Prime End of the Day Summary: View on Market Performance 23 April 2026

Nifty Slips for Second Straight Day on Weak Global Cues, Surging Crude

Nifty extended its losing streak for a second straight session, slipping 205 points to close at 24,173. The index opened 176 points lower, recovered more than 100 points in the first hour, but lost momentum after 10:15 AM and remained under pressure for the rest of the session.

Dr. Reddy’s, Cipla, and Jio Financial topped the Nifty gainers, while Trent, Shriram Finance, and Tech Mahindra faced the heaviest selling.

Sectoral trends were mixed: Nifty Pharma, Healthcare, and Media led the gains, but Auto, PSU Banks, Consumer Durables, and Realty lagged as top losers.

Nifty Midcap 100 and Smallcap 100 also saw profit-taking, declining 0.41% and 0.67%, respectively, alongside the benchmark. Market breadth weakened, with the BSE advance-decline ratio dipping to 0.70, signaling profit booking in mid- and small-caps after their recent stellar run.

Driven by surging hedging demand and a flight to safe-haven assets, the Indian rupee weakened for a fourth straight day, depreciating 32 paise against the dollar to hit its lowest level this April. RBI interventions couldn’t stem the slide amid rallying crude oil and a stronger greenback.

Technically, Nifty has now entered the gap zone between 24,145 and 23,907, formed on 15 April 2026, which may act as a short-term support area. On the upside, 24,310 and 24,600 are likely to act as resistance level.