Closing Bell: Nifty below 22,000, Sensex down 455 pts; bank, FMCG, oil & gas major drag

In the highly volatile session, the Indian equity indices failed to hold on the opening gains and ended lower for the fourth straight session 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 152.10 points or 0.69 percent at 21,995.80.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit www.moneycontrol.com/markets/global-indices for all the global market action.

Sensex Today | Below 21,800, Nifty may test 21600 on immediate basis, says Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One

A relief from the global bourses led to a positive start for our markets post the mid-week holiday, which decently was driven by short covering, leading the benchmark above 22300. However, the elevation was short-lived as in the latter half, an intense bout of sell-off was triggered, which aggravated during the penultimate hour and plummeted Nifty below the 22000 mark. Eventually the index concluded the weekly expiry session below the 22000 zone, eroding nearly seven-tenths of a percent.

It has been a devastating week for the bulls, as being a truncated week with one more session to go, and the benchmark index has shredded over 500 points to sneak below the 22000 mark. From a technical standpoint, the index has plunged below its 50 DEMA with a strong bearish candle formation, depicting an inherent weakness in the markets. The previous closure around 21800 is likely to be seen as the pitstop for the bears, and if bulls could not barge on there, then we may test the 100 DEMA placed around 21600 on an immediate basis.

On the flipside, a series of resistance could be seen from 22150, followed by the 20 DEMA at 22300 zone. The undertone certainly favors the bears now and any rise should be seen as an opportunity to either exit longs or to look for bearish bets in the index.

Any relief from the global markets could only provide some aid to the ongoing carnage; hence, a strong watch is required over any developments. Meanwhile, it is advisable to refrain from aggressive bets until the uncertainty subsides.

Sensex Today | Bajaj Auto ends higher ahead of Q4 Results

Sensex Today | Nifty has support at 21,900, says Rupak De, Senior Technical Analyst, LKP Securities

Nifty continued to weaken as the index remained below the critical moving average of 21EMA. However, on the hourly chart, the index has formed a bullish harami pattern, suggesting a potential bullish reversal in the near term. Additionally, a bullish divergence is evident on the hourly chart. Looking ahead, the index might advance towards 22,200/22,300; sustained trading above 22,300 could further strengthen the market. Support is situated at 21,900.

Sensex Today | Investors will closely monitor Q4 outcomes for further directions, says Vinod Nair, Head of Research, Geojit Financial Services.

Domestic benchmarks extended losses amid mixed sentiments, emerged from escalating geopolitical tensions in the Middle East, and as hopes of US rate cuts waned. Investors are adapting to prolonged higher US interest rates due to strength in the labour market and progress in inflation so far. The broader market has also witnessed profit booking, led by the weakness in heavy weight sectors like banking and FMCG. Meanwhile, investors will closely monitor the Q4 outcomes for further directions.

Expect Rupee to remain between 83.30-83.65, says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

The rupee saw minor gains, reaching 83.54 with an increase of 0.05. This uptick was supported by weakness in crude oil prices, which helped the rupee maintain its strength against the dollar, trading below 105.75. However, ongoing geopolitical tensions in the Middle East may limit rupee gains, as the dollar could find support in case the situation worsens. The rupee's range is expected to remain between 83.30-83.65.

Sensex Today | Pullback is likely over the next few trading sessions, says Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty opened gap up however during the second half a sharp selloff occurred and the Nifty closed in the red down ~152 points. On the daily charts we can observe that the Nifty faced resistance at the 22300 – 22320 zone where the key hourly moving averages were placed.

On the downside the Nifty is now approaching the lower end of the rising channel and the 78.6% Fibonacci retracement level 22000 – 21938. It shall be a crucial level to watch out for during the next few trading sessions. Divergence on the hourly time frame charts suggests that there could be a pullback over the next few trading sessions, however we shall await price confirmation.

Bank Nifty also witnessed a sharp decline and tested the 61.82% Fibonacci retracement level (47061) of the previous rise. Considering that prices have reached a crucial Fibonacci support we shall expect the correction to halt around the zone of 47100 – 47000 zone and provide a pullback during the next few trading sessions.

Sensex Today | Concerns over rate cut dampened investors' sentiment, says Prashanth Tapse, Senior VP (Research), Mehta Equities

Markets witnessed frenzied selling towards the closing stages in a highly volatile trading session, as concerns over fading rate cut hopes and persisting FII fund exodus from local stocks dampened investors' sentiment. Even as the Indian economy has been resilient and managed to dodge global worries, worries of stubborn inflation, rising instances of geo-political tensions and delay in interest rate cut has fuelled profit-taking over the past few weeks.

Sensex Today | Bank Nifty could test next major support level at 46,500, says Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty Index remains under bearish control, with any upward movements facing aggressive selling, highlighting a prevailing "sell on rise" sentiment among traders. The major resistance for the index is positioned at 48,000, where significant call writing activity has been observed, indicating strong resistance at this level. The overall market tone continues to be bearish, and if the selling pressure persists, the index could test its next major support level at 46,500, where the 100-day exponential moving average (EMA) is located.

Sensex Today | Mid and Smallcaps outperform Nifty50, says Aditya Gaggar Director of Progressive Shares

Extreme volatility swings were seen on the weekly expiry day with the morning trade dominated by bulls followed by a steep decline in the mid-session. Follow-up selling dragged the Index further lower to trade below the psychological support of 22,000. With a loss of 152.05 points, Nifty50 ended the day at 21,995.85. Except for Media, all the other sectors ended the day in red with FMCG and Pharma being the major laggards. Mid and Smallcaps also witnessed a round of correction but managed to outperform Nifty50.

With a bearish engulfing candlestick pattern, the Index has broken its 50DMA and long trendline support but currently, it is placed at the lower end of the rising channel. The activity of the upcoming day will decide the continuation or reversal of the trend.

Rupee Close:

Indian rupee ended flat at 83.54 per dollar on Thursday versus Tuesday's close of 83.53.

Market Close: Indian benchmark indices ended lower for the fourth consecutive session 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 152.10 points or 0.69 percent at 21,995.80. About 2506 shares advanced, 1146 shares declined, and 129 shares unchanged.

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

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.

Sensex Today | European markets trade mostly higher

Stock Market LIVE Updates | Morgan Stanley keeps overweight rating on ONGC, target Rs 304 per share

-Company’s outperformance likely to continue with improved capital allocation
-Slow ramp-up in domestic production by end 2024 is well flagged

Sensex Today | Nifty Midcap 100 index shed 0.5 percent; Max Healthcare Institute, Indraprastha Gas, ABB India among major losers

Stock Market LIVE Updates | Morgan Stanley keeps overweight call on ICICI Lombard, target Rs 1,850

-Q4 profit was 2% below estimate and 4-5% below consensus
-Management improved its guidance on FY25 exit combined ratio by 50 bps to 101.5%
-Trim forecasts while consensus' could rise marginally
-Stock has done well year to date & should stay rangebound with a positive bias near-term

Sensex Today | Wipro, Infosys in focus ahead of Q4 results

Sensex Today | Market at 3 PM

The Sensex was down 379.67 points or 0.52 percent at 72,564.01, and the Nifty was down 126.40 points or 0.57 percent at 22,021.50. About 2359 shares advanced, 908 shares declined, and 91 shares unchanged.

Sensex Today | Sharekhan retains buy on Indian Hotels Company with a revised target of Rs 679

Indian Hotels Company has charted a strong growth plan to be achieved by FY2025-26 with a strong improvement in cash flows and strengthening balance sheet with a focus on becoming debt-free.

EBITDA margins will consistently improve in coming years.

With strong room inventory, the stock is the best pick to capture strong growth momentum in domestic tourism in the coming years.

Sensex Today | BSE oil & Gas index shed 740 points from the day's high; Indraprastha Gas, Petronet LNG, ONGC among major losers

Sensex Today | Gujarat High Court grants an interim stay on penalty worth Rs 260 crore on Suzlon Energy

National Faceless Assessment Centre, Income Tax Department, has issued orders upon the Company for FY 2015-16 and FY 2016-17 levying penalty of Rs.87.59 Crores and Rs.172.76 Crores respectively in respect of disallowance of claim of depreciation on goodwill, disallowance u/s.14A and disallowance u/s.36(1)(va).

This is to update that the Company’s Writ petitions against the said penalty orders were heard and admitted by the Honourable Gujarat High Court vide its order dated 15th April 2024, a copy of which was received by the Company through its lawyers on 18th April 2024, wherein the Honourable Gujarat High Court has granted an ad interim stay against the operation and implementation of the penalty orders.

Sensex Today | Nifty Bank index fell more than 700 points from day's high

Sensex Today | LTIMindtree collaborates with Vodafone to deliver connected, smart IoT and industry X.0 solutions

Stock Market LIVE Updates | LTIMindtree partners with Vodafone to deliver IOT solutions

Stock Market LIVE Updates | HDFC Life net profit rises 15% YoY to Rs 411 crore in Q4FY24

- HDFC Life's net profit rises 14.8% YoY to Rs 411 crore in Q4FY24 vs Rs 358 crore in Q4FY23
- Net premium income climbs 5.4% YoY to Rs 19,426 crore in Q4FY24 vs Rs 19,426 crore in Q4FY23

Stock Market LIVE Updates | Infosys Q4 earnings: All eyes on FY25 guidance amid likely revenue dip

Sensex Today | Market at 2 PM

The Sensex was down 58.27 points or 0.08 percent at 72,885.41, and the Nifty was down 10.80 points or 0.05 percent at 22,137.10. About 2303 shares advanced, 939 shares declined, and 100 shares unchanged.

Gujarat, Maharashtra, West Bengal & Odisha could see above normal temp for next 4 days. North India may escape the heatwave for now, says GP Sharma of Skymet.

Stock Market LIVE Updates | Swaraj Engines Q4 net profit flat at Rs 35.2 crore

-Revenue down 2.5% at Rs 351 crore versus Rs 360 crore, YoY
-Board recommends dividend of Rs 95 per share for FY24

Stock Market LIVE Updates | Jefferies maintains buy rating on ICICI Lombard with target Rs 1,950

-Core Q4 in-line with estimates
-Q4 net premium up 17% YoY & combined ratio down to 102%
-Q4 profit of Rs 500 crore, up 19%, missed estimates slightly
-Health & commercial lines should lead premium CAGR of 17% over FY24-27
-Easing competitive intensity should help lower combined ratio to 101% by FY26
-Catastrophe claims are key risks
-Improving trends & profit lift from IFRS are triggers

Sensex Today | Nifty Media index up 1.5 percent; PVR Inox, Network 18 Media & Investments, TV18 Broadcast top gainers

Stock Market LIVE Updates | Ashok Leyland partners with South Indian Bank for dealer financing

Commercial vehicle maker Ashok Leyland Ltd on Thursday said it has partnered with South Indian Bank for financing dealers.

The company has signed a Memorandum of Understanding (MoU) to provide financing to dealers under the bank's dealer finance programme, Ashok Leyland said in a statement.

Under this partnership, the bank will provide competitive dealer finance options to the dealers, it added.

Sensex Today | Wipro shares trade marginally lower ahead of Q4 results

Stock Market LIVE Updates | Infosys collaborates with Belgium’s Proximus

Infosys announced collaboration with Proximus, Belgium’s leading digital services and communications solutions provider, on the ServiceNow platform. Infosys helped Proximus to standardize its existing processes on the ServiceNow platform and transform its customer service management (CSM) operations.

Sensex Today | Nifty FMCG index down 0.3 percent; Nestle, Colgate Palmolive, Britannia Industries top losers

Stock Market LIVE Updates | HDFC Bank board may consider annual renewal of issuance of long-term bonds on April 20

HDFC Bank said the board of directors on April 20 may consider annual renewal of issuance of long-term bonds (financing of infrastructure and affordable housing), perpetual debt instruments (part of Additional Tier I capital) and Tier II Capital Bonds over the period of next 12 months through private placement mode.

Stock Market LIVE Updates | Tata Communications Q4 profit drops 1.5% YoY

Tata Communications has reported consolidated net profit at Rs 321.2 crore for the quarter ended March FY24, declining 1.5% compared to year-ago period, impacted by weak operating margin performance. Revenue from operations grew by 24.6% YoY to Rs 5,691.7 crore for the quarter.

Stock Market LIVE Updates | Infosys shares trade higher ahead of Q4 numbers

Sensex Today | BSE Bank index down 0.5 percent; Axis Bank, ICICI Bank, HDFC Bank major laggards

Stock Market LIVE Updates | ICICI Lombard Q4 profit jumps 19% YoY

ICICI Lombard General Insurance Company has recorded net profit at Rs 520 crore for the quarter ended March FY24, growing 19% over a year-ago period. Gross direct premium income grew by 22% on-year to Rs 6,073 crore during the quarter, while combined ratio improved to 102.2% in Q4FY24, from 104.2% in Q4FY23. Return on average equity (ROAE) was 17.8% in Q4 FY2024 compared to 17.2% in Q4 FY2023.

Sensex Today | Results Today:

Stock Market LIVE Updates | Paytm starts migrating @paytm handles customers to Axis Bank, HDFC Bank, SBI, YES Bank

One 97 Communications has received go ahead from the National Payment Corporation of India (NPCI) to start the user migration to new Payment System Provider (PSP) bank handles immediately.

Accordingly, it started transitioning ‘@paytm’ handles users to Axis Bank, HDFC Bank, SBI, and YES Bank, ensuring seamless UPI payments.

All four banks are now operational on the TPAP (third-party application provider), streamlining the process for Paytm to shift user accounts to these PSP (payment system provider) banks.

Stock Market LIVE Updates | Biocon signs licensing and supply agreement with Biomm S A

Biocon has signed an exclusive licensing and supply agreement with Biomm S A, a specialty pharmaceutical company in Brazil, for the commercialization of its vertically integrated drug product, Semaglutide (gOzempic). The drug is used to improve glycemic control in adults with type-2 diabetes.