On 18 April 2024, Indian stock market benchmarks Sensex and Nifty 50 experienced a fourth consecutive day of declines amid mixed global cues.
Sensex closed 455 points (0.62%) lower at 72,488.99, with only four stocks advancing. Nifty 50 fell 152 points (0.69%) to 21,995.85, with 36 stocks declining.
Easing crude oil prices and a dip in the US dollar helped cap losses. Geopolitical tensions between Israel and Iran continue to weigh on markets. The BSE market cap dropped to ₹393.2 lakh crore from ₹402.2 lakh crore, a loss of around ₹9 lakh crore in four sessions.
You may also like: Vedanta vs Hindustan Zinc Ltd: Which stock fits your portfolio better?
Impact on the stock market
All sectoral indices closed lower except for Nifty Media, which rose 0.77%. Nifty Healthcare fell 1.75%, while Oil & Gas and FMCG declined by 1.10% and 1.08%, respectively. The Nifty Bank index ended 0.87% lower.
| Sector/Index | Performance |
| Information Technology | -0.23% |
| Healthcare | -1.75% |
| Oil & Gas | -1.10% |
| Realty | -0.53% |
| PSU Banks | -0.19% |
Top gainers today
| Company | Price | Change (%) |
| Bharti Airtel | 1,265.75 | +4.05% |
| Power Grid Corp | 280.10 | +2.13% |
| Bajaj Auto | 9,021.30 | +1.15% |
| LTIMindtree | 4,697.15 | +0.74% |
| Hindalco | 612.80 | +0.65% |
Top losers today
| Company | Price | Change (%) |
| Apollo Hospital | 6,074.15 | -4.11% |
| Titan Company | 3,525.10 | -3.31% |
| Nestle | 2,462.55 | -3.28% |
| Coal India | 438.60 | -3.22% |
| ONGC | 274.15 | -3.18% |
Market aftermath: Impact on stocks
Mastek soars 20% on securing £1.2B UK defence contract
Shares of Mastek surged 20% on April 18 after the company secured a £1.2-billion digital and IT professional services framework from the UK Ministry of Defence. This is Mastek’s largest single-day gain since May 2021.
The project spans four years and includes solution architecture, data, innovation, and tech assurance. Mastek will also support Qinetiq in system design, app support, and cybersecurity. Despite retreating from its peak, Mastek was trading 11% higher at Rs 2,856 on the NSE.
Also Read: From barter to digital finance: The story of India’s financial services
Tata Communications surges on Q4 profit, up 56% in one year
Tata Communications reported a consolidated net profit of Rs 321.20 crore for Q4, up 7.2 times sequentially, with total income at Rs 5,748.7 crore. The EBITDA margin stood at 18.6%. Core data services revenue rose 0.9% to Rs 4,670.9 crore.
The board recommended a dividend of Rs 16.7 per share. The stock traded 0.5% higher at Rs 1,894.20, with a 7% rise this year and 56% in the last year.
Bharti Airtel surges 5%
Bharti Airtel stock rose 5% on April 18, becoming the top Nifty 50 gainer. This boost comes amid expectations of tariff hikes and potential reductions in Adjusted Gross Revenue (AGR) liabilities.
Brokerage IIFL Securities raised its target price for the stock to Rs 1,379, implying a 13% upside. In Q3, Bharti Airtel reported a consolidated net profit of Rs 2,442.2 crore, up 54% year-on-year, and revenue of Rs 38,339 crore, up 6.3%.
Oil prices steady amid demand concerns
Oil prices remained stable after a 3% drop due to demand concerns and eased Middle East tensions. At 9:36 a.m. Saudi time, Brent crude rose 13 cents (0.15%) to $87.42 a barrel, while US WTI crude futures increased 6 cents (0.07%) to $82.75.
Also Read: The auto giants’ duel: Tata Motors and Eicher Motors’ race for dominance
Rising US crude inventories, up by 2.7 million barrels to 460 million, and declining refinery utilisation, alongside easing geopolitical risks in the Middle East, contributed to price moderation.
Conclusion
In today’s market update on April 18, 2024, Indian indices continued their downward trend amid mixed global cues, with Sensex and Nifty 50 both experiencing declines for the fourth consecutive day.
However, Mastek soared 20% after securing a significant UK defence contract, while Tata Communications reported a robust Q4 profit, and Bharti Airtel surged 5% on positive expectations. Oil prices remained steady amidst demand concerns and eased Middle East tensions.
Stay tuned to StockGro for more updates!
