Mumbai — Indian benchmark stock indexes closed lower for a second consecutive session Wednesday as elevated crude oil prices and uncertainty over a potential reopening of the Strait of Hormuz kept investors cautious.
The Sensex fell 187.90 points, or 0.24%, to close at 77,966.35, while the Nifty declined 35.75 points, or 0.15%, to settle at 24,435.95.
Market sentiment remained subdued as concerns over global energy supplies kept crude prices firm. Higher oil prices are generally seen as a headwind for India, which imports most of its crude needs, because they can add to inflationary pressures and widen the trade deficit.
Among Nifty stocks, Tata Consultancy Services, Max Healthcare Institute and Apollo Hospitals Enterprise were among the biggest losers and weighed on the benchmark.
Broader market performance was mixed. The Nifty MidCap index rose 0.28%, outperforming the main indexes, while the Nifty SmallCap index declined 0.18%.
Sectoral performance was also uneven. The Nifty IT index fell 1.54%, making it the worst-performing sector of the session as technology shares faced selling pressure.
The Nifty PSU Bank index, meanwhile, climbed 2% and was the strongest-performing sectoral gauge, helping offset some of the weakness elsewhere in the market.
Technical analysts said the Nifty found support near its 200-hour simple moving average after falling toward the 24,250 level before recovering. The index also managed to close above its 20-day exponential moving average.
Analysts said a sustained move below 24,400 could push the Nifty toward 24,180, while 24,500 is expected to remain an important resistance level.
Investors are also watching upcoming U.S. inflation data, which could shape expectations for the Federal Reserve’s next policy moves and influence sentiment across global financial markets. (Source: IANS)
