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It was another weak session for the Indian stock market, as key indices extended their slump for the third consecutive day on Friday, April 23, dragged down by broad-based selling in technology stocks.

Global sentiment also remained unfavourable for risk assets, as tensions in the Middle East flared up again, keeping crude oil prices elevated and reigniting inflation worries.

Consequently, the Nifty slipped 1.10% to fall below the 24,000 mark, settling at 23,907, while the S&P BSE Sensex ended at 76,670, down 1.28% from Thursday’s close. The broader markets also remained weak, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices declining by up to 1%.

Heavy selling was seen across the technology pack, as weak earnings spooked investors, dragging the Nifty IT index down 5.3%. The Nifty Media and Nifty Pharma indices also declined 1.87% and 1.77%, respectively.

Other sectors, such as Nifty Realty, Nifty Chemicals, and Nifty FMCG, each fell over 0.73%, while Nifty PSU Bank and Nifty Metal ended with marginal losses.

Vinod Nair, head of research at Geojit Investments Limited, said, "The Indian equity market extended its profit-booking streak, pressured by heightening geopolitical tensions in West Asia, a sharp rally in crude oil prices, and a weakening rupee. IT stocks led the decline following disappointing quarterly earnings, while selling pressure was broad-based across sectors.

"FIIs returned to net selling again after a brief spell of inflows. Sentiment was further dented by global rating agencies downgrading India on inflation and macro concerns, along with the RBI flagging early signs of slowing growth. While valuations have corrected, investors are expected to closely monitor the ongoing results for any potential earnings downgrade, given the wobbling geopolitical uncertainties," he further added.

(more to come)Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments.

He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom.

During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles.

He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements.

His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.

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