Indian equity markets opened lower on July 23, with the BSE Sensex falling 364.74 points to 76,390.31 and the NSE Nifty dropping 109 points to 23,887.25. The downturn was fueled by investor anxiety over escalating Middle East tensions and a surge in crude oil prices, with Brent crude climbing above $95 per barrel. Selling pressure hit banking, financial, and oil and gas sectors particularly hard, while the India VIX volatility index rose 1.46% to 13.49.
IndusInd Bank led the losses among Sensex constituents following its first-quarter results, though gains in select technology and FMCG shares offered minor support. V.K. Vijayakumar, chief investment strategist at Geojit Investments, suggested that while macro concerns persist, the current weakness could present long-term accumulation opportunities. Analysts anticipate continued volatility as the market weighs corporate earnings against the economic risks posed by the regional conflict.
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