WEEKLY REPORT
Indian equity benchmarks ended the week sharply lower amid broad-based selling pressure led by escalating geopolitical tensions in the Middle East, a sharp surge in crude oil prices and sustained foreign fund outflows.
Sectoral performance remained largely negative during the week, with the Nifty Private Bank index emerging as the biggest laggard, declining 4.32% amid profit booking in heavyweight lenders. The Nifty Realty index fell 4.02%, followed by the Nifty Capital Markets index, down 2.61%, the Nifty Oil & Gas index, which lost 1.96%, and the Nifty IT index, which declined 1.57% on the back of weakness in global technology stocks. On the positive side, defensive sectors outperformed the broader market, with the Nifty FMCG index leading the gains, rising 0.62%, followed by the Nifty Auto index, up 0.44%, and the Nifty Media index, which advanced 0.39%.
The Nifty Smallcap 100 index fell 2 percent during the week. While The Nifty Midcap 100 index shed 1.2 percent during the week.
Foreign Institutional Investors (FIIs) extended their selling on second week as they offloaded equities worth Rs 7,182.08 crore. In contrast, Domestic Institutional Investors (DIIs) extended their buying streak, investing Rs 8,637.58 crore in equities.
The total market capitalisation of BSE-listed companies declined by nearly Rs 5 lakh crore during the week, reflecting broad-based weakness in equities. HDFC Bank emerged as the biggest drag on market value, followed by Reliance Industries, Axis Bank and State Bank of India. On the other hand, HCL Technologies, NTPC and Power Grid Corporation of India were among the top contributors to market capitalisation gains during the week, helping cushion the overall decline. (Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
The Indian rupee extended its losing streak to a fifth consecutive week, depreciating 29 paise to close at 96.57 against the US dollar on July 24, compared with 96.28 in the previous week. The domestic currency remained volatile throughout the week, and moved closer to its record low of 96.96 touched in May.
During the week (20–24 July 2026), FIIs remained net sellers in the cash market, offloading ₹7,182.08 crore, while DIIs provided strong support with net buying of ₹8,637.58 crore, helping absorb selling pressure. In the derivatives segment, FIIs maintained a cautious stance with significant net activity in Index Options (-₹90,320.81 crore) and continued selling in Index Futures (-₹8,767.70 crore), indicating a defensive or hedged positioning.
ECONOMY
India: Sensex extended its losing streak to a fifth straight session, falling toward the 76,059 on Friday – its lowest since June 12 – as Brent crude surged past $100/barrel on escalating US-Iran tensions. The rupee slid near its all-time low (~96.88/USD), prompting RBI dollar-selling intervention amid internal debate over how hard to defend the currency. Q1 FY27 earnings were mixed: HDFC Bank posted ₹19,060 crore net profit; Reliance’s profit rose 6.1% YoY to ₹23,196 crore on a consolidated basis (or fell 22% to ₹20,946 crore on a shareholder-attributable basis, due to a high year-ago base); Infosys and InterGlobe Aviation disappointed.
Asia: Regional markets were volatile, tracking the oil story. Nikkei fell 2.73%, Shanghai fell 1.61%, and Hang Seng fell 0.98% on July 24, after a stronger session the day before. China’s Q2 GDP grew 4.3% YoY – its weakest in three years – as real estate investment dropped 18%, though exports (chips, EVs) stayed a bright spot.
Europe: STOXX 600, DAX, and CAC all slipped as oil-driven inflation fears grew. The ECB held rates steady but signaled hawkish risk. UniCredit fell 4.8% on Commerzbank-deal concerns despite a strong quarter; BNP Paribas dropped 2.8% despite beating estimates. BoE holds at 3.75%, with its next decision due July 30.
Stocks in news
Swiggy
Swiggy shares dropped over 7% to near record lows after the company proposed capping foreign ownership at 49.5%, which may lead to passive fund outflows and potential removal from global indices. The stock has fallen 41% over the past year.
Bank of Baroda
Bank of Baroda Q1 results: Profit stood at ₹1,278 crore. Net interest income saw a modest 9.5% YoY increase to ₹12,524 crore, while net interest margin declined to 2.77% from 2.91% YoY.
IndiGo
InterGlobe Aviation, parent of IndiGo, saw shares drop 3% after a net loss of ₹238 crore in Q2. Rising fuel expenses and elevated costs impacted profitability. Despite headwinds, JM Financial maintains an ‘Add’ rating, citing long-term growth potential.
Hindustan Zinc
Hindustan Zinc, a Vedanta subsidiary, reported a Q1 2026 net profit of ₹5,469 crore, up 145% from ₹2,234 crore last year. Revenue from operations rose 72% to ₹13,033 crore, compared to ₹7,591 crore in the previous year.
Shriram Finance
Shriram Finance Q1 results: In Q1FY27, Shriram Finance’s standalone net profit surged 60% YoY to ₹3,447 crore. Net interest income rose 33.6% to ₹7,712 crore, and Assets Under Management reached ₹3,13,798.39 crore, marking a 15.26% increase. Gross NPA slightly increased to 4.64%.
