Stock Market Closing Today, July 23: Bears grip D-street! Sensex ends 364 pts lower, Nifty below 23,900; Oil and Gas, PSU Bank stocks drag

BSE Sensex closed 363.66 points or 0.47 per cent lower to end at 76,391.39, while NSE Nifty was down 126.65 points or 0.53 per cent to end at 23,869.60.

Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in, said, "Indian equity markets ended today's session in the red, with benchmark indices extending their decline amid continued selling pressure and cautious investor sentiment. Weak global cues, along with profit booking in heavyweight stocks, kept the broader market under pressure throughout the session."

He further stated Nifty 50 closed at 23,869.60, down 126.65 points (-0.53%). The index slipped further below the 24,000 mark, indicating that bears continue to hold the upper hand in the near term. Immediate support is placed around 23,800–23,750, followed by a stronger support zone near 23,650. On the upside, resistance is seen around 23,950–24,050. A sustained move above this range would be required to revive bullish momentum.

BSE Sensex settled at 76,391.39, down 363.66 points (-0.47%). The index remained under selling pressure for most of the session and closed lower for the day. Immediate support is placed around 76,200–76,000, while resistance is seen near 76,700–77,000. A decisive breakout above the resistance zone would improve market sentiment and signal renewed buying interest, Arora stated.

Overall, Arora said, "Today's decline reflects continued caution among market participants, with profit booking and weak sentiment weighing on equities. The short-term trend remains under pressure, and traders should watch key support levels closely. Until a decisive recovery above resistance levels is seen, a cautious approach is advisable. Investors may continue to adopt a buy-on-dips strategy in fundamentally strong stocks while maintaining strict risk management."