Indian Stock Market Overview: April 22 Sees HCL Tech, Tata Elxsi, Infosys, Bajaj Auto, Nykaa, PTC Industries Among Top Losers

Indian Stock Market Gives Up Recent Gains Amid Technology Sell-Off and Crude Oil Price Rebound

The Indian stock market experienced a sharp sell-off in technology stocks on Wednesday, April 22, leading to a decline in key indices. The market also remained cautious due to the uncertainty surrounding the United States and Iran's decision to resume talks to end the conflict.

Market Performance

The Nifty 50 index closed at 24,378, down 0.81% from the previous day's close. The S&P BSE Sensex also ended at 78,514, down 0.95% from Tuesday's close.

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The technology pack was heavily impacted, with the Nifty IT index falling 3.89%. Other indices, including Nifty Private Bank and Nifty Auto, also declined 0.73% and 0.66%, respectively.

Technology Stocks Lead Declines

HCL Technologies led the decline, plunging 11% to ₹1,285 apiece after investors reacted negatively to the company's March quarter performance. Tata Elxsi and Persistent Systems also reacted negatively to their Q4 numbers, with each falling 6.4% and 5%, respectively.

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Capital markets stocks and auto stocks also came under selling pressure, with CDSL, Choice International, and ICICI Prudential AMC declining 3%, 2.4%, and 2.2%, respectively. Similarly, auto stocks such as Mahindra & Mahindra, TVS Motor Company, Bajaj Auto, Hyundai Motor, and Hero MotoCorp dropped up to 3%.

Amara Raja, Adani Stocks Lead Gains

On the gaining side, Amara Raja Energy & Mobility saw strong buying interest, with its shares surging 16% to ₹897 apiece. Indian Renewable Energy, Piramal Finance, Urban Company, and Data Patterns (India) also posted gains of over 8%. Reliance Power shares gained momentum after recent weakness, rebounding 6.7% to close at their highest level since early February 2026. Five Adani Group stocks—Adani Energy Solutions, AWL Agri Business, Adani Power, Adani Green Energy, and Adani Total Gas—also closed higher, rising between 2.5% and 8%.

Buying momentum in Kaynes Technology strengthened further, with the stock gaining another 5% to ₹4,461.90 apiece. Meanwhile, Manappuram Finance extended its winning streak to a second session, rising 4.7% to ₹295 apiece.