IT Stocks Drag Sensex, Nifty Lower; PSU Banks Help Markets Trim Losses
MUMBAI, India — Indian benchmark equity indices ended lower Wednesday, weighed down by selling in information technology stocks, though gains in PSU banks, financials and health care shares helped the market recover much of its intraday losses.
The Nifty closed 77.95 points, or 0.33%, lower at 23,405.60, while the Sensex fell 303.67 points, or 0.41%, to settle at 74,346.17.
Markets remained volatile through the session as heavy selling in IT stocks hurt investor sentiment. Buying in PSU banks, private banks and health care stocks helped the indices pull back from the day’s lows.
“23,500 remains the key level to watch. A sustained move above this zone could improve sentiment and trigger a recovery towards 23,600 and subsequently 23,800, where significant call-based resistance remains visible,” an analyst said.
“On the downside, 23,300–23,350 remains the immediate support band, followed by the crucial 23,150–23,200 demand zone that has held multiple times over the past few sessions,” the analyst said.
Among Nifty stocks, Apollo Hospitals Enterprise, Tata Motors Passenger Vehicles, InterGlobe Aviation and Max Healthcare Institute were among the top gainers.
Tata Consultancy Services, Tech Mahindra and HCLTech were among the top laggards on the Sensex, contributing to the decline in the headline index.
Sectorally, the Nifty IT index was the worst performer, falling more than 5% during the session amid broad weakness in technology shares. The Nifty PSU Bank index posted the strongest performance among sectoral indices, while Nifty Bank, Nifty Private Bank and Nifty Healthcare also outperformed the broader market.
In the broader market, the Nifty MidCap index ended 0.42% lower, while the Nifty SmallCap index slipped 0.11%.
Market participants remained cautious because of continued pressure in IT stocks, though gains in financial and health care counters limited the decline in the benchmark indices.
The Indian rupee also fell for a second consecutive session, pressured by capital outflows and concerns over U.S. President Donald Trump’s latest tariff proposals.
“Technical Outlook: Spot USDINR faces immediate resistance at 96.50, with key support holding at 95.10,” an analyst said. (Source: IANS)
