Key levels to watch remain 24,300 on the downside and 24,600 on the upside for the Nifty.
Markets deepened their losses through mid-session on Wednesday, with the Nifty 50 sliding to 24,412.40, down 164.20 points or 0.67 per cent, and the Sensex falling to 78,601.70, a drop of 671.63 points or 0.85 per cent, as of 12.27 pm. The selloff, led almost entirely by information technology stocks, accelerated after. HCL Technologies‘Quarterly results disappointed the market.
HCL Technologies bore the brunt of the selling, crashing 10.80 per cent to ₹1,285.60 on volumes of over 2.29 crore shares worth ₹3,00,652.64 lakhs — making it the most active and worst-performing stock on the Nifty. Tech Mahindra fell 6.31 per cent to ₹1,406.10, Infosys declined 4.26 per cent to ₹1,257.20, TCS dropped 3.96 per cent to ₹2,507.10, and JSW Steel slipped 1.53 per cent to ₹1,260.00.
Shashwat Singh, Fundamental Analyst at Bajaj Broking, said, “HCL Technologies reported Q4 results that fell short of market expectations and issued a relatively muted growth outlook for FY27. The weaker commentary on demand and near-term growth visibility triggered concerns around the sector’s earnings trajectory.”
He added that “investor attention has now shifted to the upcoming results of Infosys, scheduled to be announced on April 23. The market will closely track the company’s management commentary to gauge the broader demand environment.”
On the gainers’ side, FMCG and defensive stocks held firm. Tata Consumer Products led with a gain of 4.20 per cent to ₹1,190.00, followed by Hindustan Unilever, which rose 3.86 per cent to ₹2,400.00. Tata Motors advanced 2.74 per cent to ₹365.65, NTPC gained 2.47 per cent to ₹406.00, and Nestle India added 2.11 per cent to ₹1,409.00.
On BSE, market breadth remained positive despite the index-level decline, with 2,162 stocks advancing against 1,178 declining, and 164 unchanged. As many as 79 stocks hit 52-week highs while 20 touched 52-week lows. Stocks in upper circuit stood at 110 against 60 in lower circuit, out of 3,504 stocks traded.
Ponmudi R, CEO of Enrich Money, said, “Uncertainty remains elevated around the outcome of the next round of US–Iran negotiations, keeping investors on edge and limiting aggressive positioning.”
In commodities, MCX Crude Oil was trading near ₹8,400, with immediate resistance at ₹8,530. COMEX Gold held above $4,700, while MCX Gold traded above ₹1,53,000. MCX Silver was range-bound between ₹2,48,000 and ₹2,50,000. The rupee was hovering around ₹93.45 against the dollar, with near-term bias remaining sideways to cautiously bullish.
With Infosys results due Thursday and geopolitical developments around US–Iran talks still fluid, markets are likely to remain volatile through the second half of the session. Key levels to watch remain 24,300 on the downside and 24,600 on the upside for the Nifty.
Published on April 22, 2026