Markets extend losses for second day; Nifty slips below 24,200, Sensex at 77,664

Equity benchmarks extended losses for a second straight session on Thursday (April 23), with the Sensex falling 852 points to 77,664 and the Nifty declining 205 points to close at 24,173, slipping below the 24,200 mark amid broad-based selling led by financials, IT and auto stocks.

From the Sensex basket, Dr Reddy's Laboratories Ltd, Cipla Ltd, Jio Financial Services Ltd, Adani Enterprises Ltd, Coal India Ltd and Nestle India Ltd were the major gainers. Trent Ltd, Mahindra & Mahindra Ltd, Shriram Finance Ltd, SBI Life Insurance Company Ltd, Bajaj Finserv Ltd and Tech Mahindra Ltd were the biggest laggards

Selling pressure remained widespread as all sectoral indices ended lower, barring Nifty Pharma. Nifty PSU Bank and Auto indices emerged as the top laggards during the session. The Nifty Bank index dropped 819 points to 56,305, while the midcap index declined 249 points to 59,953. Market breadth remained weak, with the NSE advance-decline ratio at 1:2 in favour of declines.

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Pharma stocks bucked the trend, witnessing a sharp surge in an otherwise weak market, with Dr Reddy’s Laboratories jumping over 9%. Sugar stocks extended gains from the previous session, as Bajaj Hindusthan and Dhampur Sugar rose nearly 3% each.

Among index movers, Trent was the top Nifty loser, falling 4% despite reporting strong Q4 results. SBI Life Insurance declined 3% after missing estimates on the retail APE front in the fourth quarter. Union Bank of India dropped over 8% after reporting net interest income below expectations, while Bharat Coking Coal fell 5% following weak quarterly results.

Havells India declined 7% after reporting a mixed Q4 performance along with a cautious outlook. Infosys fell 3%, and L&T Technology Services slipped nearly 2% ahead of their Q4 results.

Also Read: SBI Life shares slip after Q4 results but Street sees margin recovery ahead

On the gaining side, Jio Financial Services rose 4% after its board approved a 50:50 joint venture with Allianz for the general insurance business. Oracle Financial Services Software surged over 9%, while Delta Corp hit a 20% upper circuit following their Q4 results.

In the broader market, Ashok Leyland, APL Apollo Tubes, Dixon Technologies and Bank of Maharashtra were among the top midcap losers. In the commodities-linked space, upstream oil companies gained while downstream oil companies declined as Brent crude prices rose near $104 per barrel.

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