Stock Market Today: Dalal Street opens weak; Sensex slips 180 pts; Nifty holds near 24,350

Stock Market Today: Indian equity markets opened on a slightly weak note on Monday, April 20, tracking cautious global cues. The BSE Sensex slipped 189.43 points, or 0.24 per cent, to 78,304.11 at 09:15 am, after opening higher at 78,632.90 compared to its previous close of 78,493.54.

The Nifty 50 also traded marginally lower. The index was down 15.75 points, or 0.06 per cent, at 24,337.80. It had opened at 24,391.50 against its previous close of 24,353.55.

Bears in control; market breadth weak

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Market breadth remained negative in early trade. On the NSE, 1,753 stocks declined, while only 1,049 advanced. About 109 stocks remained unchanged. This indicates broader weakness beyond the benchmark indices.

Top movers: Trent leads, HDFC Bank drags

From the Sensex pack, Trent, State Bank of India, ICICI Bank, Adani Ports, and Asian Paints were among the gainers. Trent led the gains, rising 2.40 per cent in early trade.

On the other hand, HDFC Bank, Infosys, TCS, Reliance, and Eternal traded in the red. HDFC Bank was the biggest loser, falling 0.70 per cent.

In the Nifty 50 index, Jio Financial Services, Hindalco Industries, and Tata Motors Passenger Vehicles were among the top losers.

Broader markets under pressure

The broader markets also traded weak. The Nifty MidCap index was down 0.20 per cent, while the Nifty SmallCap index slipped 0.64 per cent. Selling pressure was visible across mid- and small-cap stocks.

Sectoral trends mixed

Sector-wise, the Nifty Metal index declined the most. The Nifty Realty and the Nifty Oil and Gas indices also underperformed.

Meanwhile, the Nifty PSU Bank and the Nifty Media indices showed relative strength and traded higher.

West Asia tensions keep investors cautious

Investor sentiment remained under pressure due to renewed tensions in West Asia. Reports said the US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman. This came after Iran fired at commercial vessels passing through the Strait of Hormuz.

The US and Iran are scheduled to meet for another round of negotiations in Pakistan later today. Markets are closely tracking these developments.

Crude oil surges

Brent crude prices jumped sharply following the escalation. The April futures contract rose 4.8 per cent to $94.72 per barrel in early trade. Higher crude prices remain a key concern for inflation and markets.

Q4 results in focus

Several companies are set to announce their March quarter earnings today. These include Billionbrains Garage Ventures, Jupiter Infomedia, Bank of Maharashtra, PNB Housing Finance, SML Mahindra, and Ugro Capital.