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Indian markets stage sharp recovery in early noon deals
Jul-24-2026

Indian equity markets staged a sharp recovery in early afternoon deals, with buying interest gathering pace in some sectors like FMCG and Banking, however trade remained in red, amid spiking crude oil prices on concerns of a wider conflict in the Middle East set off by new attacks by the Iran-backed Houthi's in Yemen on two Saudi Arabian tankers in the Red Sea for violating their maritime blockade. Sentiments remained downbeat, as India’s private sector activity in July witnessed the slowest pace of expansion since March 2022, amid intensified inflationary pressures. The HSBC Flash India PMI Composite Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors - was down from a final reading of 57.1 in June to 54.3 in July. 

On the global front, all Asian markets were trading lower, even after Taiwan's industrial production growth accelerated for the first time in three months in June, while retail sales increased for the fifth straight month. Industrial production advanced 22.95 percent year-on-year in June, faster than the 11.85 percent growth in May.

The BSE Sensex is currently trading at 76106.99, down by 284.40 points or 0.37% after trading in a range of 75474.43 and 76124.38. There were 8 stocks advancing against 22 stocks declining on the index.

The few gaining sectoral indices on the BSE were FMCG up by 0.28%, Bankex up by 0.15% and Utilities up by 0.05%,  while Telecom down by 1.76%, Auto down by 0.94%, TECK down by 0.93%, Consumer Disc down by 0.67% and Oil & Gas down by 0.47% were the top losing indices on BSE.

The top gainers on the Sensex were Trent up by 0.66%, ITC up by 0.52%, HCL Technologies up by 0.41%, Maruti Suzuki India up by 0.40% and Reliance Industries up by 0.37%. On the flip side, Eternal down by 3.47%, Infosys down by 2.93%, Bajaj Finance down by 2.74%, Mahindra & Mahindra down by 2.45% and Bharti Airtel down by 2.08% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) is all set to buyback of government securities (G-Sec) worth Rs 20,000 crore on July 28, 2026. The government will buy back securities such as 7.33% GS 2026, 5.74% GS 2026, 8.15% GS 2026, 8.24% GS 2027. The auction will take place on July 28, between 10:30 AM and 11:30 AM on the Reserve Bank of India Core Banking Solution, E-Kuber.

RBI has not notified specific amounts for the individual securities within the aggregate ceiling of Rs 20,000 crore. Auction for securities will be conducted using multiple price method. The auction comes amid shrinking surplus liquidity in the banking system as the goods and services tax (GST) outflows, put pressure on the short-term money market rates.

The liquidity in the banking system is estimated to be in surplus of around Rs 2,884.18 crore as on July 22, as against the surplus of Rs 9,289.18 crore as on July 21. In order to support liquidity, the RBI has conducted various variable rate repo (VRR) auctions to infuse transient liquidity into the banking system. It has conducted 12 VRR auctions and infused Rs 3,50,625 crore of transient liquidity into the banking system.

The CNX Nifty is currently trading at 23766.50, down by 103.10 points or 0.43% after trading in a range of 23606.30 and 23794.65. There were 17 stocks advancing against 33 stocks declining on the index.

The top gainers on Nifty were Cipla up by 1.90%, Trent up by 1.12%, HCL Technologies up by 1.08%, Wipro up by 1.02% and HDFC Life Insurance up by 0.97%. On the flip side, Eternal down by 2.98%, Bajaj Finance down by 2.64%, Mahindra & Mahindra down by 2.46%, Bharti Airtel down by 2.09% and Infosys down by 2.00% were the top losers.

All Asian markets were trading lower; Jakarta Composite plunged 110.68 points or 1.78% to 6,204.63, KOSPI dropped 406.27 points or 6.07% to 6,690.62, Taiwan Weighted lost 1195.97 points or 2.74% to 43,654.84, Hang Seng declined 354.81 points or 1.41% to 24,856.00, Nikkei 225 slipped 1991.6 points or 3.09% to 64,431.00, Straits Times fell 21.52 points or 0.39% to 5,560.24 and Shanghai Composite weakened 62.58 points or 1.61% to 3,814.20.
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