22 April,2026 11:16 AM IST | Mumbai | Tarun Verma
Market participants are expected to closely track developments in the Middle East and crude oil price movements for further cues. Representational pic
Amid the ongoing West Asia conflict, Indian benchmark equity indices Sensex and Nifty declined in early trade on Wednesday after a three-day rally, dragged by heavy selling in IT stocks.
The 30-share BSE Sensex on Wednesday declined by 494.12 points to 78,779.21 in early trade, while the 50-share NSE Nifty dropped by 142.2 points to 24,434.40.
On Tuesday, the Indian equity indices ended on a strong note, with the Nifty closing the weekly expiry session above 24,550, supported by optimism around potential US-Iran peace negotiations and steady domestic earnings momentum.
Market participants are expected to closely track developments in Middle East tensions and crude oil price movements for further cues on market direction, while volatility is expected to continue.
From the 30-Sensex firms, HCL Tech tumbled nearly 9 per cent after its March quarter earnings failed to cheer investors.
HCL Tech on Tuesday reported a 4.20 per cent on-year rise in consolidated net profit to Rs 4,488 crore for the March quarter of FY26, even as the management flagged a highly volatile demand environment shadowed by tariffs and softened discretionary spends, giving a FY27 growth guidance of 1-4 per cent.
Amid heightened volatility in equity markets, Tech Mahindra, Infosys, Tata Consultancy Services, ICICI Bank and Asian Paints were among the major laggards, while NTPC, Hindustan Unilever, Trent and Tata Steel were among the gainers.
The concerning global situation has also been a heavy sell-off: Foreign Institutional Investors (FIIs) on Tuesday offloaded equities worth Rs 1,918.99 crore, according to exchange data.
Along with the Indian markets, South Korea's benchmark Kospi and Hong Kong's Hang Seng index also traded lower. However, Japan's Nikkei 225 index and Shanghai's SSE Composite index were quoted in positive territory.
As per Bajaj Broking, the Nifty index on Tuesday formed a bullish candlestick pattern with a higher high and higher low, highlighting the continuation of the up move. The index is in the process of sustaining above its 50-day EMA.
An expert from Bajaj Broking said, "Bias remains positive above last Wednesday's gap-up area of 23,850 - 24,100. The index is expected to maintain a positive bias and gradually head towards 24,700 - 24,800 levels, being the confluence of the 200-day EMA and the 61.8 per cent retracement of the entire decline from 26,373 to 22,183."
