Mumbai: Indian stock markets on Wednesday ended lower after a choppy trading session, with both the Sensex and Nifty closing in the red.
The Sensex fell 122.52 points, or 0.16 percent, to close at 76,171.08. During the day, the 30-share index moved within a wide range, touching a high of 76,459.72 and a low of 75,388.39.
The Nifty closed lower, shedding 26.55 points, or 0.12 per cent, to end at 23,045.25.
The index hit an intraday high of 23,144.70, while the lowest point of the day was recorded at 22,798.35.
In the early trade, the Sensex slumped over 900 points from its previous close of 76,294 to an intra-day low of 75,388.
The Nifty also witnessed a sharp decline during early hours by falling over 1 per cent to touch 22,798.
According to experts, the Nifty closed with a long-legged Doji formation after a day of high volatility. On the lower end, the index found support just above the previous swing low.
“Until the previous low of 22,786 is broken decisively, the chances are high that Nifty might recover towards 23,500–23,600 in the near term. Immediate resistance is placed at 23,200, while immediate support is at 23,000,” said Rupak De of LKP Securities.
Despite the weak market trend, some stocks managed to gain.
SBI Life, Tata Steel, and HDFC Life were among the top gainers on the Nifty, which rose 2.72 percent.
However, losses in other key stocks weighed on the market. Mahindra & Mahindra, Eicher Motors, IndusInd Bank, and Power Grid Corporation of India were the top losers, with declines of up to 3.20 per cent.
Index heavyweight Reliance Industries ended in the red, falling by 1.44 percent.
Broader market indices reflected the overall weak sentiment. The Nifty Midcap100 and Nifty Smallcap100 indices both declined by 0.26 percent.
Sector-wise, market performance was mixed. Banking, financial services, and metal stocks showed resilience, ending higher by up to 0.84 percent.
However, real estate stocks faced significant pressure, with the Nifty Realty index emerging as the worst performer, falling 2.74 percent.
Other sectors such as IT, Auto, FMCG, Pharma, and Healthcare also witnessed selling pressure by registering losses of up to 1.14 percent.
The rupee traded highly volatile as an initial strong opening near 86.43, up 0.45 Rs or 0.50 percent, was met with selling pressure, pushing it back towards 86.89, trading flat.
Market participants are now focused on the US CPI data, which will shape sentiment around interest rate expectations and capital flows.
–IANS
Photo: Representational
