MUMBAI — Indian equity benchmarks ended lower Wednesday as a sharp decline in information technology stocks weighed on investor sentiment, though gains in bank, financial and healthcare shares helped the market recover much of its intraday losses.
The session was marked by volatility, with heavy selling in IT counters pulling the main indices lower. Buying in public sector banks, private banks and healthcare stocks helped limit the decline.
The Nifty closed 77.95 points, or 0.33 percent, lower at 23,405.60. The Sensex fell 303.67 points, or 0.41 percent, to settle at 74,346.17.
“23,500 remains the key level to watch. A sustained move above this zone could improve sentiment and trigger a recovery towards 23,600 and subsequently 23,800, where significant call-based resistance remains visible,” an analyst said.
“On the downside, 23,300–23,350 remains the immediate support band, followed by the crucial 23,150–23,200 demand zone that has held multiple times over the past few sessions,” the market expert said.
Among Nifty stocks, Apollo Hospitals Enterprise, Tata Motors Passenger Vehicles, InterGlobe Aviation and Max Healthcare Institute were among the top gainers.
Tata Consultancy Services, Tech Mahindra and HCLTech were among the top Sensex laggards, contributing significantly to the decline in the benchmark index.
Sectorally, the Nifty IT index was the worst performer, falling more than 5 percent during the session amid broad weakness in technology shares.
The Nifty PSU Bank index posted the strongest gain among sectoral indices. The Nifty Bank, Nifty Private Bank and Nifty Healthcare indices also outperformed the broader market.
In the broader market, the Nifty MidCap index ended 0.42 percent lower, while the Nifty SmallCap index closed down 0.11 percent.
Market participants remained cautious as pressure continued in IT stocks, though strength in financial and healthcare counters helped prevent a steeper decline in the benchmark indices.
The Indian rupee also fell for a second consecutive session, weighed down by capital outflows and concerns over U.S. President Donald Trump’s latest tariff proposals.
“Technical Outlook: Spot USDINR faces immediate resistance at 96.50, with key support holding at 95.10,” an analyst said. (Source: IANS)
