India Stocks: India's stock benchmarks set for worst week in four months as crude tops $100

Infosys

24/07/2026 05:12

Updates for morning trade
By Bharath Rajeswaran and Vivek Kumar M
July 24 (Reuters) - Indian shares fell on Friday, pressured by the rise in oil to above $100 per barrel as the Middle East crisis escalates, while a slide in IT company Infosys and airline operator IndiGo on weaker-than-expected earnings further hurt sentiment.
The benchmark Nifty 50 .NSEI fell 0.8% to 23,678, while the BSE Sensex .BSESN shed 0.91% to 75,700.9 by 9:40 a.m. IST, both on course for fifth straight session of losses. 
They have lost about 2.7% and 3.1% this week, on course for their worst performance in four months.  
U.S. President Donald Trump promised a "major military punishment" for Iran and its Houthi allies on Thursday after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint. 
Higher oil prices pose a key risk for India, the world's third-largest crude importer and consumer, by stoking inflation, widening the trade gap, and squeezing growth and corporate margins.
"The concerns over Mideast tensions have been further amplified this week by a sharp rise in crude oil prices, hurting investor sentiment," said Sunny Agrawal, head of fundamental research at SBI Securities.
"Broader markets also remain under pressure, reflecting a caution risk appetite among investments, with developments around the U.S. Iran conflict and oil price movements likely driving market direction in the near term," Agrawal said.
Fifteen of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fell 0.8% each.
Infosys INFY.NS lost about 1.7% and Interglobe Aviation INGL.NS fell about 2.4% after subdued June quarter results.
Oil marketing companies BPCL BPCL.NS, HPCL HPCL.NS and Indian Oil IOC.NS fell about 2% each on rising crude oil prices. 
Ramco Systems RMCS.NS fell 10% on posting a quarterly profit drop.
Bucking the broader trend, Cyient CYIE.NS and Suryoday Small Finance Bank SURO.NS gained 2% and 7%, respectively after they posted a rise in June quarter profit.
    

 (Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)
 ((VivekKumar.M@thomsonreuters.com))