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

Indian equity markets ended sharply lower on Friday, 23 January 2026, as heavy selling in Adani group stocks, aviation, financials and select pharma counters triggered broad-based weakness across indices. Despite pockets of strength in FMCG, IT and metals, the negative momentum dominated the second half of the session, pulling benchmarks close to the day’s lows.

Also Read: 23 January 2026: Midday Market Update: Nifty Slips Below 25,210 as Aviation and Financial Stocks Drag; Asian Paints and TCS Gain

Nifty 50 Closes Weak Below 25,100

At market close (14:56 IST), the Nifty 50 settled at 25,095.90, down 194.00 points (-0.77%).

• Open: 25,344.60

• Day’s High: 25,347.95

• Day’s Low: 25,041.00

The index failed to sustain above the 25,300 zone and witnessed persistent selling pressure, indicating weakening short-term sentiment.

Broader Indices Witness Sharper Declines

Losses were deeper across broader and sectoral indices, reflecting risk-off sentiment:

• Nifty Next 50: 66,500.35 (-1.62%)

• Nifty Financial Services: 26,881.85 (-0.99%)

• Nifty Bank: 58,623.75 (-0.97%)

The sharp fall in the Nifty Next 50 suggests heightened selling pressure in mid- and large-cap stocks beyond the benchmark.

Top Gainers: Defensives and Select IT Provide Limited Support

Some resilience was seen in defensive and quality names:

• Dr Reddy’s Laboratories: ₹1,240.50, +1.89%

• Hindustan Unilever (HUL): ₹2,415.90, +1.06%

• Tech Mahindra: ₹1,704.60, +1.02%

• Bajaj Auto: ₹9,447.50, +0.83%

• Hindalco: ₹951.90, +0.79%

Gains in HUL, Dr Reddy’s and Tech Mahindra reflected defensive buying, while Bajaj Auto and Hindalco offered marginal support from the auto and metal space.

Top Losers: Adani Stocks, IndiGo and Pharma Counters Under Heavy Selling

The session was dominated by aggressive selling in high-beta and momentum stocks:

• Adani Enterprises: ₹1,892.30, -9.30%

• Adani Ports: ₹1,314.20, -7.07%

• Eternal: ₹259.95, -5.78%

• IndiGo: ₹4,709.00, -4.07%

• Cipla: ₹1,316.50, -3.93%

The steep fall in Adani group stocks significantly impacted market sentiment, while weakness in IndiGo, Eternal and Cipla further intensified the decline.

Market View: Risk-Off Sentiment, Volatility Increases

Friday’s session reflected a clear risk-off mood, with investors cutting exposure to high-valuation and momentum stocks. The market displayed:

• Sharp profit booking in recent outperformers

• Weakness across financials and broader markets

• Defensive buying limited to select FMCG and pharma names

Technically, analysts are now watching:

• Immediate support: 25,000–25,050

• Resistance: 25,300–25,350

A decisive break below the psychological 25,000 level could trigger further short-term volatility.

Conclusion: 23 January 2026

Markets ended the week on a weak note, with broad-based selling overpowering selective defensive gains. With volatility rising and sectoral rotation intensifying, investor sentiment remains cautious. Near-term direction will likely depend on global cues, institutional flows and upcoming earnings reactions.

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