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What happened in the Indian stock market today(16th Apr 2024)?

Today Stock Market News 16-Apr-2024

On April 16, 2024, Indian stock market indices, the Sensex and the Nifty 50, extended losses for the third consecutive session. 

The Sensex closed 456 points lower, down by 0.62% at 72,943.68, while the Nifty 50 ended with a loss of 125 points, or 0.56%, at 22,147.90. 

Strong US retail sales data for March increased concerns that the US Federal Reserve might delay rate cuts, impacting market sentiment negatively.

Additionally, rising geopolitical tensions drove crude oil prices higher, prompting investors to seek refuge in safer assets like gold and the US dollar, with the latter reaching over five-month highs.

You may also like: Sparkling insights: Gold and Silver trends

Impact on the stock market

The Nifty IT index was the biggest sectoral loser, declining by 2.58% as concerns grew over a potential delay in US Fed rate cuts. Nifty PSU Bank index dropped 1.27%, private bank index fell 0.66%, and Nifty Bank decreased by 0.60%. In contrast, Nifty Media index gained 1.57%.

Information Technology-2.58%
Oil & Gas+0.60%
PSU Banks-1.27%

Top gainers today

CompanyPriceChange (%)
Eicher Motors4,355.703.23%
Divis Labs3,764.201.28%
Titan Company3,645.901.26%

Top losers today

CompanyPriceChange (%)
IndusInd Bank1,490.95-3.18%
Bajaj Finserv1,618.50-2.31%

Market aftermath: Impact on stocks

Vodafone Idea FPO aims to raise ₹18,000 crore, stock falls 3%

Vodafone Idea’s follow-on public offering (FPO) will open for subscription on April 18 and close on April 22, 2024, with a price band of ₹10-11 per share. 

The company aims to raise ₹18,000 crore, using ₹12,750 crore for network expansion, including new 4G and 5G sites, and around ₹2,175 crore for spectrum payments and GST. Shares fell nearly 3% on April 16. Total debt stood at ₹2.15 lakh crore as of December 31, 2023. Net loss was ₹6,985.9 crore for Q3.

Also Read: Vodafone Idea 18,000 crore FPO: Should you invest?

Marksans Pharma surges 12%

Marksans Pharma shares surged up to 12% on April 16 after the Massachusetts Institute of Technology (MIT) bought 66 lakh equity shares, equivalent to a 1.45% stake, in the pharmaceutical company for ₹104 crore. 

The company reported 22% year-on-year revenue growth in Q3 FY24, with an EBITDA margin of 22.7%. The company’s stock has rallied around 116% in the past year. By 2:30 pm on the NSE, the shares were trading 11.8% higher at ₹174.30 per share.

Jio Financial Services shares surge 5%

Jio Financial Services shares rose up to 5% on Tuesday following the announcement of a 50:50 joint venture with BlackRock for wealth management and broking. Shares hit a high of ₹371.95 on NSE, with more than 3.39 crore shares traded. 

Jio Financial aims to strengthen its asset management and financial services portfolio through the JV. The partnership, pending regulatory approvals, will include a wealth management company and brokerage in India, leveraging BlackRock’s global expertise.

Also Read: Cipla vs Sun Pharma: A comparative analysis of market shares and financials

Crude oil futures rise

Crude oil futures rose on Tuesday morning as markets awaited Israel’s response to Iran’s attacks. At 9:05 am, June Brent oil futures were up 0.59% at $90.63, while May WTI futures gained 0.60% to reach $85.92. April crude oil futures on MCX were up 0.94% at ₹7,182, and May futures rose 0.93% to ₹7,151.


Today’s market update on April 16, 2024, highlights continued losses for Indian indices as investors navigate concerns around potential delays in US rate cuts and rising geopolitical tensions. 

Despite this, some stocks, like Marksans Pharma and Jio Financial Services, saw notable gains. Crude oil futures also rose amid anticipation of Israel’s response to Iran’s attacks. 

Stay tuned to StockGro for more updates!

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Hunny Meghani

A curious mind, a love for writing, and a passion for all things finance - that's me in a nutshell. Whether I'm exploring the latest stock market trends or diving into the nitty-gritty of personal finance, marketing, and AI. I'm always on the hunt for the next big story.

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