Indian benchmark indices are likely to begin Wednesday’s session on a cautious note despite positive cues from most Asian markets. Investors will keep an eye on global market trends, crude oil prices, gold and silver rates, foreign institutional investor (FII) activity and the ongoing June-quarter (Q1FY27) earnings season, all of which could influence market sentiment during the day.
In early trade, GIFT Nifty was trading at 24,118, down 51 points or 0.21%, indicating a flat-to-muted start for the domestic market.
In the previous trading session, Indian equities ended lower for the second straight day. The Sensex declined 238.41 points or 0.31% to close at 77,470.11, while the Nifty 50 slipped 50.80 points or 0.21% to settle at 24,187.70. Selling pressure in heavyweight HDFC Bank remained one of the key drags on the benchmark indices.
Key global and domestic cues for July 22, 2026
Asian markets trade mostly higher
Asian markets traded largely in the green on Wednesday morning. South Korea led the gains, with the Kospi rising more than 5%, while the Kosdaq advanced around 2%. Japan’s Nikkei 225 gained 0.34%, the Topix was largely unchanged, and Australia’s S&P/ASX 200 edged up 0.12%.
US stock futures remain subdued
US stock futures were little changed in early trade. Dow Jones futures slipped about 29 points, while S&P 500 and Nasdaq-100 futures traded nearly flat as investors awaited fresh market triggers.
Wall Street ends lower
US equities closed lower in the previous session as investors assessed quarterly earnings and developments in technology stocks.
The Dow Jones Industrial Average fell 406.55 points or 0.77% to 52,146.42. The S&P 500 declined 1.01% to 7,457.69, while the Nasdaq Composite dropped 1.4% to 25,520.24.
Crude oil extends rally
Crude oil prices continued to move higher as geopolitical tension in the Middle East raised concerns over supply disruptions.
Brent crude climbed 2% to $91.01 per barrel, while West Texas Intermediate (WTI) crude gained 2% to $84.91 per barrel.
Gold and silver remain in focus
In the international market, spot gold was trading around $4,101 per ounce. On the MCX, gold futures for the August 5 contract were trading near Rs 1,42,900 per 10 grams.
Gold rates in India stood at Rs 1,44,230 per 10 grams (24 karat), Rs 1,32,210 per 10 grams (22 karat) and Rs 1,08,170 per 10 grams (18 karat).
Meanwhile, spot silver traded at $59.36 per ounce. On the MCX, silver futures were trading around Rs 2,23,800 per kg, while silver rates in India stood at Rs 2,349 per 10 grams and Rs 2,34,900 per kg.
FIIs turn buyers, DIIs sell
Foreign institutional investors (FIIs/FPIs) turned net buyers on July 21, purchasing Indian equities worth Rs 1,650.16 crore. Domestic institutional investors (DIIs), on the other hand, were net sellers, offloading shares worth Rs 656.88 crore, according to provisional exchange data.
Dollar index and rupee
The US Dollar Index (DXY), which measures the US dollar against a basket of major global currencies, was trading at 101.15.
In the previous session, the Indian rupee strengthened against the US dollar, with the USD/INR pair settling at 96.24, down 0.23%.
Top performing sectors in the previous session
Among sectoral indices, Space gained 1.95% in Tuesday’s trade. Speciality Chemicals rose 1.91%, followed by Silver, which advanced 1.76%, while the Transport sector added 1.5%. These sectors were among the top performers in the previous trading session.
