India's GIFT Nifty points to weak market start amid Middle‑East tension

On July 22, 2026 the GIFT Nifty index fell about 79 points to around 24,102, signalling a tentative opening for Indian equities. The drop followed a similar weakness on July 21, when the index traded near 24,155, down roughly 104 points from the previous close. Investors cited heightened geopolitical risk after explosions on two oil tankers near the Hormuz Strait and warnings from Iran’s Revolutionary Guards that strategic waterways could remain closed if U.S. military actions continue. These developments, together with attacks on U.S. bases in the Gulf, lifted crude‑oil prices (Brent near $92 a barrel) and boosted gold by about 1 %.

The market outlook is further shaped by a slate of upcoming Q1 earnings from major Indian firms—including Adani Green Energy, BPCL, Hindustan Petroleum, Tata Communications and others—plus fresh activity in the primary market with IPOs such as Cube Highways Trust InvIT and Shree Balaji Mala. Domestic indices reflected the pressure: the Nifty 50 hovered around 24,080‑24,100, down roughly 0.5 %, while the Sensex slipped by about 300‑600 points. The rupee opened marginally weaker against the dollar at 96.34 INR per USD.