Equities, Rupee Slides; Bonds Yield Rise on Crude Oil Surge

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

istock.com

By Dehuti Jani

July 14, 2026 at 12:05 PM IST

Indian equity benchmarks fell sharply on Tuesday as escalating tensions in West Asia sent crude oil prices to a one-month high, intensifying concerns over inflation and India's import bill. The Nifty50 declined 159 points or 0.66% to 24,052.05, while the Sensex fell 561.46 points or 0.72% to 77,054.94.

Sentiment deteriorated after the US military carried out a third consecutive night of strikes against Iran, while President Donald Trump reinstated a blockade of Iranian shipping and proposed charging a fee to guard vessels passing through the Strait of Hormuz. Iran's attacks on two Emirati oil tankers further heightened concerns over energy supplies.

Brent crude surged more than 4% to around $87 per barrel, its highest level in a month, weighing on Indian and other global markets. Twelve of the 16 major sectors ended lower. Realty, PSU banks and auto stocks led the decline, while pharma outperformed. High-weightage financials and banks fell about 1.1% each, while the auto index declined 1.6% on concerns over higher fuel and crude-linked input costs.

Among Nifty50 constituents, HCL Technologies, Shriram Finance and HDFC Life Insurance Company were the top losers. Broader markets also weakened, with the Nifty MidCap and Nifty SmallCap indices falling 0.44% and 1.01%, respectively.

The Indian rupee slumped 0.6% to 96.20 per US dollar, its weakest close in more than a month, after touching an intraday low of 96.2375. Higher oil prices weighed heavily on the currency, although likely Reserve Bank of India intervention helped contain further losses.

Indian government bonds also came under pressure as crude oil remained above $85 per barrel. The benchmark 6.94% GS 2036 yield ended at 6.7945% from 6.7309% at the previous close. Buying interest emerged as the yield approached the 6.80% level, with state-owned banks speculated to have stepped in at those levels, helping bond prices recover from their intraday lows.

Top Movers of the Day

Nuvoco Vistas Corporation surged 6.93% to ₹338.50 after the company reported quarterly earnings, with investors reacting positively to its financial performance.

Container Corporation of India climbed 6.19% to ₹492.65 after the company reported quarterly results that were well received by the market.

Adani Power advanced 4.88% to ₹225.98 on sustained buying interest, with no company-specific catalyst immediately evident.

Biocon jumped 6.34% to ₹437.00 after the biopharmaceutical company reported quarterly earnings, boosting investor sentiment.

Welspun Corp gained 4.08% to ₹1,686.00 as investors accumulated the stock following its quarterly earnings announcement.

Divi's Laboratories rose 3.71% to ₹7,196.00 after the drugmaker reported quarterly results, with the market assessing its earnings performance.

Bharti Airtel added 1.69% to ₹1,934.00 on continued buying interest in telecom stocks, with no company-specific catalyst immediately evident.

Balrampur Chini Mills advanced 1.80% to ₹595.40 as investors accumulated sugar stocks, with no company-specific trigger immediately reported.

Sun Pharmaceutical Industries gained 1.22% to ₹1,944.80 after the company reported quarterly earnings, supporting buying interest in the stock.

Power Grid Corporation of India slipped 0.14% to ₹285.60, marginally underperforming the broader market, with no company-specific catalyst immediately evident.

Thermax declined 6.07% to ₹4,380.50 after the company reported quarterly earnings, with investors reacting negatively to its financial performance.

HCL Technologies fell 4.63% to ₹1,164.60 after the IT major's quarterly earnings disappointed investors, triggering selling in the stock.

Futures & Options
Nifty July 2026 futures settled at 24,022.00, a 30.05-point discount to the Nifty 50 cash index, which fell 158.95 points, or 0.66%, to close at 24,052.05 today. Market volatility increased, with the India VIX, the NSE's gauge of near-term market volatility, rising 3.53% to 13.75. HCL Technologies, HDFC Bank and Infosys were the most actively traded individual stock futures on the NSE during the session. The July 2026 derivatives contracts are scheduled to expire on 28 July 2026.

Bonds
Indian government bond prices remained under pressure on Tuesday as crude oil prices stayed above $85 per barrel, keeping concerns over imported inflation elevated. The benchmark 6.94% GS 2036 ended at 6.7945% from 6.7309% at the previous close, touching its highest level since June 24.

Buying interest emerged as the benchmark yield approached the 6.80% level, which traders viewed as an attractive entry point. State-owned banks were also speculated to have stepped in as buyers around those levels, helping bond prices recover from their intraday lows. Despite the support, dealers said the market remained largely driven by volatile crude oil prices, with traders reluctant to build fresh directional positions amid rapidly changing inflation expectations.

Meanwhile, states raised 245.70 billion rupees through the weekly state government securities auction, slightly below the notified 248 billion rupees, according to the Reserve Bank of India. Punjab was the only state to partially accept bids.

Forex
The Indian rupee slumped to its weakest level in more than a month today as higher oil prices, fuelled by renewed hostilities in West Asia, weighed on the oil-sensitive currency, although likely intervention by the Reserve Bank of India helped limit losses. The rupee touched an intraday low of 96.2375 per dollar, its weakest since May 22, before settling at 96.20, down 0.6% on the day.

Crypto
The cryptocurrency market traded mixed today, with most major tokens edging lower as investors awaited US inflation data, while geopolitical tensions in the Middle East kept risk appetite in check. Bitcoin traded near $62,700 today, remaining range-bound as investors awaited US inflation data and monitored rising geopolitical tensions following Washington's move to tighten restrictions on Iranian shipping through the Strait of Hormuz.

Ethereum traded near $1,788.61 today, remaining close to recent levels as the second-largest cryptocurrency tracked broader market moves.

US Stock Futures
US stock futures were mixed today as investors assessed renewed US-Iran tensions after President Donald Trump's comments on Iranian shipping, while awaiting key corporate earnings and fresh inflation data.

Nasdaq-100 futures rose 0.4%, S&P 500 futures were little changed, and futures on the Dow Jones Industrial Average fell 129 points, or 0.2%.

US Treasury
US Treasury yields held near multi-month highs as persistent inflation concerns and geopolitical tensions continued to weigh on sentiment. The benchmark 10-year Treasury yield traded at 4.62%, while the two-year and five-year note yields stood at 4.29% and 4.27%.

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