Indian equity benchmarks ended lower for the second consecutive session on Wednesday, dragged down by weakness in auto, metal and select heavyweight stocks, while broader markets witnessed a sharper selloff.
The Sensex fell 143.21 points, or 0.19 per cent, to settle at 73,709.69, while the Nifty declined 77.60 points, or 0.34 per cent, to close at 22,811.35.
Commenting on Nifty technical outlook, experts said that a sustained move above 23,000 would be necessary to improve the short-term technical outlook, while failure to reclaim this level could leave the index vulnerable to further downside, with selling pressure likely to persist at higher levels despite intermittent recovery attempts.
“On the downside, 22,650–22,600 forms the immediate support zone, followed by 22,300. A decisive break below 22,600 could intensify selling pressure and expose the index to the 22,300–22,200 range,” analysts stated.
Among the Nifty constituents, Bajaj Finance, BSE Limited, and Eternal emerged as the top losers of the session, exerting pressure on the headline indices.
The weakness was more pronounced in the broader market segment. The Nifty MidCap 100 index dropped 1.58 per cent, while the Nifty SmallCap 100 index slumped 2.37 per cent.
Sectoral indices ended on a mixed note. The Nifty Chemical, Nifty Consumer Durables and Nifty Metal indices were among the biggest laggards. In contrast, the Nifty IT index outperformed the broader market and emerged as the top sectoral gainer during the session.
Experts said that market participants remained cautious amid continued volatility in mid- and small-cap stocks, with profit-booking in several sectors offsetting gains in information technology shares.
–IANS Inputs)
