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Business News/ Markets / Live Blog/ Market Close Highlights: Sensex ends down 450pts, Nifty at 21,995; Major sectoral indices red, broader markets end mixed

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Market Close Highlights: Sensex ends down 450pts, Nifty at 21,995; Major sectoral indices red, broader markets end mixed

30 min read . Updated: 18 Apr 2024, 03:47 PM IST

Pranay Prakash

Market Close Highlights : Foreign institutional investors (FIIs) net sold shares worth ₹4,468.09 crore, while domestic institutional investors (DIIs) purchased ₹2,040.38 crore worth of stocks on April 16, provisional data from the NSE showed.

Market Close Highlights : Infosys, Bajaj Auto, HDFC Life Insurance Company, ICICI Securities, Mastek, Network18 Media & Investments, TV18 Broadcast, Eimco Elecon (India), Gujarat Hotels, Accelya Solutions India, Oriental Hotels, Reliance Industrial Infrastructure, Surana Solar, and Swaraj Engines, are the companies reporting Q4FY24 results on April 18. (Photo: Mint)

Market Close Highlights : Stocks advanced and Treasuries edged higher as global markets steadied after the turbulence earlier in the week. Asian currencies rallied as authorities pushed back against a stronger dollar.

Europe’s Stoxx 600 index climbed 0.3% while US futures pointed to the S&P 500’s first gains in five days at the Wall Street open. Taiwan Semiconductor Manufacturing Co. reported its first profit rise in a year, after strong AI demand revived growth at the world’s biggest contract chipmaker. An index of the dollar fell for a second day and yields on 10-year Treasuries dipped 2 basis points to 4.57%.

While investors are unwinding some of the declines seen so far in April, the case for higher US yields and a stronger dollar remains after robust US economic data and sticky inflation forced traders to cool their bets on interest rate cuts by the Federal Reserve.

Attention Thursday will turn to earnings from companies including Netflix Inc, Blackstone Inc. and L’Oreal SA as well as initial US jobless data and speakers from a raft of central banks.

In Asia, all major regional stock markets including China, Japan, Australia and South Korea rose. A global stocks gauge ticked higher, on track for its first advance in a week.

The won led the climb in regional currencies, while the yen was steady following a joint statement from US Treasury Secretary Janet Yellen alongside the finance ministers of Japan and South Korea that noted “serious concerns" about the depreciation of the two Asian currencies. A global gauge of emerging-market currencies gained for a second day, suggesting some stability after hitting a 2024 low earlier this week.

Elsewhere, oil held onto most of Wednesday’s 3% decline, weighed by weaker Chinese industrial data and a swelling in US crude inventories, while gold edged higher.

18 Apr 2024, 08:25:04 AM IST

Sensex Today Live : Weak global cues, muted Gift Nifty signal flat open for Indian markets

Sensex Today Live : Indian shares are set to open little changed on Thursday, after falling about 3% in the past three sessions, as fading hopes of early U.S. rate cuts and geopolitical tensions in the Middle East continue to weigh on investor sentiment.

India's GIFT Nifty was trading at 22,178 as of 7:54 a.m. IST, indicating that the Nifty 50 will open near its Tuesday's close of 22,147.50.

Indian markets were closed on Wednesday for a local holiday. The benchmark Nifty 50 and S&P BSE Sensex have lost about 2.7% each in the last three sessions.

They had notched record closing highs on April 10.

Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.

Oil nursed its sharpest fall in two-and-a-half months on demand worries and the lack, so far, of an obvious Israeli or U.S. response to Iran's weekend attack.

Analysts do not expect dramatic new sanctions on Iranian oil, although the U.S. was set to reimpose oil sanctions on Venezuela which steadied Brent crude futures at $87.37 a barrel after Wednesday's $2.70-a-barrel drop.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4% but regional moves were uneven, with gains in South Korea and Australia but falls elsewhere. Japan's Nikkei fell 0.4% and with a drop of 4.3% so far this week is eyeing its largest weekly loss since December 2022.

Wall Street indexes fell overnight and S&P 500 futures were flat in early Asia trade. The dollar dipped slightly overnight and news of an unusual trilateral agreement between the U.S., Japan and Korea to consult closely on foreign exchange left the door open to intervention to slow dollar gains in Asia.

U.S. short-term interest rate expectations were little changed but selling of longer-dated bonds abated, and 10-year U.S. Treasury yields fell 7.2 basis points to 4.59% and two-year yields retreated after touching 5%.

Australian stocks looked set to snap five consecutive sessions of losses with the ASX 200 up 0.5% just before midday in Sydney.

Stock market nerves follow a wave of bond selling and dollar buying as sticky U.S. inflation and a shift in tone at the Federal Reserve pointed to persistently high U.S. rates. The rates-sensitive Nasdaq is down 3% so far this week.

The euro is under pressure as European policymakers are readying to cut rates in two months time, though at $1.0665 it is off this week's five-month lows.

The Australian dollar took a small knock to $0.6435 from data showing an unexpected fall in Australian employment in March.

The yen traded at 154.22 per dollar, close to a three-decade low, and traders are eyeing a breach of 155 as a possible trigger for intervention.

Elsewhere in commodity markets European gas prices have retreated from three-month highs and sharp rallies in metal prices have paused, though not reversed.

Three-month London copper is up 12% this year and traded at $9,584 per tonne overnight. Singapore iron ore held gains at just over $110 a tonne. Gold is just below last week's record high at $2,366 an ounce.

A handful of U.S. and European central bankers speak later on Thursday. U.S. jobless claims data is due and earnings at Blackstone and Netflix will be closely watched.

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Market Close Highlights: Sensex ends down 450pts, Nifty at 21,995; Major sectoral indices red, broader markets end mixed

Market Close Highlights : Foreign institutional investors (FIIs) net sold shares worth ₹4,468.09 crore, while domestic institutional investors (DIIs) purchased ₹2,040.38 crore worth of stocks on April 16, provisional data from the NSE showed.

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Market Close Highlights: Sensex ends down 450pts, Nifty at 21,995; Major sectoral indices red, broader markets end mixed

Market Close Highlights : Foreign institutional investors (FIIs) net sold shares worth ₹4,468.09 crore, while domestic institutional investors (DIIs) purchased ₹2,040.38 crore worth of stocks on April 16, provisional data from the NSE showed.

Sensex Today Live : Weak global cues, muted Gift Nifty signal flat open for Indian markets

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