Indian equity markets extended their decline for a fourth consecutive trading session on Thursday, July 23, amid mixed global market cues and a sharp rise in international crude oil prices. Both benchmark indices opened in negative territory as market sentiment remained under pressure.
The BSE Sensex opened 356.65 points, or about 0.46 percent, lower at 76,398.40. The NSE Nifty 50 also started the session on a weaker note, falling 108.50 points, or around 0.45 percent, to 23,887.75, slipping below the 23,900 mark in early trade.
Early market data indicated broad-based selling pressure among investors. Around 1,303 stocks declined, while approximately 887 stocks advanced. About 137 stocks remained unchanged during early trading.
Selling pressure was most pronounced in the information technology and pharmaceutical sectors. Dr. Reddy's Laboratories, InterGlobe Aviation (IndiGo), Infosys, Tata Steel, and Cipla were among the major early losers. Within the Sensex, TCS, Infosys, Axis Bank, State Bank of India (SBI), and Tata Steel declined by around 0.5 percent to 1 percent during early trading.
Dr. Reddy's Laboratories remained under pressure following weaker quarterly results. The company's recent financial performance reflected a significant decline in profit, which was followed by weakness in its share price.
Despite broad-based selling, buying interest was seen in a few stocks. On the Nifty, Eternal, Tata Consumer Products, ONGC, Bajaj Auto, and Coal India traded higher in early deals. Hindustan Unilever, Mahindra & Mahindra, and Trent also posted modest gains. However, gains in these select stocks were not sufficient to offset the broader weakness in market sentiment.
A sharp increase in international crude oil prices remained one of the key factors weighing on the domestic market. Brent crude futures rose nearly 2 percent to around $96 per barrel on Thursday, marking their highest level in about six weeks. US West Texas Intermediate (WTI) crude also gained around 1.7 percent to trade near $88.27 per barrel.
