Sensex tumbles over 600 points: Why is the stock market falling today?

With earnings season picking up pace and crude oil climbing above $90, investors will be watching whether corporate results can offset mounting global risks and steady foreign investor sentiment.A sell-off in banking stocks and concerns over rising crude oil prices pushed Indian equity benchmarks sharply lower in early Monday trade.Equity benchmarks opened sharply lower on Monday, dragged down by a sell-off in heavyweight banking stocks after their June-quarter earnings, while rising crude oil prices added to investor jitters.At around 9.30 am, the BSE Sensex was trading at 77,576, down over 600 points, while the Nifty slipped nearly 150 points to 24,189.The decline was led by private lenders.HDFC Bank and Axis Bank fell around 5% each after investors reacted to their quarterly results, while Kotak Mahindra Bank also traded lower. Together, the three banking stocks accounted for most of the pressure on the benchmark indices. The losses outweighed gains in Reliance Industries, SBI, Bharti Airtel, ONGC and Tech Mahindra, leaving the broader market in the red.Market participants are also keeping a close watch on global developments after Brent crude climbed above $90 a barrel amid escalating tensions between the US and Iran. Higher oil prices are a concern for India, which imports more than 85% of its crude oil needs, as they can widen the trade deficit, weaken the rupee and weigh on foreign investor sentiment."There are near-term headwinds and tailwinds for the market," said VK Vijayakumar, Chief Investment Strategist at Geojit Investments."The strongest headwind is Brent crude spiking above $90 on escalating tensions between the US and Iran. If this trend continues, India's vulnerability to an energy shock will resurface with negative implications for the rupee and FPI flows," he said.At the same time, Vijayakumar said weakening enthusiasm around the artificial intelligence trade in markets such as the US, South Korea and Taiwan could make India relatively more attractive for foreign investors.On the earnings front, he said Reliance Industries had reported a "promising" set of numbers, while ICICI Bank posted "stellar" results and Kotak Mahindra Bank also delivered a strong performance. HDFC Bank, however, disappointed investors, particularly on the net interest margin (NIM) front.With the earnings season gathering pace and crude oil back above the $90 mark, investors are expected to closely track both corporate results and geopolitical developments for cues on the market's near-term direction.- EndsPublished By: Koustav DasPublished On: Jul 20, 2026 09:40 IST