Indian stock markets closed lower on April 16 after a choppy trading session, with both the Sensex and Nifty giving up early gains as selling pressure intensified in the second half.
The Sensex ended 123 points lower, while the Nifty slipped below the 24,200 mark, reflecting cautious sentiment among investors. Markets had opened on a positive note and traded higher in early hours, supported by global cues, but failed to hold on to gains.
As the session progressed, profit booking set in, particularly in banking and financial stocks, which dragged the indices into negative territory. The Sensex also retreated sharply from its intraday highs, highlighting the volatile nature of the day.
Among individual stocks, TCS, Infosys, and Tata Steel were among the key gainers, supported by strength in IT and metal sectors. On the other hand, HDFC Bank, ICICI Bank, and Axis Bank were among the top losers, putting pressure on the indices.
Market sentiment remained cautious due to global uncertainties, especially rising tensions in the Middle East and concerns over crude oil prices, which could impact inflation and economic stability.
The session also coincided with weekly derivatives expiry, adding to intraday volatility as traders adjusted their positions.
Despite the fall in benchmark indices, broader markets showed some resilience, with selective buying seen in midcap and smallcap stocks.
Also Read: IMF cuts global growth, India holds at 6.5%