Indian stock market closes in red. Read key market highlights for April 18th. Sensex down 450 pts, Nifty settles at 21,995. Know more!
Indian stock markets witnessed a disappointing closing on Thursday, April 18th, 2024. Both benchmark indices, the BSE Sensex and NSE Nifty, ended the day in the red, extending their losing streak to a fourth consecutive session.
Sensex and Nifty Fall
The BSE Sensex closed lower by 454.69 points, settling at 72,488.99. This translates to a decline of 0.62% compared to the previous closing. Similarly, the NSE Nifty slipped by 152.05 points, closing at 21,995.85. This represents a decrease of 0.69%.
Sectoral Bloodbath
The broader market sentiment remained weak, with all sectoral indices ending in negative territory. The selling pressure was widespread, affecting various sectors. Private sector banks, Information Technology (IT), and FMCG (Fast Moving Consumer Goods) stocks were among the major laggards.
Top Losers and Gainers
Among the Nifty 50 constituents, Nestle India, Axis Bank, IndusInd Bank, Bajaj Finserv, and Wipro were the top losers, witnessing significant declines in their share prices. On the other hand, some stocks managed to buck the trend and close in the green. These included Bharti Airtel, Power Grid Corporation of India, Hindalco Industries, Eicher Motors, and Titan.
Market Experts’ Viewpoint
Market experts attributed the recent decline to several factors, including global cues. The upcoming Federal Reserve decision next week and the ongoing geopolitical tensions continue to create uncertainty in the market. Additionally, profit booking by investors after a recent rally and concerns over rising inflation in India also contributed to the bearish sentiment.
Looking Ahead
The short-term outlook for the Indian stock markets remains cautious. Investor sentiment will likely remain dependent on global cues, particularly the upcoming Fed decision and the direction of crude oil prices. However, some analysts believe that the long-term prospects for the Indian market remain positive, driven by strong economic fundamentals and a focus on infrastructure development.
Important Takeaways
- Indian stock markets witnessed a downbeat session on April 18th, 2024.
- Both Sensex and Nifty closed lower, extending their losing streak to four consecutive days.
- All sectoral indices were in the red, reflecting weak market sentiment.
- Global cues, rising inflation concerns, and profit booking by investors contributed to the decline.
- The short-term outlook remains cautious, but long-term prospects are positive.
Investors are advised to stay updated with market developments and consult with financial advisors before making any investment decisions.
