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July 31, 2026 | 25 mins read

18th July to 24th July

The past week showed investors and traders that sometimes even good fundamentals are ignored by the markets. Out of the 15 companies that posted results since last Saturday (July 18), 12 posted good profit growth in Q1FY27.

It seemed like the markets were focused on the earnings season as the near 1% rise in the Nifty 50 on July 17 was credited to expectations of good results from private banks. And they didn’t disappoint. ICIC Bank, HDFC Bank, Kotak Mahindra Bank and Axis Bank posted good profit growth in Q1FY27.

But the overhang of the resurgent conflict between the US and Iran, and with brent crude rising above $100, all positives seemed like an excuse for traders to book profits. It appears the Indian markets are catching the Hormuz cold again.

Benchmark Index Moves

	Index
Nifty 50
Sensex
Bank Nifty

	Closing Level
23,767.45
76,059.77
56,693.50

	% Weekly Change
▼ -1.75%
▼ -1.95%
▼ -1.69%

Market Breadth: The momentum in the markets was negative with total gainers at 1,986 and total losers at 3,442.

Top Weekly Gainers & Losers (Nifty 100)

Gainers

Stock Name	% weekly change	Delivery volumes in past week Vs prev month
TVS Motor	▲ 8.61%	1.1X
Bajaj Auto	▲ 7.73%	1.5X
HCL Technologies	▲ 7.04%	1.0X
United Spirits	▲ 6.20%	0.8X
Punjab National Bank	▲ 4.90%	1.6X

TVS Motor’s share price climbed this week after it reported a 57% jump in Q1FY27 net profit on record sales and strong demand across both domestic and export markets.

Losers

Stock Name	% weekly change	Rise in delivery volumes in past week Vs previous month
Adani Green Energy	▼ -9.63%	1.5X
HDFC Bank	▼ -8.10%	1.0X
Axis Bank	▼ -6.14%	1.9X
Dr. Reddy's Labs	▼ -5.94%	1.0X
CG Power & Industrial	▼ -5.88%	0.6X

Adani Green Energy’s share price fell this week because reports raised worries that a recent asset transfer and power grid curtailments may limit its future earnings, even though current profits are strong.

Year high and year low in the past week (Nifty 200)

Stocks that hit their 52-week high: Bosch, Solar Industries, Oracle Fin Serv, Bajaj Auto, Divi's Laboratories, Titan, Radico Khaitan, TVS Motor Company, Sun Pharmaceutical, Adani Energy, Laurus Labs, Nestle, IndusInd Bank, Lenskart Solutions, Exide Industries, Bharat Heavy Electricals, Aditya Birla Capital, Federal Bank, and FSN E-Commerce (Nykaa)

Stocks that hit their 52-week low: Tata Elxsi, Reliance Industries, Dr. Reddy's Labs, Indian Railway Catering, Jubilant Foodworks, Vedanta, Rail Vikas Nigam, and IRFC

SBI Funds Management made a positive market debut, opening at ₹613.30, nearly 6.8% above its issue price of ₹574, and ending its first trading session at ₹609.75. The stock touched ₹625 on listing day, but the initial gains faded by the end of the week.

Cube Highways Trust InvIT’s public issue received a strong response from investors and was subscribed 9.35 times overall by the close of bidding. Demand was led by qualified institutional buyers, whose portion was subscribed 13.20 times, while the non-institutional investor category was subscribed 4.74 times..

Stocks & Sectors in the News

➤	Information Technology was the week’s standout sector during start of the week. HCL Tech was among the leading performers after its announcement to pour $1.48 billion into its first India based AI data centre. TCS also attracted buying, supported by it bagging the ABB network modernisation deal, and renewed interest in company after its better-than-expected Q1 results. However, as the week came to a close, the sector saw weakness which led the Nifty IT index to close lower than last week.
➤	Banking and Financial stocks had a mixed week. Kotak Mahindra Bank was among the prominent gainers during Friday’s rebound. On a weekly basis, though, major names such as Jio Financial Services, ICICI Bank, HDFC Bank and Axis Bank ended lower, showing that a strong final-day recovery was not enough to erase their earlier losses. Investors remained selective ahead of quarterly results and closely tracked loan growth, deposit costs, margins and asset quality, which kept the broader financial-services space uneven.
➤	Automotive and Auto Components stocks ended the week with improved momentum, supported by the broader market rebound and selective buying in two-wheelers, commercial vehicles and component manufacturers. Eicher Motors was among the stronger large-cap names. Ashok Leyland and Maruti Suzuki underperformed these peers and recorded only a marginal rise in the final session, reflecting a more cautious view on passenger vehicles.
➤	FMCG and Consumer stocks saw selective buying, with Hindustan Unilever rising strongly in the final session and outperforming several peers as investors returned to defensive large-cap names. Nestle India and Tata Consumer Products featured among the notable laggards, as investors were still cautious about valuations, input costs and the pace of volume growth across the sector.
➤	Pharmaceuticals and Healthcare entered the week with a strong longer-term backdrop but by the end of the week it faced major pressure. Investors booked profits in several major names. Dr Reddy’s Laboratories, Cipla, Sun Pharma and Max Healthcare were among the prominent laggards on Friday. The weakness appeared to be driven more by profit booking than by a broad deterioration in the sector’s business outlook.
➤	Metal stocks were among the weaker pockets of the market as global growth concerns and volatility in commodity prices encouraged traders to reduce exposure. Hindalco was the sector’s most visible large-cap laggard. Tata Steel also faced selling pressure during the week.

Top Delivery-volume Movers (Nifty 500)

Rising Delivery Volume (Last week vs Prev month)

Stock Name	Avg delivery volume %	Avg month delivery volume %	Avg 6-month delivery volume
Gallantt Ispat	52.65	50.53	11.61
Anthem Biosciences	65.78	65.66	69.26
Axis Bank	69.03	62.44	61.39
JSW Cement	82.20	69.33	35.03
IndusInd Bank	52.55	51.45	51.42

IndusInd Bank’s delivery volumes rose even as the share price fell over 6%, with investors reacting to weak underlying Q1FY27 trends and declining total income despite the strong net profit headline.

Falling delivery volume (Last week vs Prev month)

Stock Name	Avg delivery volume %	Avg month delivery volume %	Avg 6-month delivery volume
Hexaware Technologies	42.38	46.60	53.73
Capri Global Capital	27.84	45.49	45.32
TBO Tek	49.57	69.79	54.75
Alkem Laboratories	46.89	67.89	56.95
Supreme Industries	37.74	54.57	53.23

After stakeholders turned more positive on Supreme Industries in mid July, which drove a short rally, no new company specific or sector triggers emerged, so delivery volumes have since drifted back from those temporarily elevated levels.

Most traded on m.Stock yesterday

With a significant share of daily market volumes, our clients have a real influence on the markets. These are the stocks that saw the most action on our platform yesterday:

➤ Delivery

	Most bought
TCS
Oracle Financial Services Software
Adani Green Energy
Bharat Heavy Electricals
Mphasis

	Most sold
Indusind Bank
Reliance Industries
United Spirits
Motilal Oswal Financial Services
L&T

➤ Pay Later (MTF)

	Most bought
Bandhan Bank
KPIT Technologies
Coforge
Lodha
Shriram Finance

	Most sold
Greaves Cotton
Graphite India
Maruti Suzuki India
Persistent Systems
TCS

Note: The stocks given in the table above are only for informational purposes and are not recommendations.

FIIs vs DIIs

Last week

(In ₹ crore)	Cash (provisional)	Index Futures	Stock Futures	Index Options	Stock Options
FIIs	-3,665.60	-2,173.10	874.10	-89,350.30	941.60
DIIs	4,201.80	814.70	3,579.90	236.70	-7,599.20

Year-to-date

(In ₹ crore)	Cash	Index Futures	Stock Futures	Index Options	Stock Options
FIIs	-3,53,580.00	-70,377.60	-33,589.10	-5,78,423.10	-30,559.40
DIIs	4,94,395.20	7,853.70	21,711.20	5,113.10	-1,35,831.90

Note: FII data is as of 23rd July 2026 and DII F&O data up to 7th July 2026 only.

Research Calls (Long-Term)

Research Partner	Date of call	Stock	View	Target Price (₹)
Markets Mojo	14th July	Samvardhana Motherson	BUY	142.10

Here is how some of the expert research calls are performing

Research Partner	Date of call	Stock/Scrip	Entry Price (₹)	Price movement since call (%)
Markets Mojo	15th July	Greenlam Industries	251.35	1.45%

Commodity Moves

Commodity

			Brent Crude
			Gold Futures
			Silver Futures
			Natural Gas Futures (NYMEX)
			Copper Futures

Closing value

	$99.76
	$4,038.95
	$57.99
	$2.90
	$6.34

Weekly change (%)

	13.23%
	0.50%
	2.95%
	-0.52%
	1.21%

➤	Brent crude futures recorded the strongest move among major commodities. Prices surged as the escalating US–Iran conflict and attacks on oil tankers in the Red Sea raised fears of disruptions along key global shipping routes. Temporary production constraints in Kazakhstan added to concerns over oil availability. Natural gas futures moved in the opposite direction. Prices remained under pressure despite hot-weather forecasts and expectations of higher demand for electricity generation.
➤	Gold futures ended the week higher. Rising geopolitical tensions supported some demand for gold as investors looked for relatively defensive assets. The gains remained limited because US Treasury yields climbed sharply and strengthened the dollar.
➤	Copper futures closed registered a weekly gain. Prices rose strongly during the first half of the week and touched a six-week high, supported by lower inventories outside the US and continued movement of metal towards China. Copper later gave up part of those gains as rising US Treasury yields strengthened the dollar and made the metal costlier for overseas buyers.

Forex Moves

Commodity

		USD/INR
		EUR/INR
		GBP/INR

Closing value

	$96.69
	$109.91
	$128.51

Weekly change (%)

	-0.42%
	0.21%
	0.81%

➤	USD/INR This week, the rupee weakened against the US dollar. The biggest reason was the sharp rise in crude oil prices above $100 per barrel, which increased India's oil import bill and boosted demand for dollars from importers. A stronger US dollar and higher US Treasury yields also kept pressure on the rupee. Towards the end of the week, the RBI stepped in by selling dollars, helping the rupee recover some of its losses and preventing sharper volatility.
➤	EUR/INR The euro weakened against the rupee after the European Central Bank left interest rates unchanged and offered limited guidance on future policy moves. A stronger US dollar also weighed on the euro, helping the rupee record a modest gain.
➤	GBP/INR The rupee posted its strongest gains against the British pound, rising 0.81%. The pound weakened due to a firmer US dollar, uncertainty around the UK’s fiscal outlook and changing interest-rate expectations.

Global Signals

➤	Asian markets ended the week lower as Brent crude oil climbed above $100 per barrel, raising concerns that higher fuel costs could keep inflation elevated and delay interest rate cuts. At the same time, a sharp sell-off in global technology stocks, triggered by concerns over heavy AI spending, weighed on Japan, South Korea and other regional markets. The combination of rising energy prices and weakness in technology stocks kept investor sentiment subdued across Asia.
➤	European markets closed the week in the red as the rise in crude oil prices reignited inflation concerns and increased uncertainty around the interest rate outlook. While the European Central Bank kept rates unchanged, its comments suggested it would continue monitoring inflation closely. Technology and consumer stocks remained under pressure, while gains in energy companies, supported by higher oil prices, were not enough to lift broader markets.
➤	US markets ended the week lower as a technology-led sell-off, higher bond yields and rising oil prices weighed on sentiment. Disappointing market reactions to earnings from major technology companies and concerns over heavy AI-related spending dragged the Nasdaq lower, while new US tariffs added to market uncertainty. Strong labour market data reinforced expectations that interest rates could stay higher for longer, adding to the pressure on equities.

Upcoming events (20th June to 26th June 2026)

Macroeconomic events & Earnings

28
July

Hindustan Unilever Q1FY27 Results

24
July

Adani Enterprises Q1FY27 Results

26
July

Asian Paints Q1FY27 Results

28
July

Tata Steel Q1FY27 Results

You can explore our Events calendar feature on the home page & set alerts on your calendar!

Rising crude oil prices, geopolitical uncertainty and cautious foreign investor sentiment kept the broader indices under pressure, even as stock-specific opportunities continued to emerge.
The coming week could prove equally important. With earnings due from other major companies, investors will get a clearer picture of how different sectors are navigating the current environment.
At the same time, movements in crude oil prices, developments in the West Asia and global interest rate expectations continue to hold sway on markets.

Moving on to some interesting topics

In this episode of Funds Ka Funda, Ankit Jain, Senior Fund Manager at Mirae Asset AMC, shares his perspective on geopolitical shocks, crude oil risks, FII vs DII flows, valuations, and the opportunity emerging in mid and small caps.

Read how the new Income tax Act 2025, higher exemptions and smarter year round moves can legally cut your FY 2026 27 tax bill and boost take home pay.
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