The 30-share BSE slipped 122.56 points or 0.16 per cent to end at 77,988.68, while NSE Nifty50 fell 34.55 points or 0.14 per cent to close at 24,196.75.
Nandish Shah – Deputy Vice President, HDFC Securities, said, “After yesterday’s sharp rally, Nifty faced profit-taking today, shedding 34 points to close at 24,196. It opened 154 points higher on the back of strong global cues, touched a day’s high of 24,400 in the first 15 minutes, but reversed sharply. An intraday correction of nearly 300 points played out from the early peak until noon. Post-1:30 p.m., it clawed back 140 points from the lows, ending with a modest loss. NSE cash volumes rose 4% from the prior session.”
Sectoral trends were mixed: Metals, IT, and Consumer Durables posted solid gains while Auto, Financial Services, and Oil & Gas edged lower, Shah said.
“The Nifty closed above its 50 DEMA for the second consecutive session, signaling a sustained uptrend. The 24,000-24,100 band should provide support on the downside, while 24,400-24,570 could act as resistance on the upside,” Shah added.
Stock Market Today, April 16: Quick Highlights
Dilip Parmar, Research Analyst, HDFC Securities, said, “After four sessions of weakness, the Indian rupee gained ground as renewed risk-on sentiment prompted foreign institutional investors to return to the domestic equity markets. This recovery was bolstered by a declining trade deficit and a reduction in dollar demand. In the near term, the USDINR spot rate is expected to consolidate within a range of 92.80 to 93.50.”
