The benchmarks of the Indian stock market, the Sensex and the Nifty 50, closed the day in negative territory for the fourth straight session on Thursday, April 18, amidst conflicting global indications. This was due to selling pressure. The indices were most negatively impacted by losses in the stock of a few major banks, namely HDFC Bank, ICICI Bank, and Axis Bank. However, mixed global cues, together with a decline in the US dollar and dropping crude oil prices, limited the losses. After the Sensex closed, major European markets saw positive trading, including the FTSE in the UK, the CAC 40 in France, and the DAX in Germany.
Iran Vs Israel Strains The World Market
The ongoing strain between Iran and Israel continues to be a major worry for world markets. Israeli Prime Minister Benjamin Netanyahu has stated, as reported by Mint, that his country will decide on its own how to proceed against Iran, ignoring pleas for moderation from its allies.
With just four stocks in the green, Sensex ended the day at 72,488.99, down 455 points, or 0.62 percent. These stocks are Bharti Airtel, Power Grid, Infosys, and Larsen & Toubro.
The Nifty 50 finished the day with a gain of 14 equities and a loss of 152 points, or 0.69 percent, at 21,995.85.
The BSE Smallcap index finished with a nominal gain of 0.06 percent, whereas the BSE Midcap index finished 0.39 percent worse.
The total market capitalization of the companies listed on the BSE fell to roughly ₹393.2 lakh crore from nearly ₹402.2 lakh crore on April 10, making investors poorer by approximately ₹9 lakh crore in the process as the market benchmarks continued to lose money for the fourth straight session.
As for the benchmark crude oil, Brent Crude, it fell more than 1% to the $86 per barrel mark at around 5:00 pm in anticipation that new sanctions against Iranian oil would not be imposed.
Top Nifty Gainers And Losers
The top gainers in the Nifty index at closing were shares of Bharti Airtel (up 4.03 percent), Power Grid (up 2.57%), and Bajaj Auto (up 1.61%).
The leading losers in the Nifty index at the conclusion of the day were shares of Titan (down 2.94 percent), Nestle (down 2.95 percent), and Apollo Hospitals Enterprise (down 3.71%).
Except for Nifty Media (up 0.77 percent), all sectoral indices finished lower. Nifty lost significantly in the areas of healthcare (down 1.75%), oil and gas (down 1.10), and fast-moving consumer goods (down 1.08%). At the close, the Nifty Bank index was down 0.87 percent.
Experts Share Their Views On Nifty
“Amid varying opinions, rising geopolitical concerns in the Middle East, and diminishing expectations of US rate reduction, domestic benchmarks continued to decline. Since the labor market is strong and inflation has progressed thus far, investors are adjusting to sustained higher US interest rates. Profit booking has also been observed in the wider market, mostly due to difficulties in heavy-weight industries like banking and FMCG, according to Vinod Nair, Head of Research at Geojit Financial Services.
“Nifty kept losing ground as long as the index was below the 21EMA key moving average. Nonetheless, the index has created a bullish harami pattern on the hourly chart, indicating a possible bullish turnaround in the near future. Additionally, the hourly chart shows a bullish divergence. In the future, the index may rise to 22,200–22,300; continued trading over 22,300 might bolster the market even more. Support is located at 21,900, according to LKP Securities Senior Technical Analyst Rupak De.
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