Closing Bell: Sensex drops over 750 points, Nifty below 24,400 - IT stocks drag market

Indian equity benchmarks ended lower on Wednesday, with Sensex falling over 750 points and Nifty slipping below 24,400. The weakness was led mainly by heavy selling in IT stocks and select financial names.

Indian equity markets ended lower on Wednesday. The BSE Sensex fell 756.84 points or 0.95 per cent to 78,516.49. The Nifty 50 declined 198.50 points or 0.81 per cent to 24,378.10.

Top Gainers and Losers

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Among major gainers, Hindustan Unilever rose 2.56 per cent, NTPC gained 2.40 per cent, Eternal was up 1.18 per cent, UltraTech Cement added 0.94 per cent, Asian Paints gained 0.66 per cent, Reliance rose 0.62 per cent, Power Grid added 0.53 per cent, Tata Steel gained 0.38 per cent, Sun Pharma rose 0.26 per cent and Trent was up 0.15 per cent.

On the losing side, HCLTech fell 10.76 per cent, Infosys declined 3.32 per cent, Mahindra & Mahindra slipped 2.95 per cent, TCS lost 2.83 per cent, and Tech Mahindra dropped 2.42 per cent. HDFC Bank fell 1.50 per cent, ICICI Bank declined 1.49 per cent, Larsen & Toubro lost 1.39 per cent, Bharti Airtel fell 1.26 per cent, and ITC declined 1.18 per cent.

Other losers included Kotak Mahindra Bank, Bajaj Finance, Titan, IndusInd Bank, Maruti Suzuki, State Bank of India and Axis Bank.

Nifty Broader Market

Broader indices showed a mixed trend. Nifty Next 50 rose 0.74 per cent. Small-cap indices gained between 1 per cent and 1.29 per cent. Midcap indices were largely flat to mildly positive, while Nifty 100 and Nifty 200 ended lower.

Sectoral Performance

Sectoral indices showed mixed movement. Nifty IT fell sharply by 3.89 per cent. Nifty Financial Services and private banks also ended lower. Auto index declined 0.66 per cent, and Bank Nifty slipped 0.43 per cent.

On the positive side, FMCG rose 0.75 per cent, Metal gained 0.45 per cent, Realty rose 0.58 per cent, Oil and Gas added 0.51 per cent, Media gained 0.69 per cent, Chemical index rose 0.97 per cent, and PSU Bank index edged up 0.12 per cent. Pharma ended marginally higher.

Why Did Stock Market Fall Today?

Market sentiment remained under pressure due to weak global cues, higher crude oil prices near $98 per barrel, and uncertainty over Iran–US developments. The rupee also showed weakness during the session, adding to cautious sentiment.

Market expert Anil Singhvi said the decline is largely due to a mix of global and sector-specific factors rather than any structural issue.

He said IT stocks were the main drag, with the IT index falling nearly 3.5 per cent after weak earnings from major companies, including HCL Tech. However, he added that the broader market remains stable when IT is excluded.

“If you remove IT, the market is not weak. Bank Nifty is trying to move into positive territory, and small and midcap stocks remain strong,” Singhvi said. He added that profit booking was expected after recent gains, as Nifty had already moved near 24,550 levels and Bank Nifty had touched around 57,300 earlier.

On sectoral trends, FMCG, realty, metals and midcaps showed resilience, while IT, financials and parts of the banking space came under pressure. Market breadth remained mixed with stock-specific action visible across segments.

Singhvi also noted that foreign institutional investors showed alternating buying and selling patterns, contributing to short-term volatility. Global cues remained weak, with Dow Jones falling around 250 points.

He said there is no need for panic at current levels. “Such running corrections are normal. Until Nifty does not close below key support levels of 24,000–24,150, the market trend remains positive and ‘buy on dips’ strategy should continue,” he said.

Stock Market Update

As of 22 April 2026, a total of 3,396 stocks were traded on NSE. Out of these, 1,923 stocks advanced, while 1,357 declined. As many as 116 stocks remained unchanged.

During the session, 130 stocks touched their 52-week high, while 31 stocks hit their 52-week low. A total of 126 stocks were locked in the upper circuit, while 54 stocks hit the lower circuit. The total market capitalisation on NSE was recorded at Rs 467.93 lakh crore.