Nifty 50 Top Gainers and Losers Today, July 23: Eternal, Bajaj Auto, M&M Gain; Adani Enterprises, Nestle India, Shriram Finance Lead Declines

The Indian stock market remained under pressure on Thursday as concerns over the impact of rising oil prices on inflation, corporate earnings and India's import bill outweighed stock-specific positives from the ongoing June-quarter earnings season.

The Sensex declined 364 points, or 0.47%, to close at 76,391.39, while the Nifty 50 fell 127 points, or 0.53%, to settle at 23,869.60, extending losses for the fourth consecutive trading session. Investor wealth eroded by nearly ₹3 lakh crore during the day, while the broader market continued to underperform, with the Nifty Midcap 100 and Nifty Smallcap 100 indices losing about 1% each.

Crude oil remained the biggest overhang for markets after Brent prices climbed close to $99 per barrel, driven by the continuing conflict in the Middle East. The sharp rise in oil prices fuelled concerns over imported inflation, pressure on corporate margins and the possibility of delayed interest rate cuts, prompting investors to trim exposure to riskier sectors.

At the sectoral level, Nifty Media, Realty, PSU Bank and Oil Marketing Companies remained under pressure, while selective buying was seen in automobiles and a few consumer-facing stocks following better-than-expected quarterly earnings.

Eternal Ltd emerged as the top performer on the Nifty 50 after extending the rally seen in early trade following its June-quarter earnings. The stock had climbed nearly 3% in the morning after the company reported a strong Q1 FY27 performance, with investors cheering healthy revenue growth and improved profitability. Although the broader market weakened through the session, Eternal managed to hold on to most of its gains.

The automobile pack also remained relatively resilient. Bajaj Auto extended gains for a second straight session after its June-quarter earnings exceeded Street expectations, supported by healthy margins and robust export performance. Mahindra & Mahindra advanced as sentiment remained positive around sustained demand for SUVs and tractors, with investors continuing to favour auto stocks amid stock-specific earnings optimism.

Hindalco Industries and Eicher Motors also ended in positive territory. Hindalco benefited from selective buying as firm aluminium prices supported sentiment in metal stocks, while Eicher Motors attracted steady buying ahead of its upcoming quarterly earnings, limiting losses despite the broader weakness in equities.

Selling pressure was more pronounced across infrastructure and logistics stocks. Adani Enterprises emerged as the biggest loser on the Nifty 50, while Adani Ports & Special Economic Zone also ended lower as investors cut exposure to cyclical businesses amid the broader risk-off environment. Higher crude oil prices and continued geopolitical uncertainty weighed on sentiment towards capital-intensive sectors, with traders preferring to reduce risk ahead of more corporate earnings.

Among sector-specific losers, InterGlobe Aviation (IndiGo) remained under pressure as Brent crude hovered close to $99 per barrel, raising concerns over higher aviation turbine fuel (ATF) costs. Fuel accounts for a significant share of an airline's operating expenses, and the recent surge in crude prices is expected to squeeze margins if elevated levels persist. The stock has remained sensitive to every sharp move in oil prices over the past week.

Shriram Finance also featured among the day's major losers after reporting its June-quarter earnings. Although the company posted steady operational performance, the stock witnessed selling as investors assessed the results and booked profits following its recent run-up. Weakness across the broader financial pack further added to the pressure.

Nestle India, meanwhile, saw profit booking after outperforming in the previous session when investors had rotated into defensive FMCG stocks. With the broader market remaining under pressure, traders chose to lock in gains in select consumer names. JSW Steel also slipped as investors booked profits in metal counters despite supportive global commodity prices.

Midcap and Smallcap Stocks Also End Lower

Selling extended beyond the benchmark indices, with the broader market witnessing sharper declines as investors moved away from mid- and small-cap stocks.

Within the Nifty Midcap 100, Mahindra & Mahindra Financial Services, Kalyan Jewellers India and Polycab India managed to end higher on stock-specific buying. On the downside, Oracle Financial Services Software, Mphasis, Lupin, Voltas and The Phoenix Mills were among the biggest losers as IT, pharmaceuticals and real estate stocks came under pressure.

The Nifty Smallcap 100 also traded weak through the session. Whirlpool of India, Piramal Pharma and Ola Electric Mobility were among the notable gainers, while Data Patterns (India), Anant Raj, Bandhan Bank, Raymond Lifestyle and Swan Energy featured among the biggest losers.

What Investors Should Watch

The focus now shifts to the next leg of the June-quarter earnings season, with several heavyweight companies scheduled to report results over the coming days. At the same time, investors will closely monitor crude oil prices, developments in the Middle East and their potential impact on inflation and interest rate expectations. Until there is greater clarity on these global risks, market participants are likely to remain

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