Closing Bell: Sensex Falls Nearly 1%, Nifty 50 Slips Below 24,500; IT Stocks Drag, Oil Hits $100 Mark

Indian equity benchmarks Sensex and Nifty 50 ended lower by over 0.5 per cent on Wednesday, April 22, as investors weighed corporate earnings and monitored developments around U.S.-Iran peace talks following Washington’s extension of a ceasefire.

The Nifty 50 opened with a gap-down of around 105 points and remained under pressure throughout the session, snapping its three-day winning streak. By the close, the index fell below the crucial 24,500 mark, declining 198.50 points or 0.81 per cent to settle at 24,378.10. The Sensex dropped 756.84 points or 0.95 per cent to close at 78,516.49. Market volatility also increased, with the Nifty volatility index rising 4 per cent to move above the 18 mark, indicating heightened uncertainty among investors.

The IT sector was the biggest drag on the market after HCL Technologies plunged 10.82 per cent. The decline came after the company guided for a modest revenue growth of 1 per cent to 4 per cent for fiscal year 2027, which fell short of market expectations. The weak outlook was attributed to lower discretionary demand in the telecom vertical, softer platform revenues, and delays in certain SAP programmes. Other IT majors, including Infosys and Tata Consultancy Services, also declined by 3.40 per cent and 2.76 per cent, respectively. Notably, seven of the top 10 losers on the Nifty 500 index were IT stocks, reflecting broad-based weakness in the sector.

Global cues added to market caution as Brent crude oil prices rebounded to around USD 100 per barrel following renewed geopolitical tensions near Iran. Reports indicated that a Liberia-flagged container vessel was attacked by a gunboat linked to Iran’s Islamic Revolutionary Guard Corps. In separate incidents, two additional outbound cargo ships were also targeted, escalating concerns over shipping safety in the region.

On the sectoral front, 7 out of 11 major indices ended in positive territory, while broader markets showed resilience. The Nifty Midcap index rose 0.19 per cent and the Nifty Smallcap 100 gained 1.13 per cent. The Nifty Energy index emerged as the top-performing sector, advancing 1.42 per cent with 85 per cent of its constituents ending in the green. The index touched a seven-month high and extended its winning streak to 12 consecutive sessions, gaining 14.48 per cent so far in April 2026. In contrast, the Nifty IT index was the worst performer, plunging 3.89 per cent, marking its steepest decline in the past month due to weak earnings and cautious management commentary.

Among individual stocks, HCL Technologies remained in focus after its sharp decline of 10.82 per cent. Sunteck Realty gained 4.91 per cent after reporting strong March-quarter earnings, while PNC Infratech advanced 6.54 per cent after emerging as the lowest bidder for two National Highways projects worth Rs 3,483 crore.

On the Nifty 50 index, key positive contributors included Reliance Industries, Hindustan Unilever, and NTPC, contributing 12.91 points, 11.18 points, and 9.46 points, respectively. On the downside, major drags were HDFC Bank, HCL Technologies, and Infosys, dragging the index by 39.44 points, 35.78 points, and 34.03 points, respectively.

Market breadth remained positive despite the benchmark decline. Out of 3,396 stocks traded on the NSE, 1,923 advanced, 1,357 declined, and 116 remained unchanged. A total of 130 stocks hit their 52-week highs, while 31 stocks touched their 52-week lows. Additionally, 129 stocks were locked in Upper Circuits, whereas 54 stocks were locked in Lower Circuits.

Disclaimer: The article is for informational purposes only and not investment advice.