Charterly Digest
23 July 2026
🎯 Sentiment: Bearish
Indian benchmark indices extended losses for the fourth consecutive session, driven by escalating US-Iran geopolitical tensions, a sharp surge in crude oil prices above $100, and persistent selling by both FIIs and DIIs.
📊 Market Scorecard
🚀 Top Gainers | 📉 Top Losers |
🗞️ Market Cues
-
Indian Markets Extend Losing Streak to Fourth Day as Crude Oil Prices Surge
Benchmark indices Sensex and Nifty closed lower for the fourth consecutive session on July 23, 2026, as escalating US-Iran tensions pushed Brent crude oil prices above $100 per barrel, dampening investor sentiment and raising inflation concerns. -
FIIs and DIIs Turn Net Sellers Amid Geopolitical Headwinds
Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) both turned net sellers on July 22, 2026, offloading equities worth ₹819.20 crore and ₹418.26 crore respectively, reflecting cautious sentiment due to global macroeconomic and geopolitical factors. -
Realty, Chemical, and Financial Services Lead Sectoral Declines
Sectoral performance was largely negative, with Chemical, Realty, Oil & Gas, and Financial Services indices experiencing significant losses, while the Auto sector showed some resilience due to strong Q1 earnings optimism.
🏢 Corporate Action
-
Hindustan Petroleum Corporation (HPCL)
HPCL shares dropped by 4% after the company reported a consolidated net loss of ₹12,264.67 crore for Q1 FY2027, compared to a net profit in the year-ago period. -
Gandhar Oil Refinery (India)
Shares of Gandhar Oil Refinery (India) rose by 20% to hit an upper circuit after its standalone net profit surged to ₹179 crore in the June quarter from ₹44.13 crore in the preceding quarter. -
Lohia Corp IPO
Lohia Corp IPO opened today, July 23, 2026, with a price band of ₹404 to ₹425 per equity share, and will close on July 27, 2026.
🏦 Institutional Flow
💡 Structural Watchlist
Long-term
Upside: +20-25%
Basis of Pick: Unimech Aerospace specializes in high-precision parts for aerospace and defense, a sector strongly supported by the Indian government's 'Make in India' initiative and increasing defense spending. Its niche expertise and high Return on Equity (ROE) suggest a strong competitive advantage and efficient capital allocation.
The company is a key supplier in a critical sector with high entry barriers, poised for sustained growth as India pushes for self-reliance in defense manufacturing.
Mid-term
Upside: +15-18%
Basis of Pick: Avantel provides innovative network-centric solutions and products for defense platforms, including ships, submarines, and aircraft. The company's significant investment in Research and Development (R&D) for Software Defined Radios (SDR) and Radar systems positions it well to capitalize on modernization efforts within the defense forces.
With a focus on advanced communication and radar technologies, Avantel is a strong play on the increasing technological sophistication of India's defense capabilities, likely to see rising orders and exports.
*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
Investors will closely watch global geopolitical developments, particularly the US-Iran tensions and their impact on crude oil prices. FII and DII activity will remain a key indicator, alongside any fresh corporate earnings announcements or macroeconomic data releases.