Market Decline in the Fourth Consecutive day with Strong Volatility

Indian equity indices ended with substantial losses on Thursday. Nifty opened at 22212.35, a gap up of 64.45 points from Tuesday’s close and made an intraday high of 22326.50 and closed at 21995.85 down 152.05 points or 0.69%. The loss were majorly due to decline in heavy-weight stocks like HDFC Bank, ICICI Bank, Axis Bank, ITC, and Titan. While Bharti Airtel, Power Grid, Bajaj Auto and Hindalco Industries helped in the gains. In line with the benchmark indices, the wider markets replicated the performance. The BSE Mid Cap ended with a 0.39% lower, while the BSE Small Cap had a 0.06% decline. On BSE, 1,904 stocks advances, 1,894 stocks declined and 131 remained unchanged. Among the sectoral indices, the Nifty Media index (up 0.77%), the Nifty PSU Bank index (down 0.19%) and the Nifty IT index (down 0.23%) outperformed the Nifty 50 index. Meanwhile, the Nifty Healthcare index (down 1.75%), the Nifty Oil & Gas index (down 1.10%) and the Nifty FMCG index (down 1.08%) underperformed the Nifty 50 index.

The Nifty’s short-term trend looks bearish, investors should remain cautious while trading.

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UPCOMING ECONOMIC DATA

NEWS UPDATES

• Shares of HDFC Life Insurance Company were trading 1.1 percent higher after the insurer announced fiscal fourth quarter results that beat expectations. However, the share price moderated from the two-percent gains from morning trade.

• Tata Group-owned telecom company Tata Communications will be launching its AI Cloud with Nvidia sometime this year and pump in more investments while preparing data centres for it.

• In a highly volatile session, Indian equity indices failed to hold on to opening gains and ended lower for the fourth straight day on April 18 with Nifty below 22,000. At close, the Sensex was down 454.69 points or 0.62 percent at 72,488.99, and the Nifty was down 152.05 points or 0.69 percent at 21,995.85

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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