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

Indian equity benchmarks traded lower in the early afternoon session on Friday, 23 January 2026, as selling pressure in aviation, financials and select PSU stocks outweighed gains in IT, FMCG and pharma counters. Despite some resilience in large-cap defensives, overall sentiment remained cautious amid broad-based weakness across indices.

Also Read: 22 January 2026: Market Wrap: Nifty Ends Higher at 25,289 as Pharma, Defence and Adani Stocks Lead Rally

Nifty 50 Trades in Red Near 25,205

As of 12:16 IST, the Nifty 50 stood at 25,205.15, down 84.75 points (-0.34%).

• Open: 25,344.60

• Day’s High: 25,347.95

• Day’s Low: 25,183.65

The index failed to sustain early highs and slipped into negative territory, with selling emerging near the 25,340–25,350 resistance zone.

Broader Indices Also Under Pressure

Weakness was visible across broader and sectoral indices:

• Nifty Next 50: 67,224.85 (-0.54%)

• Nifty Financial Services: 27,001.70 (-0.55%)

• Nifty Bank: 58,992.85 (-0.35%)

The decline in financial services and banking stocks continued to cap any meaningful recovery in the broader market.

Top Gainers: Asian Paints, Dr Reddy’s and TCS Support the Market

Selective buying was seen in defensives and quality large caps:

• Asian Paints: ₹2,759.10, +2.05%

• Dr Reddy’s Laboratories: ₹1,241.00, +1.93%

• Hindustan Unilever (HUL): ₹2,425.10, +1.44%

• TCS: ₹3,188.60, +1.21%

• Hindalco: ₹955.20, +1.14%

Strength in Asian Paints, HUL and TCS reflected defensive positioning, while continued momentum in Dr Reddy’s supported the pharma pack.

Top Losers: Eternal, IndiGo and Axis Bank Drag

Heavy selling pressure was visible in select high-volume and financial stocks:

• Eternal: ₹263.65, -4.44%

• IndiGo: ₹4,765.00, -2.93%

• Jio Financial Services (JIOFIN): ₹256.10, -2.48%

• Power Grid: ₹254.20, -1.95%

• Axis Bank: ₹1,270.50, -1.88%

The sharp decline in IndiGo weighed on the aviation space, while continued weakness in Axis Bank and Jio Financial dragged financials lower.

Market View: Cautious Sentiment with Defensive Rotation

The session reflects a clear shift towards defensive and quality large-cap stocks, as investors booked profits in recent outperformers. The market continues to exhibit:

• Weakness in financials and high-beta stocks

• Strength in FMCG, IT and pharma

• Consolidation near key support levels

Technically, traders are closely tracking:

• Immediate support: 25,150–25,180

• Resistance: 25,340–25,360

A breakdown below support could invite further selling pressure in the short term.

Conclusion: 23 January 2026

Indian markets traded lower at midday, weighed down by financials and aviation stocks, even as select defensives provided limited support. With broader indices also in the red, investors appear to be adopting a cautious stance ahead of further triggers such as earnings announcements, institutional flows and global market cues.

For real time stock Updates, visit NSE website.