Sensex Slides 455 Points, Nifty Tests 22,000 Amid Sectoral Weakness

Ira Singh
Khabar Khabaron Ki,18 April’24

The Indian share market indices ended lower for the fourth consecutive session on Thursday.Dimming hopes of US rate cuts and geopolitical tensions in the Middle East capped upside for the indices. Apart from this, stock-specific action will likely be higher as 19 companies are poised to post Q4 results today. At close, the Sensex was down 454.69 points or 0.62 percent at 72,488.99, and the Nifty was down 152.10 points or 0.69 percent at 21,995.80. About 2506 shares advanced, 1146 shares declined, and 129 shares unchanged.

Highlights of the day:
●Infosys, HDFC Life & Bajaj Auto to post Q4 results today,
●Vodafone Idea FPO opens for subscription today,
●IIFL upgrades Vodafone Idea to Add & Indus to Buy,
●Angel One shares rally 5% after posting 31% rise in Q4 profit,
●Nestle India drops 5% to record worst day in 3 years,
●Ambuja Cements climbs 4%; hit 52-week high on BSE.

Gujarat Gas( the largest city gas distribution company in India) and Indian Oil Corporation (IOCL) have recently,on 16 April 2024 entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2023, the Government of India held 51.50% stake in the company, according to information.

Indian Oil Corporation opened at ₹166.4 apiece in Tuesday’s trade session and was trading 2.28% higher at 10.55 am at ₹170.3 apiece on the BSE. Meanwhile, stock of Gujarat Gas Ltd (GGL) opened at ₹583 on the BSE on Tuesday, up 1.74% from its previous close of ₹573.15 apiece.However, Gujarat Gas gave up its opening gains and was trading 1.47% lower at ₹564.75 apuiece at 10.55 am.

Bharti Airtel, Power Grid Corporation, Hindalco Industries, Bajaj Auto and LTIMindtree were the biggest gainers on the Nifty,while losers included Apollo Hospitals, Nestle India, ONGC, Adani Enterprises and Titan Company.

On the sectoral front,except telecom and media, all other sectoral indices are trading in the red. The BSE midcap index shed 0.4 percent, while the smallcap index ended on a flat note.

Rupee Close:
On 18 April’24,the Indian rupee rebounded from its all-time low levels and appreciated 12 paise to 83.49 against the U.S. dollar in early trade on Thursday, supported by a firm trend in domestic equities and tracking gains in Asian currencies.

Forex traders said the local unit gained ground as the American currency retreated from its elevated levels.

Trading Guide
Market experts believe that the bearish bias will continue over the next few days as investors grapple with geopolitical uncertainity in the Middle-East, elevated bond yields, and corporate earnings season.

Market experts have recommended six buy or sell stock ideas for today- Escorts, HAL, Bharat Dynamics, GRSE, Mazagon Dock, and Shilpa Medicare.