Source NDTV
MUMBAI — The Indian equity benchmarks, Sensex and Nifty 50, snapped their recent winning streak on Thursday, April 16, 2026, closing slightly in the red. Despite a robust start triggered by positive global cues, the market succumbed to intraday selling pressure as investors chose to book profits at higher levels.
Market at a Glance
By the closing bell, the BSE Sensex declined by 122.56 points (0.16%) to settle at 77,988.68. Similarly, the NSE Nifty 50 slipped 34.55 points (0.14%) to end at 24,196.75.
The session was characterized by significant volatility, largely due to the weekly expiry of Sensex options. The Nifty initially surged to an intraday high of 24,400.95, but failed to sustain these gains, eventually retreating nearly 300 points from its peak before finding late-session support.
Sectoral Performance: Banks and Auto Lead the Drag
The downturn was primarily driven by heavyweight financial and automobile stocks.
Banking & Finance: The Nifty Bank index fell by 0.38%, weighed down significantly by HDFC Bank, which dropped roughly 2%.
Automobile: The Nifty Auto index also emerged as a laggard, pressured by a higher-than-expected WPI inflation print that dampened sentiment for consumption-driven sectors.
Silver Linings: On the flip side, Metal and IT stocks outperformed the broader market. The IT sector found support from increasing visibility in AI-led demand, while metals were buoyed by a softer dollar and positive macroeconomic data from China.
Top Gainers and Losers
Top Gainers Top Losers
Adani Enterprises HDFC Bank
Hindalco Industries ONGC
Tata Steel HDFC Life
JSW Steel Hero MotoCorp
Expert View and Market Sentiment
Market analysts noted that while the primary indices ended in the red, the “broader market” remained resilient. The Nifty Midcap 100 rose by 0.63% and the Smallcap index gained nearly 0.90%, suggesting that investor interest remains strong outside of the blue-chip heavyweights.
“The domestic market opened positively but closed with marginal losses on the weekly expiry day as investors booked profits following recent gains. Markets remain watchful for clarity on the upcoming US–Iran negotiations, which will guide the near-term trend,” said Vinod Nair, Head of Research at Geojit Financial Services.
Outlook
Technically, the Nifty managed to close above its 50-day exponential moving average (EMA), indicating that the medium-term support remains intact. However, analysts warn that the 24,350–24,400 zone continues to act as a formidable resistance level. Until the index decisively clears this hurdle, the market is expected to remain in a consolidation phase.
