Top Gainers & Losers on April 23: Union Bank, Trent, Havells, Ashok Leyland, OLA, Canara Bank among top losers(REUTERS)AI Quick ReadThe sell-off in the Indian stock market further intensified in Thursday’s session, 23 April, as investors grappled with rising geopolitical tensions, elevated crude oil prices, and shaky prospects for further talks to end the conflict with Iran.
The week began with a sense of potential peace in the Middle East, but that optimism eventually faded, pushing crude oil prices higher and reigniting concerns over inflation, thereby turning sentiment risk-off.
After losing 0.80% in the previous session, the Nifty 50 declined another 0.86% to settle at 24,169, while the S&P BSE Sensex closed at 77,635, down 1.12% from Wednesday’s close.
The broader markets, which had outperformed the key indices in recent sessions, failed to extend the rally, as both the Nifty Midcap 100 and Nifty Smallcap 100 indices closed lower with losses of up to 0.60%.
Turning to sectoral performance, higher crude oil prices dragged auto stocks lower, causing the Nifty Auto index to drop 2.28%, emerging as the top sectoral laggard. It was followed by the Nifty PSU Bank and Nifty Consumer Durables indices, which slipped 2.10% and 1.82%, respectively.
Other sectors such as Nifty Realty and Nifty Private Bank also declined by over 1%. After losing 4% in the previous session, the Nifty IT index fell another 1%.
Foreign investors resumed their selling streak, reacting to the recent escalation in the US–Iran situation, elevated oil prices, and currency movements.
Tensions remain high as the US and Iran failed to meet for a fresh round of peace talks, with both sides blocking the Strait of Hormuz to gain leverage during an extended ceasefire. Tehran has indicated that it has no immediate plans to participate in negotiations.
Today’s top laggards were largely led by auto and financial stocks, with IIFL Finance leading the list as it plunged 10.3% to ₹419.5 apiece. Meanwhile, Union Bank of India shares shed 7.5% to ₹179.5 apiece after the PSU lender’s Q4 numbers fell short of Street estimates.
Losses in Bank of Maharashtra further extended, with the stock falling 3% to ₹77.4 apiece. Other lenders such as Canara Bank, Bank of Baroda, Punjab & Sind Bank, Central Bank of India, and Punjab National Bank also dropped over 2%.
Among auto stocks, Ashok Leyland lost a sharp 4.7% of its value, falling to ₹170.6 apiece. It was followed by TVS Motor Company, Samvardhana Motherson, and Hero MotoCorp, all of which closed lower with losses of up to 3%.
Ola Electric also gave up some of its recent gains, tumbling 3% to ₹37.4 apiece. Lower-than-expected Q4 numbers dragged Havells India shares down by 6.55% to ₹1,260 apiece. Likewise, Trent shares skidded 4% to ₹4,251 after its March quarter results.
New-age tech stocks such as CarTrade Tech and Delhivery finished the session lower by 5.24% and 3%, respectively. Infosys shares declined 2.21% to ₹1,240.6 apiece ahead of its Q4 results.
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.
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