Sensex Drops 252 Points, Nifty Closes Below 22,650 as Pharma, Healthcare Stocks Decline
MUMBAI — Indian stock markets ended lower Wednesday as losses in pharmaceutical and healthcare shares weighed on benchmark indices, while gains in information technology stocks helped limit the decline.
The BSE Sensex fell 251.89 points, or 0.34%, to close at 72,781.89, while the NSE Nifty 50 declined 99.25 points, or 0.44%, to settle at 22,622.70.
Among Sensex constituents, Infosys, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever and NTPC were among the leading gainers.
Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Eternal and ICICI Bank were among the major stocks dragging the index lower.
On the Nifty, Shriram Finance, HDFC Life Insurance Company and Bajaj Finance were the biggest losers.
The broader market also finished in negative territory, with the Nifty MidCap 100 index declining 0.08% and the Nifty SmallCap index falling 0.32%.
Pharmaceutical and healthcare stocks recorded the steepest sectoral losses, with the Nifty Pharma and Nifty Healthcare indices emerging as the worst performers of the session. Information technology shares provided some support, making the Nifty IT index the day’s top sectoral gainer.
Market analysts said the Nifty struggled to sustain an early advance above the 22,700 level as investors booked profits following recent gains.
“Profit booking dragged the index toward 22,550, where some buying interest emerged, limiting further losses. On the upside, 22,800 remains the key resistance. A sustained breakout above this level could extend the recovery toward the 23,000 mark,” analysts said.
They identified the 22,600–22,500 range as the immediate support zone for the index.
Investor sentiment remained cautious ahead of upcoming U.S. inflation data, which could influence expectations for interest rates and global financial markets.
“Indian equities witnessed a volatile session as profit booking emerged after recent gains, with investors turning cautious ahead of key U.S. inflation data. Sentiment found some support from easing intraday crude oil prices, rupee appreciation following the RBI’s forex measures, and expectations of a potential review of LTCG tax and STT,” market observers said.
Meanwhile, the Indian rupee strengthened by approximately 10 paise to 95.14 against the U.S. dollar, despite a stronger dollar internationally.
Analysts attributed the currency’s gains partly to restrictions imposed by the Reserve Bank of India on dollar purchases, which continued to support the rupee.
The session reflected cautious investor sentiment as traders assessed domestic market valuations, currency movements and upcoming international economic data. (Source: IANS)
