Here's this week's complete market wrap (week ending July 24, 2026), ready to copy-paste into your website.
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Market Wrap : Sensex, Nifty Snap Winning Streak as Iran War Escalation Sends Oil Past $100; Asian Markets Rocked by Chip Sell-off, Gold Holds Firm
Global markets endured one of their most turbulent weeks in months, as an alarming escalation in the Iran conflict sent crude oil briefly above $100 a barrel for the first time since 2022, compounding an already sharp sell-off in AI and semiconductor stocks across Asia and the US. Indian benchmarks fell for a fifth straight session on Friday, marking their worst losing streak since early January, even as a late-week easing in oil prices offered some relief.
Indian Markets : Sensex, Nifty Extend Losing Streak Amid Oil Shock
The BSE Sensex closed Friday's session at 76,059.77, down 331.62 points or 0.43%, while the NSE Nifty 50 fell 102.15 points (0.43%) to end at 23,767.45, slipping below the psychologically important 23,800 mark. This marked the fifth consecutive day of declines for both indices — their worst losing run since the first week of January.
For the week, the Sensex shed roughly 2,092 points, or about 2.68%, while the Nifty lost around 567 points, or approximately 2.33%, reversing the previous week's gains entirely. Selling was concentrated in auto, metal and energy stocks as elevated crude prices weighed on margin expectations, while IT and media shares offered some cushioning. Eternal, Bajaj Finance and Mahindra & Mahindra were among the top laggards through the week, while HCL Technologies, Cipla and Wipro bucked the trend with gains.
Analysts noted the Nifty is now testing key support in the 23,750-23,800 band, coinciding with its 50-day moving average, and expect the index to consolidate in a 23,800-24,350 range unless a decisive breakout or breakdown occurs. A close below 23,750 could open the door to further downside toward 23,500 in the coming weeks, brokerages cautioned, with elevated crude oil prices flagged as the key overhang for domestic equities in the near term.
Asian Markets : Kospi Leads Regional Rout as Chip Stocks Tumble
Asian equities suffered a bruising week, hit by a double blow of surging oil prices and a deepening sell-off in semiconductor and AI-linked names. South Korea's Kospi bore the brunt, plunging 5.7% on Friday to 6,690.62, with Samsung Electronics sinking 7.6% and SK Hynix dropping 8.3% amid broader jitters over stretched AI valuations and a regulatory cap that halted arbitrage trading in SK Hynix's US-listed shares.
Japan's Nikkei 225 declined 2.7% to 64,611.15, dragged down by tech and AI-exposed names, with SoftBank Group tumbling 7.1%. Hong Kong's Hang Seng slipped 1% to 24,963.23, while China's Shanghai Composite eased 1.6% to 3,814.20. Australia's S&P/ASX 200 lost 0.8% to 8,772.30, and Taiwan's Taiex declined roughly 2.7%. The across-the-board weakness reflected mounting anxiety that surging energy costs, layered on top of an already fragile AI-stock rally, could squeeze corporate margins and consumer demand simultaneously.
US Markets : Wall Street Ends Second Straight Losing Week
US equities closed a choppy week roughly flat on Friday but still finished lower overall as investors weighed the Iran conflict, tariff developments and a continuing tech sell-off against a backdrop of ongoing earnings. The S&P 500 edged up just 0.05% to close at 7,411.98, the Nasdaq Composite slipped 0.64% to 24,975.82, while the Dow Jones Industrial Average rose 0.46% to 51,947.25, aided by a 3.5% jump in Apple.
Despite Friday's modest gains for the S&P and Dow, all three benchmarks finished the week in the red — the S&P 500 and Nasdaq logging their second consecutive weekly loss, and the Dow its third straight week of declines. Sentiment swung throughout the week on shifting headlines around potential US-Iran peace talks, with stocks rallying on hopes of de-escalation and retreating whenever military tensions flared anew.
Crude Oil : Brent Crosses $100 for First Time Since 2022, Then Retreats
Oil markets were the epicenter of this week's volatility. Brent crude surged as high as $102 a barrel on Thursday — its highest level since 2022 — before settling near $100.69, up about 7% on the day, after Iran-backed Houthi militants reportedly struck two Saudi oil tankers in the Red Sea, raising fears of a broader blockade on Saudi shipping routes. The attacks came alongside continued US strikes on Iranian targets, with Washington ruling out near-term talks.
By Friday, however, crude pulled back sharply — down roughly 3-4% to around $97 a barrel for Brent, and near $89-92 a barrel for WTI — after reports that Pakistan, backed by China, was working to revive stalled US-Iran negotiations, offering markets a glimmer of hope for de-escalation. Even after the pullback, Brent remained up close to 10-14% for the week, one of its sharpest weekly gains since the war began, as supply-side risks including a suspension of Caspian Pipeline Consortium loadings in the Black Sea added to the squeeze.
Gold and Silver Prices in India Today
Gold prices in India eased slightly on Friday after a strong rally earlier in the week, as some profit-booking set in, though the metal remains well above levels seen a week ago on safe-haven demand tied to the Middle East conflict. As of today:
- 24-carat gold: approximately ₹14,327-14,433 per gram (around ₹1,43,270-1,44,330 per 10 grams)
- 22-carat gold: approximately ₹13,220-13,230 per gram
- 18-carat gold: approximately ₹10,817-10,825 per gram
- Silver: approximately ₹230-235 per gram, or roughly ₹2,30,000-2,35,000 per kilogram
Prices vary by city due to local levies and making charges, with Chennai, Hyderabad and Kerala typically among the highest. These figures exclude GST and other applicable charges, and silver in particular has seen sharp day-to-day swings this week, so it's worth checking a live rate before publishing.
Rupee and Currency Markets
The Indian rupee stayed under pressure this week, hovering near record-weak levels against the US dollar amid the oil-driven risk-off mood and continued FII outflows. USD/INR was trading around ₹96.5-96.6 today, having touched highs near ₹96.9 during the week — among its weakest levels this year.
Against other major currencies, the rupee stood at approximately:
- 1 US Dollar (USD) ≈ ₹96.54
- 1 Euro (EUR) ≈ ₹110.5
- 1 British Pound (GBP) ≈ ₹130.3
- 100 Japanese Yen (JPY) ≈ ₹59.6
Outlook
With oil markets on edge and any fresh escalation or de-escalation headline capable of moving equities sharply, investors will be closely watching developments in US-Iran diplomacy, further Red Sea shipping disruptions, and the pace of Q1 earnings both in India and the US. A sustained cooling in crude prices would likely offer the biggest relief to Indian equities and the rupee alike in the coming week, while continued AI-valuation concerns are expected to keep Asian and US tech stocks volatile.
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*Note: Intraday prices for gold, silver, currencies, and crude fluctuate through the trading session — figures above reflect rates as reported through Friday, July 24, 2026, and should be verified against a live source before publishing time-sensitive figures.*