Closing Bell: Nifty declines 205 points, SENSEX edges near 77600

23 Apr 2026 , 04:02 PM

The Indian stock market ended on a weak note on April 23, 2026, with benchmark indices slipping amid broad-based selling pressure. Despite a strong rally in pharmaceutical stocks, losses in banking, financials, and select large caps pulled the indices lower.

Market Overview: Nifty, Sensex, and Bank Nifty Performance

• Nifty 50 closed at 24,173.05, down 205.01 points (-0.84%)
• Sensex ended at 77,664.00, down 852.49 points (-1.09%)
• Nifty Bank settled at 56,305.00, falling 819.45 points (-1.43%)

Market breadth remained negative:

• Gainers: 1,385
• Losers: 1,779
• Unchanged: 111

The broader sentiment reflected caution among investors, with selling pressure outweighing buying interest across sectors.

Top Gainers: Pharma Leads the Rally

1. Dr. Reddy’s Laboratories

• Closed at ₹1,325.00, up 8.87%

Pharmaceutical stocks witnessed a strong upward move, with Dr. Reddy’s emerging as the top gainer. The stock closed at 1325 up ~9% – indicating aggressive buying.

The rally wasn’t isolated—

• The NIFTY Pharma Index gained more than 2%, signaling a sector-wide bullish trend rather than a stock-specific move.

2. Cipla

• Closed at ₹1,307.00, up ~6%

Cipla mirrored the strength seen in Dr. Reddy’s, benefiting from the same sectoral momentum. The synchronized rally suggests growing investor confidence in pharma stocks, possibly driven by defensive positioning and earnings visibility

3. Jio Financial Services

• Closed at ₹248.50, up 4%

Shares surged following a major development:

• Announcement of a partnership with Germany-based Allianz Group

The collaboration boosted investor sentiment, particularly around Jio Financial’s expansion into the insurance sector, driving strong buying interest early in the session.

Top Losers: Weakness in Retail, NBFCs, and IT

1. Trent

• Closed at ₹4,244, down 4.30%

After two consecutive bullish sessions, Trent corrected sharply. The decline was attributed to:

• Ongoing disruptions in the Middle East
• Concerns over supply chains, commodity prices, and inflation

These macro risks may impact near-term demand outlook, leading to profit booking.

2. Shriram Finance

• Fell 3.32%, hitting an intraday low of ₹1,010.5

The stock extended losses for a second consecutive session, underperforming due to:

• Broader market weakness
• Sector-specific pressures in NBFC space

3. Tech Mahindra

• Closed at ₹1,416, down 3.31%

The stock continued its decline after a 2.6% drop in the previous session, despite:

• Reporting in-line Q4 financial results

Brokerages highlighted:

• Strong earnings momentum
• But mixed views on valuation, with premium pricing limiting upside potential

Stock in Spotlight: Banking and Midcap Action

Union Bank of India

• Stock declined 8% post Q4 results

Key concern:

• Provisions surged to ₹1,055 crore (3x increase)

This sharp rise raised investor caution regarding:

• Future earnings visibility
• Potential stress in the loan book

Delta Corp: Mixed Earnings, Strong Stock Reaction

Delta Corp reported weak yearly performance but saw strong market reaction:

• Net profit: ₹16.45 crore (down 90% YoY)
• Revenue: ₹161.25 crore (down 11.72% YoY)
• Exceptional loss: ₹5.51 crore
• Profit before exceptional items and tax: ₹25.79 crore vs ₹42.66 crore YoY

Sequential performance:

• Revenue rose from ₹160.28 crore
• Profit increased 15.19% from ₹14.28 crore

Dividend Announcement:

• 50% dividend (₹0.50 per share)

Despite weak YoY numbers, the stock surged 20% to ₹81, likely driven by improved sequential performance and lower input costs.

Sectoral Highlight: Innerwear Stocks Rally Up to 20%

Innerwear manufacturing companies saw a sharp rally, including:

• Rupa & Company
• Lux Industries
• Dollar Industries
• Lovable Lingerie

These stocks surged up to 20%, fueled by:

• Rising investor demand
• Expectations of higher volume growth in upcoming quarters

 

Summary: Market Sentiment Remains Cautious

April 23, 2026, highlighted a divergent market trend:

• Pharma stocks surged, offering defensive strength
• Financials and large caps dragged indices lower
• Midcap and thematic plays showed selective momentum

With Nifty down 205.01 points (-0.84%), investors appear cautious amid global uncertainties and sector-specific concerns. Going forward, earnings clarity, global cues, and sector rotation will play a key role in shaping market direction.

Disclaimer – The stock/s and indices mentioned in this article is discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities market are subject to market risks. Read all the related documents carefully before investing.