The Indian stock market extended its losing streak for a fifth consecutive session on Friday, July 24, as investors continued to assess mounting geopolitical risks to global energy supplies. Weaker-than-expected June-quarter earnings from IT major Infosys and airline operator IndiGo further dampened market sentiment.
After declining 0.53% in the previous session, the Nifty 50 slipped another 0.43% to close below the 23,800 mark at 23,767. The S&P BSE Sensex also ended 0.43% lower at 76,408, extending its losing streak to a fifth straight session.
For the week, both the Nifty 50 and Sensex declined more than 2.5%, marking their worst weekly performance in four months.
The broader market also ended in the red, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 0.10% and 0.32%, respectively.
Hostilities in the Middle East entered their 13th consecutive day, with tensions escalating further after Yemeni Houthi fighters reportedly struck two Saudi oil tankers in the Red Sea, extending the conflict to a second major global shipping chokepoint.
U.S. President Donald Trump vowed “major military punishment” for Iran and its Houthi allies over the attacks.
Meanwhile, crude oil prices remained under pressure to the upside and were on track for another double-digit weekly gain, after surging nearly 15% last week.
Persistently higher crude oil prices pose a significant risk to India—the world’s third-largest importer and consumer of crude oil—as they could fuel inflation, widen the trade deficit, and weigh on economic growth and corporate profitability.
Corporate earnings drag key stocks lower
Go Digit General Insurance shares plunged 9% to a record low of ₹256 apiece after the company’s June-quarter earnings failed to impress investors. Motilal Oswal Financial Services also came under pressure following its quarterly results, falling 7.3% to ₹872 apiece.
Syrma SGS Technology witnessed renewed selling pressure, declining 6.7% to ₹1,288 apiece. Acutaas Chemicals and Cemindia Projects also ended lower, shedding 5.8% and 5%, respectively.
HFCL extended its losing streak to a third straight session, falling another 5% to ₹197 apiece and ending the week with a 7.5% decline, its steepest weekly drop in over a month. Chennai Petroleum also came under pressure after reporting weaker-than-expected June-quarter earnings, with the stock slipping 4.3% to ₹1,214 apiece.
Among new-age technology stocks, Swiggy and Eternal declined 3.9% and 2.5%, respectively. Other notable losers included Hero MotoCorp, Hitachi Energy India, Gallantt Ispat, Jindal Stainless, Dalmia Bharat, Elecon Engineering, Jubilant Ingrevia, Siemens Energy India, Bajaj Finance, Abbott India and Granules India, all of which ended the session with losses of more than 2%.
Earnings-driven buying lifts select stocks despite market weakness
Stocks that delivered better-than-expected June-quarter earnings outperformed the broader market, with Action Construction Equipment emerging as one of the top gainers in the Nifty 500 index. The stock rallied 6.2% to ₹1,039 apiece. PVR INOX and Atul also witnessed strong buying interest, advancing 5.6% and 4.5%, respectively.
After declining for three consecutive sessions, Tata Elxsi rebounded 4.4% to ₹3,538 apiece. Select IT stocks also bucked the weak broader market trend, with Persistent Systems, Zensar Technologies and Coforge gaining up to 4%.
Other notable gainers included Godfrey Phillips India, Astral, Apar Industries, United Spirits, Bank of Maharashtra, Blue Dart Express and Minda Corporation, all of which ended the session with gains of more than 3%.
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