Selling in Indian stock market continues for the fourth session
Apr 18, 2024
New Delhi [India], April 18 : After the Indian stock market started Thursday's trading session with an upward trajectory both the Sensex and Nifty closed with a decline at the end of the trading.
While the Nifty slides 152.05 points to close at 21,995.85, Sensex also lost 454.69 points to close at 72,488.99. In the Nifty 50 list 36 shares closed with decline while only 14 shares closed with gain.
Bharti Airtel, Power Grid and Bajaj auto were the top performers on the Thursday's session while the Apollo Hospital, Nestle India and Titan made into the list of top losers. Nifty Financial service also lost around 200 points and settled at 20,899.
"Though the breadth was positive for the broader market, but the intensity of selling is ensuring that markets are not able to hold onto higher levels. Indian markets stood out in Asia as the major market that ended in the red. This despite the sharp 3% correction in crude oil prices in the international markets which is considered a positive for a major oil importer like India," said Ajay Bagga, Banking ansd Stock market expert.
With the exception of the media sector, all other sectoral indices experienced losses. Major indices like Healthcare, Oil & Gas, FMCG, Financial Services, and Pharma saw declines of over 1%, while Banking, Auto, IT, Metal, Realty, and Consumer Durables sectors also trended downwards.
Share of Nestle India has also taken a sharp hit on Thursday after a Swiss-based organisation made charges against the multi-national food company of adding sugar to infant food products. The share of Nestle lost 2.95 per cent to close at 2471 at the end of trading.
The Global stock markets have experienced mixed performance recently. The factors such as positive openings in Asian markets, modest gains in US index futures, and hopes of reduced geopolitical tensions have contributed to market optimism.
"Despite the rebound, concerns persist about higher US yields and a stronger dollar due to robust economic data and persistent inflation pressures, leading investors to reassess expectations for Federal Reserve interest rate cuts," said Varun Aggarwal, MD, Profit Idea.
