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What happened in the Indian stock market today (18-Apr-2024)?

Today Stock Market News 18-Apr-2024

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.

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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.

Information Technology-0.23%
Oil & Gas-1.10%
PSU Banks-0.19%

Top gainers today

CompanyPriceChange (%)
Bharti Airtel1,265.75+4.05%
Power Grid Corp280.10+2.13%
Bajaj Auto9,021.30+1.15%

Top losers today

CompanyPriceChange (%)
Apollo Hospital6,074.15-4.11%
Titan Company3,525.10-3.31%
Coal India438.60-3.22%

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.

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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. 

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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.


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!

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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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