Mumbai — Indian benchmark stock indexes ended lower for a third consecutive session Wednesday as a rebound in crude oil prices pressured investor sentiment and hopes faded for 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 the Nifty continues to face a weak technical setup, with 22,600 to 22,550 seen as an immediate support zone. A sustained break below 22,500 could push the index toward 22,300, while 22,800 remains a key near-term resistance level.
Options data also pointed to stronger positioning on the call side, with significant open interest between the 22,700 and 23,000 strike levels. The 23,000 level carried the highest call open interest, indicating continued overhead resistance.
Selling pressure was concentrated in healthcare and pharmaceutical shares. Apollo Hospitals Enterprise, Max Healthcare Institute and BSE were among the top losers on the Nifty.
Broader markets performed better. The Nifty MidCap 100 edged up 0.02%, while the Nifty SmallCap index gained 0.27%.
Among sectoral indexes, Nifty Realty, Nifty Private Bank and Nifty Media ended higher, supported by selective buying.
Nifty Healthcare, Nifty Pharma, Nifty Consumer Durables and Nifty Metal were among the weakest sectors of the session.
Analysts said investors remained cautious as higher crude oil prices revived concerns about inflation and the potential impact on corporate earnings and economic growth.
Market participants are expected to remain selective and focus on companies with stronger fundamentals and more resilient earnings until there is greater clarity on the broader economic outlook. (Source: IANS)
