Stock market volatility spiked on Friday, July 24, as domestic benchmarks Sensex and Nifty 50 fell in a broad-based sell-off. The renewed geopolitical tensions pushed crude oil prices higher, pressuring equities. By 10:10 a.m., the benchmark Nifty 50 dropped 1.03% to 23,623, while the Sensex lost 1.11% to 75,543.
Indices hit lower levels earlier in the session, with Nifty 50 falling as much as 1.08% to 23,611.20 and Sensex declining to 75,504. This decline reflects the immediate market reaction to external shocks, where investors seek safety in commodities like oil rather than equities.
U.S. markets show mixed signals
U.S. stocks traded on a mixed note in early trading on Friday. Investors attempted to steady their nerves after the previous session’s sharp technology-led selloff. Geopolitical tensions and inflation concerns remained firmly in focus during the trading day.
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At 9:32 a.m. EDT, the Dow Jones Industrial Average was up 68.08 points, or 0.13%, at 51,779.73. The S&P 500 gained 9.21 points, or 0.12%, to 7,417.51. Conversely, the Nasdaq Composite slipped 25.90 points, or 0.10%, to 25,111.80.
Futures and options cues for July 27
Derivatives data suggests caution for the next trading session. Nifty July Futures is down 0.18% to Rs. 23,830, trading at a premium of Rs. 62.55. The maximum Call Option Open Interest is at the 25,000 strike, while the maximum Put OI is at the 23,000 strike. This structure indicates traders are hedging against a pullback toward the 23,600 support zone.
As of Friday afternoon, no stocks were under ban for the July 27 session.
Corporate earnings and approvals
Several companies announced earnings and strategic moves on Friday. IDFC FIRST Bank reported a 21% year-on-year increase in Net Interest Income to Rs. 5,972 crore. Net profit rose to Rs. 1,075 crore compared to Rs. 463 crore in the same period last year.
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Bank of Baroda approved a US$1 billion Green & ESG Bond sub-limit under its Global Medium Term Note programme. The bank also raised its overseas borrowing limit to US$10 billion from US$5 billion.
Project wins and plant disruptions
Infrastructure and industrial companies secured new orders.
However, operational disruptions affected some manufacturers. Gandhar Oil Refinery reported its Silvassa plant was affected by flood-like conditions. Indo Count Industries halted operations at its Bhilad plant due to flooding. Piramal Pharma and 3M India also suspended operations in Ahmedabad due to heavy rains.
