MUMBAI– Indian equity markets closed marginally lower on Wednesday as investors remained cautious ahead of Thursday’s trading holiday for Maharashtra Day and amid lingering geopolitical tensions. Trading remained range-bound throughout the day, with stock-specific activity continuing to dominate for the second consecutive session.
The Sensex opened on a positive note, rising about 80 points to start the day at 80,371. It later surged to an intraday high of 80,526, gaining 237 points. However, a sharp sell-off in the final half hour erased all gains, pulling the index down to an intraday low of 79,879 — a swing of 647 points. The Sensex ultimately settled at 80,024, down 46 points.
The Nifty mirrored this trend, fluctuating within a tight 200-point range. It touched a high of 24,396 before slipping to a low of 24,199. The index ended virtually flat, closing just two points lower at 24,334.
“The Nifty continues to consolidate within a narrow band as traders chose to stay on the sidelines ahead of the market holiday,” said Rupak De, Senior Technical Analyst at LKP Securities.
Among the notable laggards were Bajaj Finance and Bajaj Finserv, both falling over 5 percent following the release of their fourth-quarter results. Analysts pointed to a lackluster growth outlook for Bajaj Finance as a key concern. Tata Motors and State Bank of India (SBI) also came under pressure, each shedding about 3 percent.
Other heavyweights dragging the Sensex down included UltraTech Cement, Tata Steel, and Asian Paints, which posted notable declines.
On the upside, Maruti Suzuki India was a standout performer, climbing more than 3 percent. Bharti Airtel, Sun Pharma, and Power Grid Corporation also posted gains in the range of 1 to 2 percent.
The broader market ended in negative territory. The BSE MidCap index slipped 1 percent, while the SmallCap index registered a sharper decline of 2 percent, reflecting broader investor caution.
Sectoral performance was mixed. The BSE Power and Capital Goods indices each fell more than 1 percent, while the Realty index emerged as a bright spot, gaining over 1 percent.
“The weakening U.S. dollar and India’s strong macroeconomic fundamentals are drawing global investor interest,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “However, after a robust market rally, many stocks are trading at elevated levels. This is an opportune time to book partial profits and increase cash positions in portfolios.”
With global uncertainty and domestic caution prevailing, market participants are expected to stay selective in the near term, focusing on company earnings and macroeconomic signals. (Source: IANS)
