Sensex Slumps 123 Points, Nifty 50 Index Falls Below 24,200: Key Insights from Indian Stock Market Trading

Indian Stock Market Ends in Negative Territory on Thursday

The Indian stock market ended in the negative territory on Thursday, 16 April, due to profit booking in select heavyweights, including HDFC Bank, Bharti Airtel, and ICICI Bank, after recent gains. The Sensex declined 123 points, or 0.16%, to end at 77,988.68, while the Nifty 50 ended with a loss of 35 points, or 0.14%, at 24,196.75.

Despite the overall decline, the mid and small-cap segments outperformed, reflecting that broader market sentiment remains positive. The Nifty Midcap 100 index rose by 0.63%, while the Nifty Smallcap 100 index jumped 0.89%. Due to gains in the mid and small-cap segments, the overall market capitalisation of BSE-listed firms rose to nearly ₹461 lakh crore from about ₹459 lakh crore in the previous session.

Market benchmarks ended lower because of profit booking in stocks across sectors. HDFC Bank shares declined 2%, ending as the top drag on the indices. The banking player will report its March quarter results on Saturday. Investors are betting on select stocks amid persisting uncertainty about the timeline of the US-Iran talks.

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According to a Reuters report, Pakistan's foreign ministry said on Thursday that no dates have been decided for the second round of talks between the US and Iran. "The domestic market opened positively but closed with a marginal loss on the weekly expiry day after a volatile session, as investors booked profits following recent gains. Markets remain watchful for clarity on the second round of US–Iran negotiations, which will guide the near-term trend," said Vinod Nair, Head of Research, Geojit Investments.

Comparison of Sectoral Indices

The Indian rupee rose by 10 paise to settle at 93.23 per dollar on Thursday, as PTI reported, following a decline in global crude oil prices amid hopes of a US-Iran truce. Vodafone Idea, Jaiprakash Power Ventures, Ola Electric Mobility, YES Bank, Suzlon Energy, Reliance Power, Tata Silver Exchange Traded Fund, and Bharat Coking Coal were the most traded stocks, or the most active stocks in terms of volume, on the NSE.

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Some 163 stocks, including Adani Power, Hindalco Industries, NTPC, Power Finance Corporation, Tata Power Company, Titan Company, and Vedanta, hit their 52-week highs in intraday trade on the BSE. Some 22 stocks, including Bhatia Colour Chem, Virya Resources, and R&B Denims, hit their 52-week lows in intraday trade on BSE.

According to Shrikant Chouhan, the head of equity research at Kotak Securities, the 24,350–24,400 zone would act as an immediate resistance for the bulls. "As long as the market is trading below this, the correction formation is likely to continue. On the downside, the market could retest levels of 24,000–23,900. On the flip side, above 24,400, the chances of hitting 24,500-24525 would increase," said Chouhan.

Sudeep Shah, the head of technical and derivatives research at SBI Securities, said the 24,320–24,350 zone is likely to act as a key resistance for the index. "A sustained move above 24,350 could extend the pullback rally towards 24,500, followed by 24,650 in the short term. On the downside, 24,080–24,050 will serve as an immediate support zone for the index," said Shah.