Closing Bell: Nifty slips to 24,300, Sensex declines 750 points. HCL hits 52-week low

22 Apr 2026 , 04:03 PM

Indian equity markets ended the session on a weak note, with broad-based selling pressure dragging benchmark indices lower. Persistent weakness in the IT sector, coupled with foreign capital outflows, kept sentiment subdued, even as selective sector rotation supported pockets of resilience.

Market Overview: Indices under pressure

Benchmark index Nifty 50 closed at 24,378.10, slipping 198.50 points (0.81%), reflecting broad-based weakness across large-cap stocks. The decline was led primarily by heavy losses in the IT sector and risk-off sentiment across global cues.

The Sensex also ended lower at 78,516.49, falling 756 points (0.95%), indicating widespread selling pressure across frontline counters.

The Nifty Bank showed relative resilience, closing at 57,124.45, down 247 points (0.43%). The index continues to consolidate within a defined range, with resistance seen near 57,500–57,800 and support placed between 57,200–56,500.

Currency Market: Rupee under pressure

The Indian rupee weakened sharply to 93.8 against the US dollar, reflecting increased pressure from multiple fronts. The currency came under strain due to sustained selling in domestic equity markets and continued withdrawal of foreign portfolio investment (FPI) flows.

The weakness in the rupee also mirrors broader risk aversion in emerging markets, with investors preferring safer assets amid global uncertainty and higher US dollar demand.

IT Sector: Sharp correction after earnings disappointment

The technology sector remained the biggest drag on the market. The Nifty IT index declined 3.89%, hit by weak earnings and cautious commentary from key players.

HCL Technologies plunged 10.74% to a 52-week low after disappointing Q4 results and a cautious FY27 outlook, triggering heavy selling.

Infosys also fell 3.38%, as concerns over slowing global IT demand and AI-led cost optimization pressures continued to weigh on sentiment.

FMCG: Defensive buying supports select stocks

Defensive buying emerged in FMCG counters amid market volatility.

Tata Consumer Products gained 3.33%, supported by strong tea and coffee segment performance and positive broker sentiment. Meanwhile, Hindustan Unilever rose 2.39%, backed by steady demand outlook and supportive analyst views.

Energy and Power: Selective gains

NTPC advanced 2.26% after commissioning a 150 MW solar project in Rajasthan, reinforcing its renewable energy expansion strategy and supporting the green energy narrative.

Auto Sector: Under pressure

Mahindra & Mahindra declined 2.88% amid broader weakness in the auto pack, with concerns around demand moderation and margin pressures weighing on sentiment.

Defence and Drone Stocks: Strong momentum continues

Defence-related stocks continued to outperform on geopolitical concerns and rising UAV demand.

ideaForge Technology surged 11.48%, emerging as a standout gainer. Paras Defence and Space Technologies rose 4.37%, while Zen Technologies also posted gains, reflecting sustained interest in the defence modernisation theme.

EV Ecosystem: Sharp rally in battery stock

Amara Raja Energy & Mobility jumped 17% to ₹905, driven by optimism around its EV battery and lithium-ion cell manufacturing expansion plans. However, market participants continue to highlight execution and scalability risks.

Sugar Sector: Policy-driven strength

Sugar stocks rallied on expectations of supportive ethanol blending policies and improving demand outlook.

Shree Renuka Sugars rose 3.06%, Balrampur Chini Mills gained 6.19%, Triveni Engineering & Industries added 4.66%, and Dalmia Bharat Sugar and Industries climbed 5.20%.

The session highlighted a weak broader market dominated by IT-led selling and foreign capital outflows, while sector rotation continued beneath the surface. FMCG, defence, sugar, and select energy stocks attracted buying interest, indicating a defensive tilt in investor positioning amid macro uncertainty and currency pressure.