MUMBAI– Indian stock markets ended lower Wednesday, with the benchmark Sensex declining 353 points as weakness in technology and energy shares overshadowed gains in automobile and banking stocks.
The Sensex recovered from an intraday low of 72,604 to close at 73,246, trimming losses during the second half of the trading session as buying interest returned to select sectors.
The Nifty also rebounded from its session low of 22,498 before finishing 51 points lower at 22,699.
Market analysts said the Nifty continues to trade within a relatively narrow range, with investors closely watching key technical levels for signs of a sustained recovery.
“Key support is placed at 22,500, where solid buying interest repeatedly emerges, while 22,800 acts as formidable resistance after the index failed to hold 22,700 during market hours,” analysts stated.
Among major Nifty stocks, Infosys, Reliance Industries and Oil and Natural Gas Corporation (ONGC) were among the biggest losers, contributing to the decline in the benchmark indices.
However, gains in Larsen & Toubro, Apollo Hospitals, Trent and SBI Life Insurance helped offset some of the selling pressure.
The broader market performed better than the benchmark indices, with the Nifty Midcap index gaining 0.5% and the Nifty SmallCap index advancing 0.8%.
Automobile stocks led sectoral gains, pushing the Nifty Auto index up 1.5%. Banking stocks also attracted buyers, lifting the Bank Nifty by 0.5%.
Technology and energy shares remained under pressure throughout the session. The Nifty IT and Nifty Oil & Gas indices each declined approximately 2%, while the Nifty FMCG index fell 0.6%.
Analysts said renewed buying in automobile and banking shares helped stabilize the market after the sharp decline earlier in the day.
The Nifty remains in a consolidation phase, trading within a broader range of 22,400 to 22,800, according to market analysts. The 22,500 level is viewed as an important support zone, while 22,800 remains a significant resistance level.
Despite the near-term volatility, analysts suggested that the market could offer opportunities for investors willing to take a longer-term view.
“For long-term investors, the focus can gradually shift from managing near-term volatility to selectively accumulating quality businesses at attractive valuations,” analysts noted.
Wednesday’s trading reflected mixed investor sentiment, with gains in auto, banking and smaller companies helping limit the impact of losses in heavyweight technology and energy stocks. (Source: IANS)
