Stock market today: Gift Nifty hints weak start; US-Iran news, India VIX to gold, silver rates — 8 stocks to buy or sell

Stock market today, 23 April 2026: Snapping Tuesday’s gains amid weak global markets and sector-specific pressure, the key benchmark indices of the Indian stock market witnessed a corrective session on Wednesday. The Nifty 50 index crashed 198 points and closed at 24,378. The BSE Sensex nosedived 756 points, finishing at 78,516. The Bank Nifty index corrected 247 points and closed at 57,124.

Sectorally, the tone was mixed, with a sharp sell-off in IT stocks, while auto, banking, and financials also witnessed profit booking after the recent rally. However, select names from the energy, FMCG, and realty spaces showed relative resilience. Notably, broader markets remained relatively stable, with midcaps ending flat and smallcaps gaining over 1%, indicating selective participation.

Gift Nifty signals a gap-down opening

Gift Nifty index today opened lower at 24,279 and drifted further down towards 24,200 levels, making an intraday low of 24,201. By 7:15 AM, the Gift Nifty index was trading around 24,205.

Expecting a gap-down opening in the Opening Bell today, Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, said, “Indian markets are expected to begin today’s session on a negative note, with Gift Nifty indicating a soft opening around the 24,250 zone. While global cues remain somewhat mixed, the underlying tone has turned cautious, as investors grapple with rising geopolitical tensions, elevated crude oil prices, and a crucial phase of the earnings season.”

Crude oil following the US-Iran news

The primary overhang remains geopolitical developments in the Middle East. Recent escalation in the US–Iran situation, including reports of naval confrontations and renewed warnings of potential strikes, has significantly increased uncertainty. The risk surrounding the Strait of Hormuz—a critical global energy corridor—has pushed Brent crude prices above $100 per barrel. For an import-dependent economy like India, sustained elevated oil prices pose a direct risk to inflation, currency resilience, and corporate margins, thereby capping upside in equities.

Global markets today

Global cues present a mixed picture. While U.S. markets have shown resilience, supported by strong earnings and extended ceasefire arrangements, signs of profit booking in futures indicate some fatigue at higher levels. Asian markets, despite intermittent strength in Japan, are largely reflecting caution, with weakness emerging in select indices, such as South Korea’s Kospi. This divergence highlights a fragile global risk sentiment, with optimism tempered by geopolitical uncertainty.

Gold, silver rates today

Following today’s rally in crude oil prices, gold and silver rates saw selling pressure. The COMEX gold rate today is about 0.75% below its close yesterday. Currently, the COMEX gold rate is trading around $4,720/oz.

The COMEX silver rate today crashed over 2% and the precious white metal is trading around $76/oz. The WTI crude oil price is around $95/bbl.

India VIX today

Volatility is expected to remain elevated. India VIX, currently around 18.30, reflects heightened uncertainty and is likely to inch higher if bearish sentiment intensifies. Elevated VIX levels tend to make options relatively expensive and indicate the potential for sharper intraday swings, suggesting a more reactive trading environment.

Stocks to watch today

On the domestic front, markets are entering a crucial earnings phase, likely to drive stock-specific volatility. The IT sector remains under pressure following weak commentary from recent results, setting a cautious tone ahead of key announcements. Infosys is scheduled to report its results today, making it a critical trigger for the sector. Other companies such as Tech Mahindra, Trent, and Aurobindo Pharma are also in focus, alongside continued anticipation around upcoming results from Reliance Industries. The earnings trajectory and forward guidance will be key in determining near-term market direction.

Stock market today

Speaking on the outlook of the Nifty 50, Sensex today, Shrikant Chouhan, Head Equity Research at Kotak Securities, said, “For day traders, as long as the market trades below 24,500/79000, the weak sentiment is likely to continue. On the downside, it could slip to 24,300/78200. Further downside may also continue, which could drag the index up to 24200/78000. On the flip side, above 24,500/79000, it could retest levels of 24,600–24,675/79300-79500.”

On the outlook of the Bank Nifty today, Vatsal Bhuva, Technical Analyst at LKP Securities, said the Bank Nifty witnessed selling pressure near its 200-day moving average on the daily chart, indicating a key resistance zone. Despite this, the broader structure remains intact on the daily timeframe. However, on the hourly chart, RSI has slipped into a bearish crossover, hinting at short-term weakness.

“As long as the index holds above the 56,200 level, a positive bias can be maintained. Immediate support is placed at 56,500, while resistance is seen around the 57,800 zone,” said Vatsal Bhuva of LKP Securities.

Stocks to buy today

Regarding stocks to buy today, market experts — Sumeet Bagadia of Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager — Technical Research at Prabhudas Lilladher, recommended these eight buy-or-sell stocks for intraday trading: Lloyds Metals, MapmyIndia, Syrma SGS Technology, IRFC, Polycab India, HBL Engineering, JSW Energy, and KPI Green.

Sumeet Bagadia’s stock recommendations today

1] Lloyds Metals: Buy at ₹1680, Target ₹1800, Stop Loss ₹1620; and

2] MapmyIndia: Buy at ₹965, Target ₹1033, Stop Loss ₹931.

Ganesh Dongre’s buy or sell stocks

3] Syrma SGS Technology: Buy at ₹1000, Target ₹1060, Stop Loss ₹980;

4] IRFC: Buy at ₹106, Target ₹115, Stop Loss ₹100; and

5] Polycab India: Buy at ₹8040, Target ₹8300, Stop Loss ₹7900.

Shiju Koothupalakkal’s intraday stocks for today

6] HBL Engineering: Buy at ₹816, Target ₹860, Stop Loss ₹798;

7] JSW Energy: Buy at ₹560, Target ₹595, Stop Loss ₹547; and

8] KPI Green: Buy at ₹454, Target ₹480, Stop Loss ₹434.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.