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Markets remain under heavy pressure in late morning deals
Jul-24-2026

Indian equity markets remained under heavy pressure in late morning trade due to selling by funds and retail investors. Weak global cues and surging crude oil prices weighed on domestic sentiment. Sentiments remained weak as Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second shipping chokepoint, while Kazakhstan temporarily cut output after its main export route was forced to shut.  Further, traders were cautious as foreign institutional investors remained net sellers of Indian equities on July 23, 2026, offloading shares worth Rs 2,999.23 crore on a provisional basis, according to exchange data. All the sectoral indices on the BSE were trading in the red led by Telecom, TECK, IT, Auto and Consumer Disc.

On the global front, Asian markets were trading in the red, tracking negative cues from the US markets overnight. Back home, in the stock specific development, Caliber Mining and Logistics has debuted at Rs 504.00 on the BSE, up by 80.00 points or 18.87% from its issue price of Rs 424.

The BSE Sensex is currently trading at 75671.10, down by 720.29 points or 0.94% after trading in a range of 75474.43 and 75995.73. There were 2 stocks advancing against 28 stocks declining on the index.

The top losing sectoral indices on the BSE were Telecom down by 1.98%, TECK down by 1.58%, IT down by 1.23%, Auto down by 1.23% and Consumer Disc down by 1.12%, while there was no gaining sectoral index on the BSE.

The only gainers on the Sensex were ITC up by 0.43% and Trent up by 0.15%. On the flip side, Infosys down by 3.15%, Eternal down by 2.93%, Mahindra & Mahindra down by 2.73%, Bajaj Finance down by 2.65% and Bharti Airtel down by 2.55% were the top losers.

Meanwhile, India Ratings and Research (Ind-Ra) in its latest report has said that India's electric vehicle (EV) market is entering a broader scale-up phase, with EV penetration expected to rise to 10-12 per cent of total vehicle sales in FY27, up from 8.5 per cent in FY26, led primarily by the growing adoption of electric two-wheelers (e-2Ws). The agency expects EV uptake to remain strongest in vehicle segments where the economics of electrification are already compelling. 

According to Ind-Ra, electric two-wheeler penetration is projected to increase to 8-10 per cent in FY27, compared with 6.6 per cent in FY26, supported by lower operating costs, convenient home-charging facilities, and an expanding product portfolio from established automakers. Similarly, electric three-wheelers (e-3Ws) are expected to remain the most electrified vehicle segment, with penetration likely to rise to 62-65 per cent in FY27 from 59 per cent in FY26, driven by favourable operating economics for commercial operators and continued government support. 

The report noted that electrification in long-distance mobility segments is likely to progress at a slower pace, as consumers continue to weigh higher upfront vehicle costs, charging infrastructure availability, and driving-range concerns. However, the electric passenger vehicle (PV) segment is expected to witness robust growth from a relatively low base, with penetration projected at 6-8 per cent in FY27, up from 4.4 per cent in FY26, supported by new model launches. It added that EV adoption in the passenger vehicle segment will remain concentrated in metropolitan areas and among higher-income consumer segments. 

Ind-Ra also expects electric bus penetration to increase to 6-8 per cent in FY27, compared with 4.37 per cent in FY26, aided by strong order pipelines and government procurement programmes, although deployment will continue to depend on infrastructure readiness across state transport undertakings. Overall, it believes India's EV market continues to offer strong growth potential, supported by lower ownership costs, improving use-case economics, a wider range of vehicle options, and increasing consumer acceptance.  

The CNX Nifty is currently trading at 23655.70, down by 213.90 points or 0.90% after trading in a range of 23606.30 and 23763.55. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were Cipla up by 2.19%, Reliance Industries up by 0.57%, ITC up by 0.52%, HDFC Life Insurance up by 0.35% and Adani Enterprises up by 0.16%. On the flip side, Bajaj Finance down by 3.20%, Eternal down by 2.96%, Infosys down by 2.80%, Mahindra & Mahindra down by 2.45% and Shriram Finance down by 2.29% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 1972.6 points or 2.97% to 64,450.00, Taiwan Weighted lost 1195.97 points or 2.74% to 43,654.84, Jakarta Composite plunged 110.68 points or 1.78% to 6,204.63, Shanghai Composite weakened 54.38 points or 1.42% to 3,822.40, KOSPI dropped 382.56 points or 5.7% to 6,714.33, Hang Seng declined 354.81 points or 1.41% to 24,856.00 and Straits Times fell 21.15 points or 0.38% to 5,560.61.
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