Charterly Digest
23 July 2026
🎯 Sentiment: Bearish
Indian benchmark indices closed lower for the fourth consecutive session, driven by escalating US-Iran tensions, surging crude oil prices, and sustained selling pressure from both FIIs and DIIs.
📊 Market Scorecard
🗞️ Market Cues
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Indian Markets Extend Losses Amid US-Iran Tensions and Surging Crude Oil Prices
Indian benchmark indices, Sensex and Nifty, recorded their fourth consecutive session of losses on July 23, 2026, as escalating geopolitical tensions between the US and Iran pushed Brent crude above $98 per barrel, weakening global risk appetite and renewing concerns over inflation and India's trade deficit. -
Brent Crude Nears $100 as Middle East Conflict Intensifies
Brent crude oil surged over 6% to trade above $99.98 per barrel on Thursday, its highest level since early June, following reports of attacks on Saudi oil tankers and growing fears of a wider conflict in West Asia, which could disrupt global oil supplies. -
FIIs and DIIs Turn Net Sellers in Indian Equities
Both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) were net sellers in Indian equities on July 22, 2026, with FIIs offloading shares worth ₹819.20 crore and DIIs selling equities worth ₹418.26 crore, indicating a cautious market sentiment.
🏢 Corporate Action
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Infosys
Infosys reported a 14% year-on-year increase in its Q1 revenue, reaching ₹48,211 crore, signaling robust performance for the IT major. -
HDFC Bank
Shares of HDFC Bank tumbled 9% after its Q1 results, extending losses for a fourth straight session, despite some brokerages seeing significant upside potential. -
SpiceJet
SpiceJet shares rose by 10% to hit an upper circuit following reports that all three Airbus A320s arrived in India and are set to begin commercial operations, strengthening the airline's operational capacity.
🏦 Institutional Flow
💡 Structural Watchlist
Long-term
UPSIDE: +25-30%
Basis of Pick: Kaynes Technology is a leading Electronics Manufacturing Services (EMS) company with diversified exposure across high-growth sectors like automotive, industrial, aerospace & defense, and IoT. The company has demonstrated strong financial performance with a 5-year revenue CAGR of 54% and profit CAGR of 108%, benefiting from the government's Production Linked Incentive (PLI) schemes and increasing localization in electronics manufacturing.
Its broad industry presence and focus on value-added manufacturing position it well for sustained long-term growth as India aims to become a global electronics manufacturing hub.
Mid-term
UPSIDE: +18-22%
Basis of Pick: Waaree Renewable Technologies is a small-cap player in the rapidly expanding solar energy sector in India. The company is a direct beneficiary of India's aggressive renewable energy targets and government initiatives promoting solar power generation and manufacturing.
With significant capacity additions in solar power and modules, Waaree Renewables stands to gain from increased project execution and a favorable policy environment, offering a strong mid-term growth outlook.
*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 volatile, influenced by ongoing geopolitical developments in the Middle East and crude oil price movements. Investors will also closely monitor corporate earnings reports and global cues for further direction, with a cautious undertone expected to persist.