Top Gainers & Losers on April 23: Union Bank, Trent, Havells, Ashok Leyland, OLA, Canara Bank among top losers

The 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 2.35%, emerging as the top sectoral laggard. It was followed by the Nifty PSU Bank and Nifty Consumer Durables indices, which slipped 2.20% and 2%, 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%. On the winning side, Nifty Pharma closed with 2.36% surge.

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.

Financials, autos drag markets lower as Q4 misses trigger selling

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.

Pharma leads gains; GE Vernova T&D, Jio Financial among key movers

Pharma stocks outperformed in an otherwise weak market, with OneSource Specialty and Dr Reddy's Laboratories rallying 9.8% and 9.4%, respectively. Other stocks such as Piramal Pharma, Cipla, Glenmark Pharma, Laurus Labs, Mankind Pharma, and Ipca Laboratories gained between 2% and 5.6%.

Shares of GE Vernova T&D India spiked 6% to ₹4,496 after its parent posted a robust performance in Q1 2026. Meanwhile, Welspun Corp, Godrej Industries, Jubilant Ingrevia, Torrent Power, and Hitachi Energy India closed higher by up to 4.5%.

Jio Financial Services also saw buying interest, rallying 4.3% to ₹248.7 apiece after its board approved a 50:50 joint venture with Allianz to enter the general insurance space. In-line performance in the March quarter supported Tata Communications shares, which rose 3.7%.

Multibagger Transformers & Rectifiers saw renewed buying interest, gaining 3.33% after a 7% decline in the previous session. Similarly, Bharat Dynamics shares finished the session higher by 3.12% at ₹1,423 apiece.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.