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  4. NIFTY and SENSEX close lower for the fourth consecutive session; reverse course from opening gains

NIFTY and SENSEX close lower for the fourth consecutive session; reverse course from opening gains

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Upstox

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3 min read • Updated: April 18, 2024, 5:39 PM

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Summary

Domestic markets closed lower on Thursday for the fourth consecutive session. The disappointing performance comes after markets showed mild recovery in the morning as they opened higher but pared gains during the session as investors continue to stay wary of heightening Israel- Iran tensions and the dour performance of bigger banking stocks.

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Broader market indices underperformed the benchmark indices. NIFTY Midcap 100 closed 0.49% lower at 48,995, 50,022, while NIFTY Smallcap 100 closed 0.28% lower.

Benchmark indices—NIFTY50 and SENSEX—opened on a positive note but later gave up gains to close around 0.5% lower on Thursday. The NIFTY50 closed below 22,050, while the SENSEX declined more than 300 points, to end at 72,488.

Markets registered gains in morning trade after a disappointing performance in the last four sessions. Indices opened on a stronger note, as the NIFTY50 opened 0.43% higher and SENSEX gained 0.40% at open.

However, markets pared gains later during the session as banking heavyweights like Axis Bank(-2.48%), HDFC Bank (-0.82%)and ICICI Bank (-1.10%) dragged down the overall markets. Although investors are still wary of escalating tensions between Israel and Iran, markets saw some hopeful cues as crude oil prices eased and the US dollar dropped slightly.

Out of the NIFTY50 space, 36 stocks closed in the red. ONGC (-2.88%), Nestle India (-2.95%) and Axis Bank (-2.48%) were among the top losers, while Bharti Airtel (+4.03%), Power Grid (+2.57%), and Infosys (+1.06%) and were among top gainers.

Broader market indices underperformed the benchmark indices. NIFTY Midcap 100 closed 0.49% lower at 48,995, 50,022, while NIFTY Smallcap 100 closed 0.28% lower.

All of the NIFTY sectoral indices, except one, closed in red today. NIFTY Media was the sole gainer, rising 0.77%, while NIFTY Healthcare (-1.75%) and NIFTY Oil and Gas (-1.10%) were top sectoral losers. Other major movers like NIFTY Bank (-0.87%), NIFTY Realty (-0.53%), and NIFTY IT (-0.23%) also closed in the red today.

On the domestic front, markets closed with investors still waiting for Infosys results after TCS posted strong fourth-quarter earnings suggesting a positive outlook for Indian IT companies. During the day, stocks like Bharti Airtel and Ambuja Cement saw some major traction, while Nestle India witnessed selling pressure.

Vodafone Idea gained as much as 4% on Thursday, reaching a high of ₹13.55 on NSE. The company today opened its follow-on public offer (FPO) worth ₹ 18,000 crore for subscription from public investors. It raised ₹5,400 crore from anchor investors on Tuesday, April 16, in the pre-FPO round. Shares of the network provider closed 1.93% higher at ₹13.20 on NSE.

HDFC Life Insurance company today reported a nearly 14% rise year-on-year in its consolidated net profit at ₹411.64 crore for the fourth quarter. Shares of the company rose more than 3% to hit a high of ₹624 apiece during the day. The stock pared gains to close 0.55% higher at ₹607.95 on NSE.

Talbros Automotive hit 5% upper circuit after the company joint venture, Marelli Talbros Chassis Systems Private Limited (MTCS), won an order worth ₹1,000 crore. The order from a leading European equipment maker will be executed over the next eight years starting from the last quarter of FY25.