The domestic equity benchmarks declined for the fourth consecutive session on Thursday, weighed down by weak global cues, rising crude oil prices and continued profit booking. Investor sentiment remained cautious as escalating Middle East tensions pushed oil prices higher, raising inflation concerns. Weakness in metal and pharma stocks, along with caution ahead of key earnings, further pressured the benchmark indices.

The Nifty settled below the 23,900 level. Auto and media shares advanced, while all other sectoral indices ended in the red on the NSE.

As per provisional closing data, the S&P BSE Sensex, slipped 363.66 points or 0.47% to 76,391.39. The Nifty 50 index fell 126.65 points or 0.53% to 23,896.60. Over the last four consecutive trading sessions, the Sensex has lost 2.25%, while the Nifty has slipped 1.90%.

The broader market underperformed the frontline indices, the BSE 150 MidCap Index dropped 1.01% and the BSE 250 SmallCap Index declined 1.20%.

The market breadth was weak. On the BSE, 1,642 shares rose and 2,579 shares fell. A total of 182 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.37% to 13.48.

In the commodities market, Brent crude for September 2026 settlement rose $4.11 or 4.37% to $98.18 a barrel.

IPO Update:

The initial public offer (IPO) of Xtranet Technologies received bids for 63,51,180 shares as against 91,93,800 shares on offer, according to stock exchange data at 15:15 IST on Thursday (23 July 2025). The issue was subscribed 0.69 times.

The initial public offer (IPO) of Lohia Corp received bids for 28,84,140 shares as against 1,43,52,274 shares on offer, according to stock exchange data at 15:15 IST on Thursday (23 July 2025). The issue was subscribed 0.20 times.

The initial public offer (IPO) of INDO-MIM received bids for 4,51,58,460 shares as against 5,50,93,201 shares on offer, according to stock exchange data at 15:15 IST on Thursday (23 July 2025). The issue was subscribed 0.82 times.

Buzzing Index:

The Nifty Realty index fell 1.81% to 886.70. The index declined 4.38% in the two consecutive trading sessions.

Anant Raj (down 4.67%), Sobha (down 3.93%), Brigade Enterprises (down 3.38%), Prestige Estates Projects (down 2.5%) and Godrej Properties (down 1.85%), Oberoi Realty (down 1.77%), DLF (down 1.42%), Lodha Developers (down 1.18%), Aditya Birla Real Estate (down 1.07%) and Phoenix Mills (down 0.84%) declined.

Stocks in Spotlight:

Nippon Life India Asset Management fell 3.43%. The company has reported 27% increase in consolidated net profit to Rs 503.7 crore on a 26% rise in revenue from operations to Rs 766.9 in Q1 FY27 as compared with Q1 FY26.

NTPC Green Energy rose 6.47% after the company's consolidated profit after tax increased 38.3% YoY and 54.6% QoQ to Rs 304.84 crore in Q1 FY27. Revenue from operations increased 62.7% YoY and 21.3% QoQ to Rs 1,106.86 crore in the quarter ended 30 June 2026.

Chennai Petroleum Corporation declined 3.04% after the company reported a 27.37% decline in standalone net profit to Rs 1,016.67 crore for the quarter ended 30 June 2026, compared with Rs 1,399.70 crore in Q4 FY26. Revenue from operations (excluding excise duty) rose 62.74% year on year (YoY) to Rs 27,369.27 crore in Q1 FY27.

Shares of PVR INOX rose 1.71% after the multiplex operator reported a profit in Q1 FY27, aided by strong box office collections and higher footfalls. The company reported a consolidated profit after tax of Rs 56.50 crore in Q1 FY27 compared with a loss of Rs 54.50 crore in Q1 FY26. On a sequential basis, PAT declined 69.7% from Rs 186.40 crore reported in Q4 FY26, which included a post-tax gain of Rs 171.40 crore from discontinued operations following the disposal of the business. Revenue from operations increased 11.9% YoY and 4.8% QoQ to Rs 1,622.20 crore in Q1 FY27.

Eternal added 1.11% after the company reported a 268% surge in consolidated net profit to Rs 92 crore in Q1 FY27, compared with Rs 25 crore in the corresponding quarter last year. Revenue from operations soared 182% YoY to Rs 20,211 crore in the quarter ended 30 June 2026.

Dr Reddys Laboratories slipped 1.07% after the company reported a 68.71% YoY decline in consolidated net profit to Rs 443.5 crore in Q1 FY27, compared with Rs 1,417.8 crore in the corresponding quarter of the previous year. Revenue from operations declined 5.55% YoY to Rs 8,070.5 crore in the quarter ended 30 June 2026.

Gandhar Oil Refinery (India) surged 19.81% after the company's consolidated profit after tax surged 689.2% year-on-year and 455.7% quarter-on-quarter to Rs 205.9 crore in Q1 FY27. Revenue from operations rose 91.8% YoY and 58.4% QoQ to Rs 1,731.9 crore in Q1 FY27.

Tanla Platforms soared 9.87% after the company's consolidated net profit jumped 20.07% to Rs 142.17 crore on a 17.85% increase in revenue from operations to Rs 1,226.39 crore in Q1 FY27 over Q1 FY26.

Cipla declined 1.41% after the company's consolidated net profit declined 39.19% to Rs 789.05 crore in Q1 FY27, compared with Rs 1,297.62 crore posted in Q1 FY26. Revenue from operations increased 3.51% YoY to Rs 7,077.02 crore in the quarter ended 30th June 2026.

HEG rallied 4.07% after the company's consolidated net profit climbed 16.71% to Rs 122.34 crore on 11.1% increase in revenue from operations to Rs 680.79 crore in Q1 FY27 over Q1 FY26.

Hindustan Petroleum Corporation (HPCL) fell 2.34% after the state-run oil marketing company reported a standalone net loss of Rs 11,526.41 crore in Q1 FY27, compared with a net profit of Rs 4,370.87 crore in Q1 FY26.

Oracle Financial Services Software (OFSS) declined 0.64%. The company reported a 120.52% increase in consolidated net profit to Rs 1,415.5 crore on a 68.73% rise in revenue from operations to Rs 3,125.2 crore in Q1 FY27 over Q1 FY26.

Waaree Renewable Technologies declined 7.78% after the company reported a 25.58% decline in consolidated net profit to Rs 115.90 crore for the quarter ended 30 June 2026, compared with Rs 155.74 crore in Q4 FY26.

Global Markets:

The Dow Jones index futures were down 236 points, indicating a negative opening for US equities.

European markets traded lower on Thursday, dragged by technology stocks following Alphabet's quarterly results, while investors remained focused on developments in the Middle East ahead of the European Central Bank's policy decision.

Asian markets ended higher after major U.S. technology companies announced robust capital spending plans, boosting sentiment around chipmakers. However, escalating tensions in the Middle East pushed oil prices to a six-week high.

Rising oil prices have also renewed inflationary concerns, pushing short-term U.S. Treasury yields to 17-week highs as traders wager the Federal Reserve may need to raise interest rates sooner rather than later.

Brent crude futures climbed above $98 per barrel after the U.S. launched a new round of strikes on Iran and Yemen's Houthis targeted oil tankers in the Red Sea, widening the scope of the conflict.

Nearly five months of war have depleted global stockpiles and stoked inflation worldwide, with analysts warning the closure ⁠of both the Strait of Hormuz and Bab el-Mandeb in the Red Sea would disrupt shipping routes for more than a quarter of the world's oil and gas.

Overnight in the US, the S&P 500 ended Wednesday slightly below the flatline, pressured by a rise in oil prices, as investors looked ahead to another busy day of corporate earnings.

The broad market index dropped 0.14% to end at 7,498.96, while the Nasdaq Composite slipped 0.57% to 25,690.90. The Dow Jones Industrial Average lost 6.06 points, or 0.01%, and closed at 52,218.58.

Alphabet shares slid 3% in extended trading after the Google parent lifted its forecast for 2026 capital expenditures to as high as $205 billion, pointing to strong artificial intelligence demand. The increase comes as investors have grown more cautious in recent months about hyperscalers' spending around the AI effort.

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