Sensex Ends Slightly Higher, Nifty Slips as Metal, PSU Bank Stocks Drag
Mumbai — Indian benchmark indices ended mixed Wednesday, with the Sensex closing marginally higher while the Nifty slipped into negative territory as selling pressure in metal, PSU bank and realty stocks erased much of the day’s gains.
The Sensex rose 64.42 points, or 0.09 percent, to close at 73,983.18. The Nifty fell 27.15 points, or 0.12 percent, to settle at 23,214.95.
Market participants booked profits in the second half of the session, with weakness in metal, PSU bank and realty stocks weighing on sentiment. The decline in those sectors pulled the benchmark indices back from their intraday highs.
Analysts said the 23,250-23,300 zone remains the immediate resistance area for the Nifty, followed by 23,450, where the previous breakdown began.
“On the downside, 23,100 remains the immediate support level. A decisive break below this zone may lead to further weakness towards 23,000, followed by the 22,850–22,900 region, which coincides with the lower band of the current falling channel,” an analyst said.
Among Nifty stocks, Hindalco Industries, Coal India and Oil and Natural Gas Corporation were the top laggards.
Buying in select heavyweight stocks helped limit losses in the broader market. On the Sensex, Hindustan Unilever, Axis Bank and Kotak Mahindra Bank were among the top gainers, helping the index finish in positive territory.
Broader markets saw sharper selling pressure. The Nifty MidCap index fell 1.49 percent, while the Nifty SmallCap index declined 1.33 percent.
Among sectors, Nifty Media, Nifty PSU Bank and Nifty Realty were the worst performers during the session.
In contrast, Nifty FMCG, Nifty Private Bank and Nifty Chemical outperformed the broader market. The Nifty FMCG index gained more than 1 percent, supported by strong buying in consumer-focused stocks.
However, losses in mid-cap and small-cap shares overshadowed gains in defensive sectors, with both the Nifty MidCap 100 and Nifty SmallCap indices ending more than 1 percent lower.
Analysts said the mixed close reflected cautious investor sentiment, as traders booked profits in rate-sensitive and cyclical sectors while rotating into defensive and private banking stocks. (Source: IANS)
