Mumbai, April 16: The Indian stock market closed lower on Thursday, influenced by weak global signals amidst rising tensions in West Asia. Major domestic benchmarks experienced slight declines during the trading session.
At the close, the Sensex fell by 122.56 points, or 0.16%, settling at 77,988.68. Meanwhile, the Nifty50 dropped by 34.55 points, or 0.14%, to trade at 24,196.75.
However, broader markets outperformed the benchmark indices. The Nifty Midcap index rose by 0.63%, and the Nifty Smallcap index saw an increase of 0.89%.
Sector-wise, the Nifty Metal index recorded the highest gain, climbing by 1.53%, followed by the Nifty IT index, which rose by 0.88%. Other sectors like Nifty Media, Nifty Realty, and Nifty FMCG also performed well, while Nifty Private Bank, Nifty Auto, and Nifty Financial Services experienced declines.
Among the biggest losers in the Nifty 50 were HDFC Bank, ONGC, HDFC Life, Titan, Mahindra & Mahindra, Bharti Airtel, and Apollo Hospitals. Conversely, shares of Adani Enterprises, Hindalco Industries, Eternal, Adani Ports, and BEL saw significant gains.
Investor caution prevailed due to uncertainty surrounding the second round of ceasefire talks between the U.S. and Iran.
Experts suggest that the market’s outlook remains uncertain in the near term, as the Nifty failed to decisively break through the resistance level of 24,300. However, if it manages to sustain above this level in the next session, a bullish trend could emerge. Otherwise, a significant profit-taking phase may commence, potentially dragging the index down to 24,000.
The Indian rupee strengthened against the dollar, closing at 93.98, up by 61 paise from the previous day’s close of 93.37. This appreciation is largely attributed to hopes of easing tensions between the U.S. and Iran, which have led to a drop in crude oil prices over the past 48 hours, alleviating pressure on India’s import bill.
Additionally, the sentiment in the market is bolstered by foreign institutional investors’ (FII) buying and positive signals from India-U.S. trade relations, as improved capital inflows strengthen the currency.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
Leave a Comment