The sell-off in the Indian stock market intensified further in Wednesday’s session (22 July) as tensions in the Middle East showed no signs of easing, keeping crude oil prices elevated. Investor sentiment was also weighed down by concerns over potential US tariffs on pharmaceutical exports.
Although the Nifty 50 opened the session with modest losses, selling pressure intensified as the day progressed, dragging the index 0.79% lower to close at 24,000. At its intraday low, the benchmark had declined nearly 1%. The S&P BSE Sensex fell 0.92% to end the session at 76,732.
The broader markets, which had outperformed the benchmark indices in recent sessions, also came under pressure. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices ended the day with losses of more than 1% each.
Among sectoral indices, Nifty Media emerged as the worst performer, plunging 2.63%, followed by Nifty Realty and Nifty PSU Bank, which declined 2.6% and 1.8%, respectively.
Other major sectoral indices, including Nifty IT and Nifty Private Bank, also ended the session more than 1% lower.
Meanwhile, the Nifty Pharma index dropped as much as 2.1% after US President Donald Trump proposed steep tariffs on imported generic medicines. Trump said in a Truth Social post that manufacturers of non-patented drugs would have two years to shift production to the US or face a 100% import tariff, which would double a year later.
Hostilities in the Middle East continued for an 11th consecutive day, with the US carrying out fresh strikes on Iran on Tuesday, while Iran launched missile and drone attacks targeting Bahrain, Jordan, and Kuwait.
Bandhan Bank tumbles 17%; pharma, EMS and Adani stocks drag
Bandhan Bank emerged as the biggest laggard of the session, plunging nearly 17% after its June quarter earnings disappointed the Street. The sharp decline dragged the stock to its lowest level in three months.
PG Electroplast extended its losing streak to a third consecutive session, falling 5.7% to ₹575. Ola Electric also remained under pressure for the third straight day, declining 5.3% to ₹36.67, wiping out its recent gains.
Among pharmaceutical stocks, Lupin, Piramal Pharma, Ajanta Pharma, Sai Life Sciences, and Aurobindo Pharma fell between 3% and 4.3% amid concerns over higher US tariffs on generic drug imports. Meanwhile, Adani Green Energy and Adani Total Gas declined 4.5% and 2.7%, respectively, after announcing their June quarter results.
The sharp rise in crude oil prices also weighed on oil-sensitive stocks, with InterGlobe Aviation (IndiGo) and HPCL falling 3.5% and 2.9%, respectively. Paytm extended its post-earnings decline for a second straight session, slipping 2.3% to ₹1,267.
Among Tata Group companies, Voltas, Tejas Networks, and Tata Communications declined more than 3% each. In the new-age technology space, Delhivery and Urban Company also ended the session with losses of over 3%.
Data Patterns jumps 13%; TVS Motor, Nestle India among gainers
Despite the broad-based sell-off in the market, a handful of stocks managed to buck the weak trend, with Data Patterns emerging as the top gainer, surging 12.7%. Other notable gainers included Bajaj Auto, Crisil, RR Kabel, Kalyan Jewellers, Emami, and CarTrade Tech, each rising more than 3%.
TVS Motor Company shares gained 3% to close at ₹3,907 after the company reported its June quarter results. Nestle India also ended 3% higher ahead of the announcement of its June quarter earnings.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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