23 January 2026: Market Wrap: Nifty Ends at Day’s Low Near 25,049 as Adani Stocks and Financials Trigger Broad Sell-Off

Indian equity markets closed sharply lower on Friday, 23 January 2026, as heavy selling pressure across Adani group stocks, financials, and high-beta counters dragged benchmarks to the day’s lows. Despite limited support from select FMCG, pharma and metal stocks, the overall sentiment remained firmly risk-off through the session.

Also Read: 23 January 2026: Afternoon Market Wrap: Nifty Slides 194 Points to 25,095 as Adani Stocks, Aviation and Financials Drag Markets

Nifty 50 Closes Below 25,050 Amid Heavy Selling

At market close (15:30 IST), the Nifty 50 settled at 25,048.65, down 241.25 points (-0.95%).

• Open: 25,344.60

• Day’s High: 25,347.95

• Day’s Low: 25,025.30

The index witnessed persistent selling throughout the session and decisively broke below the 25,100 support zone, indicating weakening short-term market structure.

Broader Indices Witness Steeper Declines

Selling pressure was sharper across broader indices, highlighting broad-based risk aversion:

• Nifty Next 50: 66,260.55 (-1.97%)

• Nifty Financial Services: 26,821.35 (-1.21%)

• Nifty Bank: 58,473.10 (-1.23%)

The sharp fall in the Nifty Next 50 signals that selling was not limited to frontline stocks but extended across the wider market.

Top Gainers: Defensives Offer Limited Cushion

Only a handful of stocks managed to close in the green, providing marginal support to the indices:

• Dr Reddy’s Laboratories: ₹1,238.40, +1.72%

• ONGC: ₹246.10, +0.86%

• Tech Mahindra: ₹1,700.70, +0.79%

• Hindalco: ₹951.00, +0.69%

• Hindustan Unilever (HUL): ₹2,406.00, +0.64%

Gains in Dr Reddy’s, HUL and Tech Mahindra reflected defensive positioning, while ONGC and Hindalco drew modest support from the commodities space.

Top Losers: Adani Enterprises Tanks Over 10%, Selling Deepens

The session was dominated by aggressive selling in momentum and high-volume counters:

• Adani Enterprises: ₹1,861.80, -10.76%

• Adani Ports: ₹1,314.90, -7.02%

• Eternal: ₹260.05, -5.74%

• IndiGo: ₹4,715.00, -3.95%

• Jio Financial Services (JIOFIN): ₹253.20, -3.58%

The steep fall in Adani group stocks severely dented market sentiment, while continued weakness in IndiGo, Eternal and Jio Financial amplified the sell-off.

Market View: Breakdown Below Key Support Signals Weakness

Friday’s closing reflects a clear shift towards risk-off sentiment, with markets breaking below crucial technical levels. The session was marked by:

• Heavy distribution in high-beta stocks

• Persistent weakness in financials

• Limited participation from defensives

• Broad-based decline across sectors

Technically, analysts will now watch:

• Immediate support: 24,950–25,000

• Resistance: 25,200–25,300

Failure to hold the psychological 25,000 mark could open the door for further downside in the near term.

Conclusion: 23 January 2026

Markets ended the week on a decisively weak note, with selling pressure intensifying into the close. While select defensives provided marginal support, the broader structure now reflects caution and rising volatility. Investors are likely to remain selective and risk-aware in the coming sessions, closely tracking global cues and institutional flows.

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