.87% to the issue price. During the session, it touched a high of Rs 538.15 and a low of Rs 463.15. More than 21.63 lakh shares changed hands on the BSE.

Stocks in Spotlight:

Infosys declined 0.80% after the company reported an 8.61% drop in consolidated net profit to Rs 7,769 crore in Q1 FY27 compared with Rs 8,501 crore in Q4 FY26. Revenue from operations increased 3.90% QoQ to Rs 48,211 crore in Q1 FY27.

On the outlook, the management said in financial services, uncertainty and geopolitical instability are causing some clients hesitancy as spending patterns are taking a more cautious approach. Client priorities are centered on efficiency, productivity and modernization, with discretionary spending being evaluated more carefully.

AI adoption has been incremental and additive, with clients increasingly engaging the company to support their AI journeys across strategy, platforms, engineering and operations. This was reflected in the company's strong deal wins in Q1, with approximately $1 billion in large deal TCV.

Laurus Labs jumped 2.60% after the company's consolidated net profit surged 126% year on year (YoY) to Rs 367.60 crore in Q1 FY27, driven by a 29% increase in revenue from operations to Rs 2,026.31 crore, compared with Q1 FY26.

Wendt jumped 9.16% after the company's standalone profit after tax increased 61.6% YoY and 7.2% QoQ to Rs 8 crore in Q1 FY27. Net sales increased 30.72% YoY and 7.06% QoQ to Rs 60.77 crore in the quarter ended 30 June 2026.

Motilal Oswal Financial Services slipped 7.15%. The company's adjusted profit after tax increased 9.6% YoY to Rs 1,273.11 crore in Q1 FY27. Profit rebounded from a loss of Rs 221.28 crore in Q4 FY26. Total income increased 25.1% YoY and 27.5% QoQ to Rs 3,432.23 crore in the quarter ended 30 June 2026.

Atul advanced 5.87% after the company's consolidated net profit surged 91.98% to Rs 245.30 crore in Q1 FY27 from Rs 127.77 crore in Q1 FY26. Revenue from operations increased 25.03% YoY to Rs 1,847.95 crore in the quarter ended 30 June 2026.

Indian Energy Exchange (IEX) added 1.69% after the company's consolidated net profit jumped 11.65% to Rs 134.75 crore in Q1 FY27 compared with Rs 120.69 crore in Q1 FY26. Revenue from operations increased 11.37% YoY to Rs 157.87 crore in Q1 FY27.

Allied Blenders and Distillers rose 3.39% after the company reported a 20.7% rise in consolidated net profit to Rs 45.42 crore in Q1 FY27, compared with Rs 37.63 crore in Q4 FY26. On a year-on-year (YoY) basis, the company reported an 18.65% decline in consolidated net profit to Rs 45.42 crore in Q1 FY27, compared with Rs 55.83 crore in the same quarter last year.

Thyrocare Technologies jumped 3.67% after the company's consolidated net profit jumped 34.06% to Rs 52.19 crore in Q1 FY27, compared with Rs 38.93 crore in Q1 FY26. Revenue from operations rose 24.34% year-on-year (YoY) to Rs 240.02 crore, driven by sustained momentum in the pathology segment.

Meesho fell 1.80%. The company's adjusted loss after extraordinary items narrowed to Rs 132.84 crore in Q1 FY27 from Rs 215.92 crore in Q1 FY26 and Rs 166.35 crore in Q4 FY26. Net sales increased 48.3% YoY and 5.1% QoQ to Rs 3,712.81 crore in the quarter ended 30 June 2026.

Route Mobile declined 6.07% after the company reported a 40.09% decline in consolidated net profit to Rs 68.55 crore for the quarter ended 30 June 2026, compared with Rs 114.43 crore in Q4 FY26. Revenue from operations rose 1.82% quarter on quarter (QoQ) to Rs 1,151.51 crore in Q1 FY27.

Fractal Analytics declined 9.01% after the company reported a 37.56% decline in consolidated net profit to Rs 72.3 crore in Q1 FY27 compared with Rs 115.8 crore in Q4 FY26. Revenue from operations increased 2.96% quarter on quarter (QoQ) to Rs 912.5 crore in Q1 FY27. On a year-on-year (YoY) basis, the company reported a 92% surge in consolidated net profit to Rs 72.3 crore, while revenue from operations increased 20% to Rs 912.5 crore in Q1 FY27 compared with Q1 FY26.

APAR Industries jumped 2.81% after it has reported a 77.79% rise in consolidated net profit to Rs 467.45 crore on a 29.13% increase in revenue from operations to Rs 6,591.06 crore in Q1 FY27 over Q1 FY26.

IPO Update:

Xtranet Technologies received bids for 1,80,24,710 shares as against 91,93,800 shares on offer, according to stock exchange data at 16:54 IST on Friday (24 July 2025). The issue was subscribed 1.96 times.

Lohia Corp received bids for 84,61,845 shares as against 1,43,52,274 shares on offer, according to stock exchange data at 16:54 IST on Friday (24 July 2025). The issue was subscribed 0.59 times.

INDO-MIM received bids for 16,84,87,200 shares as against 5,50,93,201 shares on offer, according to stock exchange data at 16:54 IST on Friday (24 July 2025). The issue was subscribed 3.06 times.

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