MUMBAI, India — Indian equity benchmark indices closed lower for the third consecutive session on Wednesday, dragged down by persistent selling in media, realty, and consumer durables stocks that kept overall market sentiment subdued.
The BSE Sensex ended the session at 84,559.65, down 120.21 points, or 0.14 percent. The NSE Nifty also finished in negative territory, slipping 41.55 points, or 0.16 percent, to close at 25,818.55.
Market experts said the near-term outlook remains cautious. “As long as the Nifty remains below the 25,900–26,000 resistance zone, upside attempts are likely to attract selling pressure,” analysts said. They added that the 25,700–25,750 range is a key support zone, warning that a daily close below 25,700 could confirm a continuation of the correction and open the door to a decline toward the 25,550–25,400 levels.
Despite the broader weakness, several heavyweight stocks ended higher. Shares of State Bank of India, Infosys, Axis Bank, Sun Pharma, Maruti Suzuki, Tata Consultancy Services, and Tata Steel posted gains of up to 1.5 percent.
However, losses in stocks such as Trent, ICICI Bank, HDFC Bank, and Bajaj Finserv weighed heavily on the benchmark indices.
The broader market underperformed the benchmarks. The BSE MidCap index declined 0.54 percent, while the SmallCap index fell 0.73 percent, reflecting continued risk aversion among investors.
Sectorally, media stocks saw the sharpest decline, with the Nifty Media index sliding 1.7 percent. Consumer durables, realty, and chemical stocks also ended lower. In contrast, PSU bank and IT stocks closed in positive territory, offering limited support to the market.
In the commodities market, silver prices extended their rally. Silver March futures on the Multi Commodity Exchange touched fresh record highs, trading near the Rs 2,05,665 level.
The Indian rupee strengthened against the U.S. dollar during the session, recovering after apparent intervention by the Reserve Bank of India. The local currency traded around 89.81 per dollar, rebounding from recent lows and snapping a multi-day losing streak.
Market participants said cautious investor sentiment and sector-specific selling continued to pressure equities, even as gains in select stocks and supportive cues from currency and commodity markets provided only marginal relief. (Source: IANS)
