Prime End of the Day Summary: View on Market Performance 22 April 2026

Nifty Snaps Three-Day Winning Streak; IT Index Tanks 4%

Nifty ended its three-session winning streak by falling 198 points to close at 24378. It opened 106 points lower at 24,470, plunged to 24,351 in the first hour, staged a partial recovery post-10:15 AM, but fresh selling dragged it back near the day’s low. NSE cash turnover rose 7% from yesterday.

Tata Consumer Products, Hindustan Unilever, and NTPC led Nifty gainers, while HCL Tech, Infosys, and M&M bore the brunt of selling pressure.

Sectoral performance was a mixed bag. FMCG, Media, and Realty emerged as the top performers. Conversely, Nifty IT, Financial Services, Private Banks, and Auto struggled. The Nifty IT index plunged nearly 4%, on weak quarterly results from HCL Tech and Tata Elxsi.

Nifty Midcap 100 and Smallcap 100 extended their outperformance, rising 0.19% and 1.13% respectively. Market breadth stayed firm, with BSE advance-decline ratio at 1.35x, signaling sustained buying in mid- and small-caps.

The rupee extended its three-day slide, depreciating 30 paise amid surging crude prices and West Asia peace deal uncertainties. Geopolitical tension, alongside the RBI’s move to ease part of currency restrictions and a general “risk-off” sentiment, has kept the rupee under pressure.

Despite the decline, Nifty held above its key 5-DEMA support at 24,337, suggesting today’s pullback from higher levels reflects profit booking within the broader uptrend rather than a trend reversal. Next support lies at the 50-DEMA of 24,220, while resistance remains between 24,600 (recent swing high) and 24,820 (200-DEMA).