Charterly Digest
23 July 2026
🎯 Sentiment: Bearish
Indian markets extended losses for the fourth consecutive session, driven by escalating US-Iran tensions pushing crude oil prices above $100, coupled with sustained selling by both FIIs and DIIs.
📊 Market Scorecard
🗞️ Market Cues
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Indian Markets Extend Losing Streak to Fourth Session Amid Geopolitical Tensions
Indian benchmark indices, Sensex and Nifty, closed lower for the fourth consecutive session on Thursday, July 23, 2026, as escalating US-Iran tensions and surging crude oil prices weighed heavily on investor sentiment. -
Crude Oil Surges Past $100 a Barrel Following Middle East Attacks
Brent crude oil jumped over 7% to cross $100 a barrel, reaching $100.87, after attacks on two Saudi oil tankers in the Red Sea intensified the US-Iran conflict, sparking fears of global supply disruptions. -
FIIs and DIIs Turn Net Sellers on July 22
Both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) were net sellers in Indian equities on July 22, 2026, with FIIs offloading ₹819.20 crore and DIIs selling ₹418.26 crore, signaling a cautious market outlook.
🏢 Corporate Action
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Lohia Corp IPO Opens
Lohia Corp's IPO opened today, July 23, 2026, with a price band of ₹404 to ₹425 per equity share, and will close on July 27, 2026. -
Xtranet Technologies IPO Opens
Xtranet Technologies' IPO also commenced today, July 23, 2026, with a price band of ₹120 to ₹127 per equity share, closing on July 27, 2026. -
Cube Highways Trust IPO Closes Tomorrow
The IPO for Cube Highways Trust is currently open and is set to close tomorrow, July 24, 2026.
🏦 Institutional Flow
💡 Structural Watchlist
Long-term
UPSIDE: +25-30%
Basis of Pick: Zen Technologies is a key beneficiary of India's robust 'Make in India' defense indigenization drive and increasing defense budget allocations. The company specializes in defense training and simulation systems, a high-tech niche with significant entry barriers and strong government support for domestic procurement.
With a growing order book and strategic importance in modernizing the Indian armed forces, ZENTEC is poised for sustained growth, capitalizing on long-term structural tailwinds in the defense sector, making it an overlooked gem in the mid-cap space.
Mid-term
UPSIDE: +18-22%
Basis of Pick: Borosil Renewables is India's sole manufacturer of solar glass, a critical component for solar photovoltaic panels. The company stands to gain significantly from India's ambitious renewable energy targets (500 GW by 2030), government incentives like the PLI scheme for solar manufacturing, and anti-dumping duties that favor domestic production.
As India accelerates its green energy transition, BORORENEW's monopolistic position in solar glass, coupled with ongoing capacity expansion, positions it as a strong mid-cap play to capture the surging demand for solar infrastructure and reduce import dependency.
*Disclaimer: The structural watchlist suggestions are based on market data and quantitative/technical setups. These are for educational purposes and should not be considered as professional investment advice. Consult a SEBI registered advisor before making financial decisions.
🪙 Alternative Assets
🔮 Ahead of Tomorrow
Indian markets are likely to remain under pressure, extending the cautious sentiment from today's session. Key factors to watch include continued geopolitical developments in the Middle East, crude oil price movements, and global market cues. Stock-specific action may persist as investors react to ongoing Q1 FY27 earnings announcements.