Stock Market Today, April 23 Highlights: Domestic benchmark indices extended losses for the straight day, with Sensex and Nifty falling nearly 1 per cent each as crude oil prices once again breached $100 per barrel, the rupee tanked, escalating tensions in West Asia over the Strait of Hormuz, along with other factors that weighed on market sentiments.

Foreign fund outflows and weak trends in Asian equities also dragged the markets lower.

The 30-share BSE Sensex fell 852.49 points or 1.09 per cent to end the session at 77,664, while the NSE Nifty50 slipped 205.05 points or 0.84 per cent to close at 24,173.05, respectively, as selling pressure intensified across auto, banking, IT and realty stocks.

During the session, Sensex slipped as much as 1.2 per cent to hit an intraday low of 77,574, while the Nifty fell nearly 1 per cent or 243 points at 24,134.80.

Vinod Nair, Head of Research, Geojit Investments Limited, said, "Domestic equities witnessed a broad-based decline, as elevated crude prices above $100 per barrel, amid the impasse in US-Iran negotiations, continued to weigh on sentiment. The risk-off mood was further intensified by weak global cues, persistent FII outflows, and a depreciating INR alongside higher US Treasury yields."

"While the domestic composite PMI signalled continued expansion in business activity, its positive impact was overshadowed by concerns around rising input costs, margin pressure, softer export demand, and weakening forward-looking confidence, limiting meaningful buying interest. Sector performance was largely skewed to the downside, with defensives, particularly pharma and healthcare, standing out as relative safe havens amid the broader selloff," Nair added.

Sensex losers and gainers today

From the 30-share Sensex consituents, Trent fell the most 4.21 per cent. Mahindra & Mahindra, Bajaj Finserv, Tech Mahindra, Infosys, HDFC Bank, Asian Paints, Kotak Mahindra Bank, Bajaj Finance, IndiGo, ICICI Bank, Reliance Industries, Maruti Suzuki, Eternal and Tata Steel were among the laggrads.

Adani Ports, L&T, Sun Pharma and Bharti Airtel were among the gainers in the index.

Stock Market Today, April 23 Highlights

• Nifty closes in red for the 2nd consecutive session declines over 0.9% and closes below 24200 mark
• Top Performer - Dr Reddy's Laboratories and Cipla
• Top Loser- Trent and Shriram Finance
• Nifty Bank closes in red for the 2nd consecutive session declines ~1.5%
• Nifty Midcap falls ~0.5%
• Nifty Smallcap snaps 2 day gaining streak declines over 0.7%
• Except Nifty Pharma and Nifty Energy all sectoral indices closed in red
• Nifty Pharma top sectoral gainer advances 2.3% DR Reddy and Piramal lead gains
• Nifty Energy gains 0.3%Mainly led by GE Vernova T&D and Hitachi
• Nifty FMCG closes flat
• Nifty Metal closes in red , declines by 0.8% Mainly dragged by APL and Vedanta
• Nifty IT declines ~1.5% Mainly dragged by Tech Mahindra and Infosys
• Nifty Realty declines ~2% snaps 3 day gaining streak Most of the constituent close in red
• Mainly dragged by Lodha and DLF
• Nifty PSU Bank declines 2.2% All constituent close in red Mainly dragged by Union Bank and Canara bank
• Nifty Auto top sectoral loser closes in red for 2nd consecutive session declines 2.4%
• Most of the constituent close in red Ashok Leyland and TVS motor were worst performers

Sachin Gupta, VP - Research, Technical Research, at Choice Broking Private Limited said, "Indian equity benchmarks witnessed a negative close on 23rd April 2026. The index opened with a gap-down of 175.75 points at 24,202.35, reflecting weak initial sentiment. It traded within a narrow range during the session, marking an intraday high of 24,310.20 and a low of 24,134.80. The index faced selling pressure at higher levels and eventually settled at 24,173.05, registering a decline of 205.05 points. On the daily timeframe, the index formed a Gravestone Doji-like candlestick pattern, indicating rejection from higher levels and the presence of selling pressure near the highs. This pattern reflects indecision with a bearish bias, suggesting that further downside may emerge if follow-up selling is seen."

From a technical perspective, immediate support is placed in the 23,950-24,000 zone, while resistance is observed in the 24,350-24,400 range. The Relative Strength Index (RSI) stands at 53.24, hovering near the midpoint, indicating a neutral to slightly weak momentum. The volatility index, India VIX, increased by 1.58% to close at 18.59, indicating a slight rise in market uncertainty. In the derivatives segment, notable call writing was observed at the 24,300 strike, while put writing was seen at the 24,200 level, indicating a narrow trading range and mixed positioning among market participants, Gupta said.

Sectorally, the market witnessed broad-based weakness, with significant pressure in Auto, Financial Services, Private Banks, and Realty sectors. Market breadth remained negative, with declining stocks outnumbering advancing ones, indicating cautious sentiment across the broader market, the analyst added.

• 20 Day EMA - 23,940.97
• 50 Day EMA - 24,221.75
• 100 Day EMA - 24,653.48
• 200 Day EMA - 24,801.64

The index opened with a sharp gap-down of 515.50 points at 56,608.95, reflecting weakness in the banking space. It attempted a recovery during the session, marking an intraday high of 56,868.70, but failed to sustain at higher levels. The index slipped to a low of 56,217.15 and eventually closed at 56,305.00, registering a decline of 819.45 points or 1.43%. On the daily timeframe, the index formed a bearish candlestick, indicating sustained selling pressure and weakness in the banking segment. The structure suggests that sellers maintained control throughout the session, Gupta said.

From a technical perspective, immediate support is placed in the 55,700-55,800 zone, while resistance is observed in the 56,850-57,000 range. The Relative Strength Index (RSI) stands at 53.40, indicating a gradual loss of momentum while still holding near the midpoint, he said.

"Markets witnessed a weak session with gap-down openings and sustained selling pressure across key sectors. The formation of indecisive to bearish candlestick patterns and negative market breadth indicates cautious sentiment among participants. Going forward, holding key support levels will be crucial, while any recovery will require strong follow-through buying to regain momentum," Gupta added.

Moreover, currency experts said that the rupee weakened past the 94 mark amid strong dollar demand and a shift towards safe-haven assets, with rising crude prices and a firm US dollar adding pressure.

Dilip Parmar - Senior Research Analyst, HDFC Securities, said, "Driven by high hedging dollar demand and a broader shift toward safe-haven assets, the Indian rupee has weakened past the 94 level against the greenback. Central bank interventions failed to arrest the slide as a simultaneous rally in crude oil and the US dollar exerted additional downward pressure. In the near term, USDINR retains its bullish momentum, with support around 93.80 and resistance at 94.60."

Meanwhile, global cues remained weak, with Brent crude rising around 4 per cent to $105.86 per barrel, amid supply concerns linked to the ongoing geopolitical tensions.

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