Indian equity benchmarks made a negative start on Wednesday and extended their losses as rising investor caution after fresh developments in the US-Iran conflict, dampened hopes of a near-term resolution. Geopolitical concerns resurfaced after the latest round of negotiations between the United States and Iran failed to produce any concrete outcome. The continued blockade of the Strait of Hormuz further weighed on market sentiment. Sensex and Nifty were trading lower by over 0.60% each in early deals, driven by selling pressure in IT and TECK stocks following HCL Tech’s Q4 results and ahead of Infosys’ Q4 numbers. Investor sentiment was also impacted by foreign fund outflows, with Foreign Institutional Investors (FIIs) remaining net sellers, recording outflows of Rs 1,918.99 crore on April 21, 2026.

On the global front, Asian markets were trading mixed after President Donald Trump said the United States was indefinitely extending its ceasefire with Iran - a day before it was to expire - as a new round of peace talks was on hold. Back home, in stock specific development, HCL Tech leading the losers as its management flagged a highly volatile demand environment shadowed by tariffs and softened discretionary spending, giving an FY27 growth guidance of 1-4%.

The BSE Sensex is currently trading at 78669.31, down by 604.02 points or 0.76% after trading in a range of 78661.87 and 79031.03. There were 8 stocks advancing against 22 stocks declining on the index.

The top gaining sectoral indices on the BSE were Utilities up by 0.94%, Power up by 0.72%, FMCG up by 0.58%, Metal up by 0.45% and Realty up by 0.43%, while IT down by 2.68%, TECK down by 2.03%, Bankex down by 0.35% and Consumer Durables down by 0.07% were the few losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 1.21%, NTPC up by 1.07%, Ultratech Cement up by 0.57%, Tata Steel up by 0.19% and Trent up by 0.17%. On the flip side, HCL Technologies down by 8.88%, Infosys down by 2.52%, Tech Mahindra down by 2.46%, TCS down by 1.45% and ICICI Bank down by 1.43% were the top losers.

Meanwhile, amid global uncertainties and India’s evolving role, Consul General of India to Shanghai, Pratik Mathur has said the country’s doctrine of strategic autonomy offers both value and predictability to partner nations. He noted that India’s strength as a partner lies in its consistency and its refusal to be instrumentalised in the rivalries of others.

He also addressed a common misconception about India that it operates as a single, uniform market. He emphasised that the country’s diversity across states, regulations, and cultures is a defining feature of its democratic structure. He said businesses should integrate this complexity into their strategies rather than attempt to simplify it.

On India’s economic trajectory, he highlighted the success of Production Linked Incentive schemes across 14 sectors. He pointed out that Apple Inc. now manufactures more than 14 per cent of its iPhones in India. He also underscored the strength of India’s digital public infrastructure, including Unified Payments Interface (UPI), Aadhaar, and the Open Network for Digital Commerce.

He further pointed to transformative progress under the PM Gati Shakti master plan. He noted that logistics costs are being reduced from around 14 per cent of Gross Domestic Product (GDP) toward a target of 8 per cent. He also highlighted the development of major industrial corridors such as the Delhi-Mumbai Industrial Corridor and the Chennai-Bengaluru Industrial Corridor, which are gradually becoming operational.

The CNX Nifty is currently trading at 24424.40, down by 152.20 points or 0.62% after trading in a range of 24420.50 and 24515.95. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Nestle up by 2.20%, Tata Consumer Products up by 1.44%, Tata Motors Passenger Vehicles up by 1.42%, Hindustan Unilever up by 1.04% and Hindalco up by 0.99%. On the flip side, HCL Technologies down by 8.79%, Tech Mahindra down by 2.59%, Infosys down by 2.54%, ICICI Bank down by 1.45% and TCS down by 1.36% were the top losers.

Asian markets were trading mixed; Hang Seng slipped 299.48 points or 1.13% to 26,188.00, Straits Times fell 20.33 points or 0.41% to 4,994.63, Jakarta Composite declined 11.59 points or 0.15% to 7,547.79 and KOSPI was down by 5.48 points or 0.09% to 6,382.99. On the other hand, Taiwan Weighted jumped 327.61 points or 0.87% to 37,932.72, Nikkei 225 rose 135.83 points or 0.23% to 59,485.00 and Shanghai Composite was up by 9.99 points or 0.24% to 4,095.07.