Sensex falls 364 points, Nifty below 24,300 as crude oil prices rebound after fresh US strikes on Iran

Indian equity benchmark indices, the Sensex and Nifty, started the trading session in the red on July 7, 2026, as crude oil prices rebounded sharply after fresh US strikes on Iran reignited geopolitical tensions. While the 30-share BSE Sensex shed 364.27 points or 0.46 per cent to start the session at 77,816.45, the Nifty fell 139.15 points to open at 24,259.55. In the last trading session, the Sensex closed at 78,180.72 and the Nifty 50 at 24,398.70. Similarly, the broader indices traded in the red in the opening session. While the BSE Midcap Select Index was down by 83.39 points, the BSE Smallcap Select Index dropped 41.88 points or 0.48 per cent, to trade in the green at 8,631.39. 

From the Sensex pack, Sun Pharma, HCL Tech, TCS, Infosys and Trent were among the top gainers, with Sun Pharma leading the pack, up 0.82 per cent in the early trade. On the other hand, Indigo, Asian Paints, Bajaj Finance, Reliance and Larsen & Toubro were in the red, with Indigo the top loser, down over 2.05 per cent.

"With the renewed U.S.-Iran tensions and the consequent spike in Brent crude to $76, the market is again back to uncertain territory. How long this would last and what would be its consequences are now in the realm of uncertainty. The market was slowly gaining strength on positive FII activity and improving macro fundamentals. The renewed US- Iran tensions have put a temporary question mark on this positive development. Therefore, investors have to wait and watch the developments," said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

What did Gift Nifty indicate?

Gift Nifty, an early indicator for the Nifty 50, indicated a negative start today, opening 109 points lower at 24,274.50, compared to the previous close of 24,383.50. Foreign Institutional Investors (FIIs) remained buyers, purchasing equities worth Rs 393.19 crore on July 7, 2026. However, Domestic Institutional Investors (DIIs) turned sellers, selling equities worth Rs 383.43 crore. 

 

Asian shares traded mixed on Wednesday as US futures remained largely flat amid persistent geopolitical concerns and uncertainty surrounding the Federal Reserve's policy outlook. Japan's Nikkei 225 was down 129.96 points, or 0.19 per cent, to 68,127 at the time of writing. However, Hong Kong's Hang Seng gained 534.11 points or 2.27 per cent. South Korea's Kospi traded in the red, down 117.35 points. Shanghai's SSE Composite index was in the green with a gain of 20.81 points or 0.52 per cent.  

 

(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)