The Indian stock market faced another challenging session on April 23, with key indices declining for the third consecutive day. The Nifty index fell 1.10%, closing at 23,907, while the S&P BSE Sensex dropped 1.28% to 76,670. The downturn was largely attributed to widespread selling in technology stocks, which saw the Nifty IT index plummet by 5.3% following disappointing quarterly earnings. Broader market indices, including Nifty Midcap 100 and Nifty Smallcap 100, also experienced declines of up to 1%. Vinod Nair, head of research at Geojit Investments Limited, noted that geopolitical tensions in the Middle East, rising crude oil prices, and a weakening rupee contributed to the negative sentiment. Additionally, Foreign Institutional Investors (FIIs) returned to net selling after a brief period of inflows, further dampening market confidence. Analysts are closely monitoring ongoing earnings reports for potential downgrades amid these uncertainties.