The Nifty settled below the 24,200 level. Auto, realty and metal shared advanced while PSU bank, IT and oil & gas shares declined.

As per provisional closing data, the S&P BSE Sensex declined 238.41 points or 0.31% to 77,470.11. The Nifty 50 index fell 50.80 points or 0.21% to 24,187.70. Over the last two consecutive trading sessions, the Sensex has lost 0.87%, while the Nifty has slipped 0.60%.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.34% and the BSE 250 SmallCap Index rose 0.19%.

The market breadth was positive. On the BSE, 2,194 shares rose and 2,015 shares fell. A total of 199 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.92% to 12.60.

In the commodities market, Brent crude for September 2026 settlement rose 28 cents or 0.31% to $89.50 a barrel.

New Listing:

Shares of SBI Funds Management settled at Rs 609.90 on the BSE, representing a premium of 6.25% as compared with the issue price of Rs 574.

The stock debuted at Rs 610, marking a premium of 6.27% to the issue price.

The stock has hit a high of Rs 625 and a low of Rs 599. On the BSE, over 91.23 lakh shares of the company were traded in the counter.

Shares of Alpine Texworld settled at Rs 99.75 on the BSE, representing a discount of 5% as compared with the issue price of Rs 105.

The stock had a flat market debut, listing at Rs 105, equal to its issue price.

The stock has hit a high of Rs 105 and a low of Rs 99.75. On the BSE, over 1.12 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Caliber Mining and Logistics received bids for 1,05,37,61,100 shares as against 78,35,821 shares on offer, as per NSE data as of 15:15 hours on Tuesday (21 July 2026). The issue was subscribed 134.48 times.

The issue opened for bidding on Friday (17 July 2026) and it will close on Tuesday (21 July 2026). The price band of the IPO is fixed between Rs 402 to Rs 424 per share. The minimum order quantity is 35 equity shares.

Economy:

India's core sector output growth accelerated to a five-month high of 5% year-on-year in June, up from 3.2% in May, supported by a sharp surge in iron ore production and sustained expansion in cement and electricity.

Iron ore production recorded the strongest growth at 43.9% year-on-year in June, followed by cement and electricity, both of which grew 9.8%. Steel output increased 4.6%, while coal production rose 1.4%.However, weakness persisted in the energy segment, with crude oil, natural gas and refinery products contracting 4.2%, 7.4% and 4.7%, respectively. Fertiliser production also remained subdued, declining 3.3% for the fourth consecutive month.

During the April'June quarter, cumulative core sector growth improved to 3.6% from 1% a year earlier, although growth under the revised series for FY26 stood at 3%, lower than 4.3% recorded in FY25.

Buzzing Index:

The Nifty PSU Bank index fell 0.88% to 8,538.95. The index jumped 3.20% in the past two consecutive trading sessions.

Bank of Baroda (down 2.86%), State Bank of India (down 1.59%), Canara Bank (down 1.16%), Indian Bank (down 0.5%) and Punjab & Sind Bank (down 0.4%), Central Bank of India (down 0.22%) declined.

On the other hand, Bank of Maharashtra (up 1.55%) ,UCO Bank (up 0.75%) and Indian Overseas Bank (up 0.54%) turned up.

Stocks in Spotlight:

Bajaj Auto fell 1.05%. The company's standalone profit after tax (PAT) rose 42.3% year-on-year to Rs 2,983 crore in Q1 FY27, while revenue from operations surged 37.0% YoY to a record Rs 17,244 crore. On a sequential basis, PAT increased 8.6% from Rs 2,746 crore and revenue grew 7.7% compared with Q4 FY26.

SML Mahindra surged 2.89% after the company reported a 17.38% rise in standalone net profit to Rs 63.62 crore for the first quarter ended 30 June 2026, compared with Rs 54.20 crore posted in Q4 FY26. Revenue from operations rose 6.67% QoQ to Rs 957.54 crore in the quarter ended 30 June 2026. On a year-on-year (YoY) basis, standalone net profit declined 4.98%, while revenue from operations rose 13.19% in the quarter ended 30 June 2026.

TVS Motor Company rallied 5.60% after the company reported a 51.35% increase in standalone net profit to Rs 1,173.97 crore in Q1 FY27, compared with Rs 775.65 crore in Q1 FY26. Revenue from operations rose 38% to Rs 13,896 crore in Q1 FY27 from Rs 10,081 crore in Q1 FY26. The company said that its board has approved the allotment of 50,000 senior, rated, unsecured, listed, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1 lakh each, for an aggregate amount of Rs 500 crore.

Karur Vysya Bank surged 12.86% after the private sector lender reported a 44.92% rise in standalone net profit to Rs 755.70 crore for the quarter ended 30 June 2026, compared with Rs 521.45 crore in Q1 FY26. Total income increased 15.76% to Rs 3,491.21 crore in Q1 FY27 from the year-ago period.

Canara HSBC Life Insurance surged 3.20% after the insurer reported strong Q1 FY27 results. The company's consolidated profit after tax increased 20.15% YoY to Rs 28.14 crore in Q1 FY27. PAT declined 18.97% QoQ from Rs 34.73 crore in Q4 FY26. Total income rose 20.03% YoY to Rs 4,382.86 crore in Q1 FY27. On a sequential basis, total income increased 237.96% from Rs 1,296.86 crore in Q4 FY26.

One 97 Communications (Paytm) fell 3.58% after the company's board decided not to proceed with a proposed bonus issue, despite reporting strong Q1 FY27 earnings. The board said it had evaluated the proposed bonus issue from the perspective of long-term shareholder value and, after due deliberation, decided not to proceed with it at this stage. The company said it will continue to focus on compounding growth and profitability to create long-term shareholder value. The digital payments and financial services company reported a consolidated net profit of Rs 220 crore in Q1 FY27, up 78.86% YoY and 20.22% QoQ. Revenue from operations rose 27.63% YoY and 8.13% QoQ to Rs 2,448 crore in the quarter ended 30 June 2026.

BlueStone Jewellery and Lifestyle soared 19.52% after the company reported consolidated net profit of Rs 11.13 crore in Q1 FY27 compared with a net loss of Rs 32.78 crore in Q1 FY26. Revenue from operations rose 48.85% year-on-year to Rs 733.19 crore in Q1 FY27.

Kirloskar Pneumatic Company declined 6.56% after the company reported a 76.77% decline in consolidated net profit to Rs 33.4 crore for the first quarter ended 30 June 2026, compared with Rs 143.8 crore posted in Q4 FY26. Revenue from operations dropped 57.41% QoQ to Rs 303.1 crore in the quarter ended 30 June 2026.

AstraZeneca Pharma India rose 0.35%. The company said Bhavana Agrawal has resigned as Executive Director and Chief Financial Officer (CFO), effective at the close of business hours on 31 August 2026.

Global Markets:

The Dow Jones index futures were up 184 points, indicating a positive opening for US equities.

European markets traded higher on Tuesday as investors weighed a proposed 10-day US-Iran ceasefire against fresh attacks on shipping in the Strait of Hormuz, while stronger-than-expected UK labour market data and lower June public borrowing presented a mixed picture of the domestic economy.

UK unemployment fell to 4.9% in the three months to May, down 0.1 percentage points from the previous quarter and below the 5% forecast, according to the Office for National Statistics (ONS). Employment increased by 148,000 during the quarter.

Asian stocks ended higher as mediation efforts in the Middle East pushed oil prices away from a one-month high.

Yemen's Iran-aligned Houthis said they would impose a naval blockade on Saudi Arabia, a move that could further disrupt energy supplies, amid attacks involving the US and Iran, even as efforts continued to revive a fragile ceasefire.

A senior Iranian official was quoted by media reports as saying that Tehran had received a proposal from mediators for a 10-day ceasefire, aimed at paving the way for a broader agreement to end the conflict that began on 28 February following US-Israeli attacks on Iran.

Investor focus this week will be on quarterly earnings from Alphabet, Intel and other major companies to assess the impact of the conflict and whether the AI-driven rally has further room to run amid elevated expectations for second-quarter profits.

Strong earnings from Asian chipmakers Samsung Electronics and TSMC in recent weeks were not enough to satisfy investor expectations, underscoring the challenges facing the semiconductor industry.

Overnight in the US, Wall Street's three major indices ended lower as investors monitored developments in the Middle East and awaited earnings reports from major technology companies due later this week.

The Dow Jones Industrial Average fell 307.16 points, or 0.59%, to 51,839.26. The S&P 500 declined 14.41 points, or 0.19%, to 7,443.28, while the Nasdaq Composite slipped 12.17 points, or 0.05%, to 25,508.07.

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