The stock market is down today i.e. Thursday, 17 April. The Sensex is down by about 350 points and is trading at the level of 76,700. The Nifty has also fallen by more than 100 points and is trading at the level of 23,300. Out of the 30 Sensex stocks, 21 are down. HCL, Tech Mahindra and Infosys are trading down by up to 2.50%. Meanwhile, ICICI Bank, Airtel and NTPC stocks are trading up by 1.30%.
Out of 50 Nifty stocks, 36 stocks are down. Among the sectoral indices of NSE, IT has lost the most by 2.13%. Apart from this, Auto, Metal and FMCG have fallen by up to 1%.
Global Market Trends Impact Indian Markets
On April 16, America’s Dow Jones closed down by 699 points (1.73%), Nasdaq Composite by 516 points (3.07%) and S&P 500 index by 121 points (2.24%).
In Asian markets, Japan’s Nikkei has risen by 291 points (0.86%) to 34,212. Korea’s Kospi has gained 15 points (0.63%) and is trading at 2,463.
China’s Shanghai Composite is up 0.21%, it is trading at 3,283. Hong Kong’s Hang Seng Index is up 1.48%, it is trading at 21,369.
On April 16, foreign investors (FIIs) bought shares worth Rs 3,936.42 crore. While Indian i.e. domestic investors (DIIs) sold shares worth Rs 2,512.77 crore.
Wipro Shares Crash 6% After Q4 Results
After the fourth quarter results, the stock of IT service provider Wipro has fallen by about 6% today. At 10 am, it is trading at the level of 233.60. Consolidated net profit in the January-March quarter rose 26% year-on-year to Rs 3,570 crore as against Rs 2,835 crore in the same quarter last year.
The company’s net profit has increased by 6.44% on a quarterly basis. It was Rs 3,354 crore in Q3. Wipro released the results of the fourth quarter of FY2025 (Q4FY25) yesterday i.e. Wednesday (April 16).
What’s Causing the Market Downturn?
The tariff war between America and China is increasing. On April 16, America announced to impose an additional 100% tariff on China. After this, the total tariff on Chinese goods imported to America has increased to 245%.China imposed a 125% tariff on American goods on April 11, in response to which Trump has imposed a new tariff. Earlier, China had said that it would no longer respond to any additional tariff imposed by the US.
Market Performance Yesterday (April 16)
Yesterday, i.e. Wednesday, 16 April, the stock market rose after a fall. The Sensex closed at 77,044, up 309 points. It recovered 500 points from the day’s low. Nifty also rose 109 points, it closed at 23,437. It recovered 164 points from the day’s low.
18 out of 30 Sensex stocks rose. Indusind Bank’s stock rose the most by 6.78%, Axis Bank by 3.95% and Adani Ports by 1.81%. Maruti, Infosys and Tata Motors fell by up to 1.50%. 33 out of 50 Nifty stocks rose. Among the sectoral indices of NSE, the index of public sector banks rose by 2.37%, media by 1.88%, private banks by 1.74%, oil and gas by 1.33% and financial services by 0.91%.
