Stock markets tumble in early trade dragged by HDFC Bank, spike in crude oil prices
Indian stock markets experienced a decline as investors reacted to disappointing quarterly earnings from HDFC Bank and rising global crude oil prices. Tensions between the U.S. and Iran have contributed to market volatility and concerns over energy costs.
Why it matters
The market downturn reflects broader economic anxieties regarding inflation and the impact of geopolitical instability on India's energy-dependent economy.
Benchmark indices Sensex and Nifty tumbled in early trade on Monday (July 20, 2026), dragged by heavy selling in blue-chip HDFC Bank and a sharp spike in crude oil prices due to the ongoing tensions between the U.S. and Iran.
The 30-share BSE Sensex tanked 523.22 points to 77,628.23 in early trade. The 50-share NSE Nifty declined 134.10 points to 24,198.25.
From the Sensex pack, Axis Bank and HDFC Bank declined nearly 5% after announcing their quarterly earnings over the weekend.
“HDFC Bank has disappointed, particularly on the NIM front,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Kotak Mahindra Bank, InterGlobe Aviation, Maruti and Bajaj Finance were also among the laggards from the blue-chip pack.
Bharti Airtel, Tech Mahindra, NTPC, Reliance Industries and ICICI Bank were among the gainers.
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