Markets experienced a significant decline in mid-session trading on Wednesday, with the Nifty 50 dropping to 24,412.40, a decrease of 164.20 points or 0.67 percent. Meanwhile, the Sensex fell to 78,601.70, witnessing a decline of 671.63 points or 0.85 percent as of 12:27 PM. The selloff was predominantly driven by information technology stocks, particularly following disappointing quarterly results reported by HCL Technologies.
HCL Technologies faced the most considerable decline, plunging 10.80 percent to ₹1,285.60, with over 2.29 crore shares traded, amounting to a value of ₹3,00,652.64 lakhs. This made it the most active and worst-performing stock on the Nifty. Other tech stocks also experienced losses, with Tech Mahindra falling 6.31 percent to ₹1,406.10, Infosys declining 4.26 percent to ₹1,257.20, TCS dropping 3.96 percent to ₹2,507.10, and JSW Steel slipping 1.53 percent to ₹1,260.00.
Shashwat Singh, a Fundamental Analyst at Bajaj Broking, stated, “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 raised concerns about the sector’s earnings trajectory.” He further noted that investor focus has now shifted to Infosys, which is scheduled to announce its quarterly results on April 23, with expectations surrounding the company’s management commentary to provide insight into the broader demand environment.
In contrast, defensive stocks within the FMCG sector recorded gains. Tata Consumer Products led with a 4.20 percent increase to ₹1,190.00, followed by Hindustan Unilever, which rose 3.86 percent to ₹2,400.00. Other gainers included Tata Motors, which advanced 2.74 percent to ₹365.65, NTPC gaining 2.47 percent to ₹406.00, and Nestle India adding 2.11 percent to ₹1,409.00.
On the Bombay Stock Exchange (BSE), market breadth remained positive despite the overall decline in indices, with 2,162 stocks advancing against 1,178 that declined, while 164 stocks remained unchanged. Additionally, 79 stocks hit 52-week highs, and 20 reached 52-week lows. Stocks on upper circuit limit numbered 110 versus 60 on the lower circuit, out of 3,504 traded stocks.
Ponmudi R, CEO of Enrich Money, remarked, “Uncertainty remains elevated around the outcome of the next round of US–Iran negotiations, keeping investors on edge and limiting aggressive positioning.”
In commodity markets, MCX Crude Oil was trading near ₹8,400, facing immediate resistance at ₹8,530. COMEX Gold traded above $4,700, with MCX Gold also above ₹1,53,000. MCX Silver ranged between ₹2,48,000 and ₹2,50,000. The Indian rupee hovered around ₹93.45 against the dollar, with a near-term perspective leaning sideways to cautiously bullish.
With Infosys’ results due Thursday and ongoing geopolitical developments concerning US–Iran negotiations, market volatility is expected to persist in the latter half of the session. Key levels to monitor remain 24,300 on the downside and 24,600 on the upside for the Nifty.
Published on April 22, 2026.
