At 09:30 IST, the barometer index, the S&P BSE Sensex, tanked 579.30 points or 0.74% to 75,830.10. The Nifty 50 index fell 167.20 points or 0.70% to 23,702.40.

In the broader market, the BSE 150 MidCap Index fell 0.80% and the BSE 250 SmallCap Index shed 0.79%.

The market breadth was weak. On the BSE, 928 shares rose and 2,031 shares fell. A total of 187 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.51% to 14.22.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,999.23 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,947.14 crore in the Indian equity market on 23 July 2026, provisional data showed.

Stocks in Spotlight:

Meesho tanked 3.93% after the company reported consolidated net loss of Rs 1328.35 crore in Q1 FY27 comapred with Rs 2893.58 crore posted in Q1 FY26. Revenue from operations jumped 48.28% YoY to Rs 3,712.81 crore in Q1 FY27.

Infosys fell 1.67% after the company reported 8.61% decline in consolidated net profit to Rs 7,769 crore in Q1 FY27 compared with Rs 8,501 crore in Q4 FY26. Revenue from operations increased 3.90% QoQ to Rs 48,211 crore in Q1 FY27. The company lowered the upper end of its FY27 constant currency revenue growth guidance to 3%, from 3.5% earlier in Q4 FY26, while retaining the lower end at 1.5% and reaffirming its operating margin guidance of 20%'22%.

Numbers to Track:

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 96.5300 compared with its close of 96.7300 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement shed 0.44% to Rs 1,42,191.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 101.42.

The United States 10-year bond yield rose 0.13% to 4.709.

In the commodities market, Brent crude for September 2026 settlement added 31 cents or 0.31% to $101 a barrel.

Global Markets:

Asian shares fell on Friday as oil prices stormed back above $100 a barrel amid an intensifying conflict in the Gulf, rattling bond markets and reviving fears of a fresh inflation shock.

Brent crude held at $100.85 a barrel, after surging 7% overnight to a two-month high of $102 as attacks by Iran-aligned Houthis on Saudi tankers in the Red Sea choked off a second crucial Middle East artery for global oil supplies, alongside Iran's near-closure of the Strait of Hormuz.

Two weeks since the effective collapse of an interim truce meant to end the war, the U.S. military launched air strikes on Iran into Friday morning while Tehran fired at neighbouring Arab countries that host U.S. bases. With the conflict showing little signs of abating, Brent has reportedly soared nearly 40% this month alone.

News that the U.S. administration will impose higher tariffs on goods from 60 trading partners also did not help the inflation picture, with 30-year Treasury yields nearing their highest levels since 2007 and benchmark European borrowing costs climbing to highs last seen in 2011.

Overnight on Wall Street, U.S. equities fell on Thursday, as oil prices surged amid escalating conflict in the Middle East, while investors weighed quarterly results from two of the largest companies in the world, with Alphabet's fueling concerns about increased artificial intelligence spending.

The Dow Jones Industrial Average lost 506.93 points, or 0.97%, to end at 51,711.65. The S&P 500 dropped 1.21% to 7,408.30, while the Nasdaq Composite declined 2.15% to close at 25,137.69.

The tech-heavy index was bogged down by a 7% drop in Alphabet and a 14% loss in Tesla following their earnings reports.

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