Markets were trading sharply lower at midday on Friday, April 23, 2026, though selective buying in pharma and energy stocks helped indices recover from their worst levels of the session. The BSE Sensex was down ₹710.66 or 0.91 per cent at 77,805.83, while the NSE Nifty 50 shed 162.90 points or 0.67 per cent to trade at 24,215.20 as of 12.25 PM — well off the gap-down open near 24,211 but unable to stage a meaningful recovery.

The opening was broadly negative, with Brent crude hovering above $103 per barrel and US Oil trading near $95, underpinned by Iran’s seizure of vessels in the Strait of Hormuz and stalled US-Iran negotiations. MCX Crude Oil was trading near ₹8,950, with immediate resistance at ₹9,100. The rupee continued to weaken, with USD/INR trading near ₹94.10, having recovered from recent lows of ₹92.60, reflecting persistent dollar demand and foreign outflows.

On the BSE, market breadth remained decisively negative. Of 4,244 stocks traded, 2,232 declined against 1,827 advances, with 185 unchanged. Twenty-one stocks hit 52-week lows against 129 at 52-week highs, while 173 stocks were in the upper circuit and 135 in the lower circuit.

Pharma emerged as the standout gainer of the session, with Dr. Reddy’s Laboratories surging 6.83 per cent to ₹1,300.10 after opening at ₹1,230.00, making it the top Nifty gainer by a wide margin. Cipla added 3.97 per cent to ₹1,285.40. Jio Financial Services rose 3.90 per cent to ₹247.81 on heavy volumes of over 4.33 crore shares, with a traded value of ₹1,05,665.65 lakh. Adani Enterprises gained 2.19 per cent to ₹2,310.30, and Sun Pharmaceutical Industries advanced 1.31 per cent to ₹1,691.60.

Financial and consumer stocks faced the sharpest selling. SBI Life Insurance was the top loser, down 3.08 per cent to ₹1,826.70. Bajaj Finance fell 2.51 per cent to ₹911.30, while Mahindra & Mahindra dropped 2.49 per cent to ₹3,071.40. Bajaj Finserv slipped 2.45 per cent to ₹1,797.70, and Trent lost 2.36 per cent to ₹4,330.00, with the retail stock seeing heavy volumes of 32.90 lakh shares worth ₹1,43,329.08 lakh.

Bank Nifty opened with a gap-down around 56,632, finding some support near the 56,400–56,500 zone. Reclaiming the 57,000 level remains the key threshold to watch for any recovery, while a break below 56,200–56,000 could push the index toward 55,500, analysts noted.

On the commodities front, gold was under pressure on both global and domestic exchanges. COMEX Gold was holding above the $4,700 level but had slipped below key moving averages, with a decisive break below $4,680 risking a slide toward $4,640–$4,600. MCX Gold opened with a gap-down and was trading above ₹1,51,500–₹1,52,500, with a sustained move above ₹1,55,000 required to revive momentum. COMEX Silver was trading below $76, with support at $75, while MCX Silver was within the ₹2,42,000–₹2,45,000 range.

Infosys’ Q4 results, due later in the day, remained the single most-watched domestic trigger, with the IT sector under pressure after HCL Technologies’ recent weak guidance. The earnings trajectory and management commentary on forward guidance are expected to set the tone for the broader IT sector through the remainder of the earnings season.

The Nifty’s immediate resistance remains at 24,400, and analysts said a sustained close above that level is needed to restore upward momentum. On the downside, the 24,100–24,000 zone is seen as a critical support band. Until geopolitical tensions show signs of easing and crude prices stabilise, markets are expected to remain range-bound with a negative bias through the afternoon session.

Published on April 23, 2026