The SENSEX fell as much as 1,260 points and NIFTY50 index touched an intraday low of 23,814 on Friday, April 24, marking their worst single-day performance since March 2. According to latest reports, the SENSEX closed at 76,664.21, down 1.29% while the NIFTY50 dropped to close at 23,897.95. In early trade, the SENSEX fell around 400 points, or 0.51% to 77,263, while the NIFTY declined about 100 points, or 0.41%. The sharp decline was driven by losses across major sectors, with IT stocks leading the selloff amid weak quarterly earnings and broader market concerns. Market breadth was heavily skewed towards declines, with only 74 advances against 424 declines, resulting in a ratio of 0.17x, confirming the pervasive selling pressure across all market segments.
Infosys emerged as the top loser in the NIFTY50 index, falling 6.92% to close at ₹1,155, making it the biggest drag on the SENSEX. As reported by latest data, Tata Consultancy Services declined 4.79%, Tech Mahindra fell 4.20%, and HCL Technologies dropped 4.08%, with the NIFTY IT index plunging 5%. The IT services major reported a 20.8% rise in consolidated net profit to ₹8,501 crore in the January-March quarter but guided for 1.5 to 3.5% revenue growth for FY27. The company pinned its optimism on momentum in financial services, utilities, and AI services, though management acknowledged a "change in economic environment" amid the West Asia conflict. UTI AMC was the top loser among BSE 500 stocks, plunging 10.69%, highlighting the sharp divergence in market sentiment.
The selloff was broad-based, with mid-cap and small-cap indices also succumbing to selling pressure. According to latest reports, the NIFTY Midcap 100 gauge fell 0.96% or 578 points to end at 59,374.80, while the NIFTY Smallcap 100 index declined 0.87% or 153.55 points to close at 17,567.20. In the mid-cap space, Cochin Shipyard outperformed with a 4.78% gain, while Housing & Urban Development Corporation gained 3.20%. Among small-caps, Himadri Speciality Chemical ended 5.13% higher, hitting a 52-week high after posting a 29% YoY surge in consolidated net profit to ₹200.79 crore in Q4 FY26. Only 12 out of 50 shares in the NIFTY50 closed in positive territory, indicating widespread selling pressure across all market segments.
The NIFTY IT index has declined 10% in the past five sessions, reflecting sustained pressure on the technology sector. As reported by latest data, out of 38 sectors tracked, none advanced today, with all 38 sectors registering declines, highlighting the widespread nature of the selloff. Market sentiment remained fragile amid elevated geopolitical tensions and the ongoing fourth-quarter earnings season. Investors are closely watching upcoming quarterly results from major banks such as Axis Bank, UCO Bank, and IDFC First Bank, all scheduled to report on 25 April 2026, which are expected to provide fresh insights into credit growth, asset quality, and profitability trends in the financial sector. Analysts noted that volatility is likely to persist, advising investors to remain cautious and focus on fundamentally strong stocks during market corrections. A sustained move above the 24,500 level on the Nifty could signal improved sentiment.
