PSU Bank, media and metal shares advanced while IT, pharma and consumer durables shares declined.

At 09:25 IST, the barometer index, the S&P BSE Sensex declined 470.31 points or 0.59% to 78,803.02. The Nifty 50 index fell 122.25 points or 0.50% to 24,458.18.

In the broader market, the BSE 150 MidCap Index dropped 0.17% and the BSE 250 SmallCap Index rose 0.07%.

The market breadth was negative. On the BSE, 1,707 shares rose and 1,350 shares fell. A total of 175 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.02% to 18.06.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,918.99 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,221.27 crore in the Indian equity market on 21 April 2026, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.39% to 6.918 compared with previous session close of 6.891.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.7425 compared with its close of 93.4400 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement advanced 0.99% to Rs 153,170.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was flat at 98.40.

The United States 10-year bond yield was flat at 4.291.

In the commodities market, Brent crude for June 2026 settlement fell 24 cents or 0.24% to $98.24 a barrel.

Stocks in Spotlight:

Tata Elxsi declined 2.47% after the company reported a 27.8% jump in net profit to Rs 220.4 crore on a 9.4% surge in revenue from operations to Rs 993.8 crore in Q4 FY26 over Q4 FY25.

PNC Infratech rallied 8.93% after the company has emerged as the lowest (L1) bidder for two HAM-based national highway projects worth Rs 3,483 crore.

Karnataka Bank rose 0.34% while Pine Labs jumped 6.60% after the bank has entered into a strategic partnership with Pine Labs, a provider of point-of-sale (PoS) solutions. Through this partnership, the bank aims to strengthen digital payment options for its customers.

Global Market:

Asian markets traded mixed on Wednesday even after President Donald Trump extended a U.S. ceasefire with Iran.

Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal,' Trump reportedly said in a social media post.

He added that the ceasefire would be extended until Tehran submitted a proposal or discussions were concluded, and that the U.S. military would continue its blockade of Iranian ports.

However, the timeline remains uncertain. Negotiators from Tehran said they wouldn't attend the talks with the U.S., calling them a 'waste of time,' Iranian state media reported on Wednesday.

The uncertainty also delayed Vice President JD Vance's trip to join peace talks, according to media reports.

Meanwhile, Japan's Nikkei 225 rose to a new record of 59,691 following the release of its latest trade data. The country's exports rose for a seventh straight month, posting a trade surplus of 667 billion yen ($4.18 billion) in March, compared with a surplus of 1.1 trillion yen widely reported forecast.

Overnight on Wall Street, stocks dropped on Tuesday as investors grew concerned that a peace deal between the U.S. and Iran would not be struck ahead of a ceasefire that's set to expire Wednesday.