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Stock market recap: The Indian stock market selloff extended to the third straight session on Friday, 24 April, with the benchmarks — the Sensex and the Nifty 50 — crashing by over 1% each.
The 30-share pack tumbled 1,000 points, or 1.29%, to end at 76,664, while the Nifty 50 plunged by 275 points, or 1.14%, to close at 23,898. The Nifty Midcap 100 index fell 0.96%, while the Smallcap 100 index dropped 0.87%.
POLYPLEX (Cmp ₹889.65)
On 24 April 2026, Indian equity markets witnessed a sharp sell-off, with benchmarks tumbling under heavy pressure from global and domestic headwinds. The Sensex plunged nearly 1,000 points to close at 76,664, while the Nifty slipped below the 24,000 mark, ending at 23,897, down 275 points. The rout was led by IT stocks, as Infosys crashed over 7%, dragging peers HCL Tech, TCS, and Tech Mahindra lower.
Weakness also spread to financials and defensives, with ICICI Bank, Asian Paints, and Sun Pharma among notable laggards. However, select counters such as Trent, Bajaj Finance, SBI, HDFC Bank, and Kotak Mahindra Bank managed to buck the trend. Investor sentiment was rattled by escalating West Asia tensions, a weakening rupee at 94.23 against the dollar, and rising crude prices, with Brent climbing above $107 per barrel. Foreign institutional investors added to the pressure, offloading equities worth ₹3,254 crore, deepening the market’s decline.
On Friday, we witnessed sharp profit-taking as Nifty Futures rushed to fill the gap; however, the trend remained fickle, as the buyerless market witnessed long liquidation. The selloff did trigger some panic as the resultant action once again has placed before us that the trends are clearly two sided and hence its best to adopt a mean reversion approach to profit form market participation. Breakout trades are not performing consistently, barring a few, hence it's best to buy a good breakout trade on a pullback to generate an optimum entry and exit.
The daily chart shown below continues to show that the trends are still struggling to retain the positive vibes and we should continue to maintain a buy on dip approach. The trends continue to favour those who are able to participate on the long side at every possible pullback.
In our issues over the past few months, we have been successful in initiating a good buy-on-the-dip approach, and we continue to maintain that this pattern will hold. The Ichimoku Bands are seen holding on the higher time frame charts are clearly suggesting that the momentum could trigger some further upside and the last decline has seen the upper Ichimoku Band proving strong support to the trends. With the immediate resistances being surpassed we should now look at some fresh momentum coming into play.
With the monthly expiry around the corner and with a bullish wave seen once again after a while the market would not look to give up the gains made from lower levels. However, a bottom formation seems to have been put in place, the environment is still pensive causing some delay in the trend to fructify in the last few days.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.