Markets continued their downward trend through Friday’s mid-session, with the Nifty 50 dropping 272.60 points (1.13%) to 23,900.45 and the Sensex falling 974.87 points (1.26%) to 76,689.13 by 12:40 PM. The selling pressure intensified following a weak market opening.
Both indices approached their 20-day exponential moving averages, with IT stocks notably affected by the sell-off. The Nifty IT sector observed a significant decline of 4.55%, marking its steepest intraday drop in recent sessions and pulling the broader market down with it.
Infosys was among the hardest hit, plummeting 5.82% to ₹1,168.40 from its previous close of ₹1,240.60, amid extraordinarily heavy trading volumes exceeding 2.33 crore shares valued at ₹2,78,370.94 lakh. TCS fell by 4.47% to ₹2,409.20 from a prior close of ₹2,521.80, while Tech Mahindra declined 4.28% to ₹1,360.60. HCL Technologies dropped 3.56% to ₹1,209.00, hitting a new 52-week low during intraday trading, and Sun Pharma decreased 3.60% to ₹1,619.70 from a previous close of ₹1,680.10.
On a more positive note, Coal India emerged as the top gainer in the Nifty 50, increasing by 1.13% to ₹455.75 with over 1.20 crore shares traded. Other winners included Bajaj Auto, up 0.54% to ₹9,602.50; Grasim Industries, gaining 0.53% to ₹2,749.40; Eicher Motors, rising 0.37% to ₹7,119.00; and Nestle India, which edged up 0.30% to ₹1,414.70.
Market breadth on the BSE presented a mixed scenario. Out of 2,667 stocks traded, 1,395 advanced while 1,103 declined, and 169 remained unchanged. Sixty-five stocks reached 52-week highs, while 14 hit 52-week lows. Additionally, 62 stocks were locked in upper circuit limits, compared to 47 in lower circuits.
The Nifty’s Advance-Decline Ratio reported a weak 10:40, and the Put-Call Ratio was at 0.66, below the neutral mark of 1, indicating bearish market sentiments. Significant call writing was observed at the 24,000 and 24,100 strikes, while substantial open interest was seen at the 23,800 put, followed by the 23,700 strike, suggesting traders are preparing for further downside.
As per SBI Securities, the Nifty currently faces critical support between 23,790 and 23,810. A break below this level could see the index decline toward 23,500-23,400. On the upside, immediate resistance is identified between 24,040 and 24,060, with only a sustained rise above this range potentially extending recovery to 24,260. For the Sensex, support is identified at 76,300 and resistance at 77,100.
This selling pressure comes amid Brent crude hovering near $106 per barrel due to fears of disruptions in the Strait of Hormuz, as well as a fourth consecutive session of foreign institutional investor (FII) selling, with foreign investors having offloaded ₹3,254 crore on Thursday. Additionally, the weakening of the rupee adds to market concerns. With the earnings report from Reliance Industries expected after market hours, and the India VIX elevated near 18.59, volatility is anticipated to persist throughout the trading session.
Published on April 24, 2026.
