Sensex, Nifty Fall for Third Straight Session as Oil Prices Rise
Mumbai — Indian benchmark equity indexes ended lower for a third consecutive session Wednesday as a rebound in crude oil prices weighed on investor sentiment amid fading hopes of a breakthrough in U.S.-Iran talks.
The Sensex fell 48.78 points, or 0.07%, to close at 72,480.29, while the Nifty dropped 95.75 points, or 0.42%, to settle at 22,620.45.
Market analysts said 22,600 to 22,550 remains the Nifty’s immediate support zone, while a sustained break below 22,500 could push the index toward 22,300.
“On the options front, Call OI stands at around 17.11 crore against Put OI of around 10.96 crore, indicating stronger Call-side positioning,” market watchers said.
They added that significant Call open interest was concentrated around the 22,700 to 23,000 strikes, with 23,000 carrying the highest Call open interest and creating elevated resistance.
“The closing setup remains weak, with 22,600–22,550 as the key support zone and 22,800 as the immediate resistance,” analysts said.
Selling pressure was particularly visible in healthcare and pharmaceutical stocks. Apollo Hospitals Enterprise, Max Healthcare Institute and BSE were among the biggest losers on the Nifty.
The broader market showed more resilience, with the Nifty MidCap 100 edging up 0.02% and the Nifty SmallCap index gaining 0.27%.
Among sectoral indexes, Nifty Realty, Nifty Private Bank and Nifty Media ended higher on stock-specific buying.
Nifty Healthcare, Nifty Pharma, Nifty Consumer Durables and Nifty Metal were among the weakest-performing sectors of the session.
Analysts said investors remained cautious as higher crude oil prices renewed concerns about inflation and the potential impact on corporate earnings and economic growth.
“Market participants are likely to remain selective, favoring fundamentally strong businesses with resilient earnings profiles until there is greater clarity on the macroeconomic outlook,” analysts said. (Source: IANS)
