Equity Indices Slip on Profit Booking Despite Global Optimism

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

iStock.com

By Dehuti Jani

April 16, 2026 at 11:46 AM IST

Indian equities ended marginally lower on Thursday, as profit booking after recent sharp gains offset positive global cues driven by optimism around a potential resolution to the West Asia conflict. The Nifty50 declined 0.14% to 24,196.75, while the BSE Sensex fell 0.16% to 77,988.68, after both indices had risen earlier in the session before witnessing a sharp intraday pullback.

The volatility was accentuated by weekly expiry dynamics, with the Sensex dropping over 740 points and the Nifty shedding more than 200 points from intraday highs. Banking and auto stocks led the decline, with HDFC Bank, Oil and Natural Gas Corporation and HDFC Life Insurance Company among the top laggards. Sectorally, private banks and financial services underperformed, while metals and IT stocks showed relative strength.

Broader markets outperformed the benchmarks, with mid-cap and small-cap indices rising 0.63% and 0.83%, respectively, indicating continued risk appetite beyond large caps. Brent Crude remained below $100 per barrel for the eighth consecutive session, trading near $96, providing some relief to import-dependent sectors, even as investors awaited further clarity on US-Iran negotiations.

Top Movers of the Day

Gallant Ispat gained 18.0% to ₹928.5 as the stock hit a new high on heavy volumes; strong momentum drove a 41% rally over the past three sessions.

REC Limited gained 5.0% to ₹550 as PSU NBFCs rallied; strong sectoral sentiment supported buying interest.

PFC gained 5.0% to ₹420 tracking gains in PSU lenders; improved outlook for power financing boosted sentiment.

NTPC Green Energy gained 4.5% to ₹108 as the stock reclaimed its IPO level; sustained buying extended gains for a fourth session.

MosChip Technologies gained 3.0% to ₹180 after announcing a 73% stake acquisition in Vayavya Labs; the deal strengthens its engineering capabilities.

Cholamandalam Investment and Finance Company gained 3.0% to ₹1,596.9 as NBFC stocks saw buying interest; positive market sentiment supported the move.

Tejas Networks declined 6.0% to ₹422.5 after reporting a wider Q4 loss; weak earnings weighed on investor sentiment.

HDB Financial Services gained 12.5% to ₹723.95 after reporting a 41% YoY jump in Q4 profit; strong earnings drove sharp buying interest.

Hindalco Industries gained 2.8% to ₹1,040 as metal stocks advanced on firm global commodity prices supported buying interest.

Adani Ports and Special Economic Zone gained 2.4% to ₹1,548.3 as Adani group stocks saw continued momentum; improved sentiment supported flows.

Adani Enterprises gained 3% to ₹2,210 as group-wide strength persisted as investor confidence remained strong.

Trent gained 2.7% to ₹4,088 as retail stocks outperformed on strong growth outlook supported sentiment.

ONGC declined 1.6% to ₹283 as oil & gas stocks weakened as easing crude prices weighed on upstream realisations.

Bharti Airtel declined 1.6% to ₹1,827 as profit booking emerged as telecom stocks saw mild selling pressure.

HDFC Life Insurance Company declined 1.5% to ₹630.6 as financials underperformed; investors booked profits after recent gains.

HDFC Bank declined 1.5% to ₹780 as banking stocks dragged as sectoral weakness weighed on indices.

Futures & Options
Nifty April 2026 futures closed at 24,186.30, trading at a discount of 10.49 points to the spot Nifty 50 close of 24,196.75, indicating a mildly cautious undertone in the derivatives segment. The index declined 0.14% or 34.55 points in the cash market amid profit booking. Volatility softened further, with India VIX falling 3.12% to 18.09, suggesting reduced near-term uncertainty despite global cues. In the F&O segment, HDFC Bank, Infosys and HCL Tech were the most actively traded stock futures, reflecting continued participation in index heavyweights. The April series is set to expire on 28 April 2026, with positioning likely to remain range-bound as markets consolidate after recent gains and track global developments.

Bonds
India's government bond yields moved slightly higher on Thursday, reversing part of the previous session’s gains as geopolitical uncertainty and steady crude oil prices kept investors cautious. The benchmark 6.48% 2035 bond yield rose to 6.8884%, compared with 6.8662% on Wednesday.

The uptick in yields reflects a pause in the recent rally, with investors reassessing risks around the US-Iran situation despite tentative signs of easing tensions. Brent Crude remained near $95 per barrel, limiting further gains in bonds, as stable energy prices continue to influence inflation expectations and bond market direction.

Forex
Indian rupee strengthened on Thursday, supported by improving sentiment around a potential resolution to the Iran conflict and softer crude oil prices. The currency closed at 93.1950 against the US dollar, up 0.2% from the previous session, as optimism around easing tensions in West Asia lifted global risk appetite.

The move was largely driven by client flows, alongside regulatory factors such as tighter limits on banks’ net open positions, which reduced speculative pressure against the rupee. Positive cues from ongoing diplomatic efforts, including mediation and signals from Donald Trump’s administration, further supported sentiment, with expectations that a deal could reopen the Strait of Hormuz and stabilise energy markets.

Crypto
Crypto markets traded higher, supported by a mix of improving geopolitical sentiment, positive macro cues and regulatory developments. Bitcoin led the gains, rising 0.98% to $75,107, with strong trading volumes of around $38.3 billion and market dominance at 58.5%, reflecting sustained investor interest. Ethereum advanced 1.29% to $2,362.21, tracking broader market strength. The uptrend indicates continued risk appetite in digital assets, with Bitcoin holding above key levels and institutional participation supporting momentum despite recent volatility.

US Stock Futures
US stock futures inched higher on Thursday, building on momentum after a strong session that saw key indices hit fresh record highs. Futures on the S&P 500 rose 0.1%, while Nasdaq-100 futures gained 0.3%, and Dow Jones Industrial Average futures added 39 points, or 0.1%. The modest uptick reflects continued optimism in global markets, supported by easing geopolitical tensions in West Asia and sustained risk appetite, as investors look to extend gains following record-setting closes in US equities.

US Treasury Notes
Yields on US Treasury edged lower as improving sentiment around a potential diplomatic resolution in West Asia reduced safe-haven demand. The benchmark 10-year Treasury yield eased marginally to around 4.28%, down by about 1 basis point from the previous session. The policy-sensitive 2-year Treasury yield remained steady near 3.76%, as investors assessed recent economic data, including softer-than-expected import price inflation. While easing geopolitical tensions have supported risk appetite, signs of cooling inflation are also contributing to a mild downward bias in yields, keeping bond markets relatively stable.

Top News