Mumbai — Indian benchmark equity indices ended lower for a third consecutive session Wednesday as higher crude oil prices raised inflation concerns and rising bond yields weakened investor appetite for riskier assets.
The Sensex fell 373.93 points, or 0.49%, to close at 76,570.35, while the Nifty declined 141.35 points, or 0.59%, to settle at 23,914.45.
Market analysts said the Nifty’s near-term technical outlook remains weak, with a sell-on-rallies strategy likely to remain favored as long as the index stays below the 24,000 level.
“On the lower end, the correction may extend towards 23,700–23,730,” an analyst said.
Sentiment was weighed down by concerns that elevated crude oil prices could add to inflationary pressures and increase costs for businesses. Higher bond yields also made equities less attractive to investors.
Among Nifty stocks, Eicher Motors, Wipro and Bajaj Auto were among the biggest decliners, adding to weakness in the broader market.
Mid- and small-cap stocks also ended lower. The Nifty MidCap index declined 0.53%, while the Nifty SmallCap index fell 0.33%.
Most sectoral indices closed in negative territory. The Nifty Auto index was the worst performer, dropping more than 2%, while the Nifty IT and Nifty Media indices also underperformed.
The Nifty Oil and Gas index bucked the broader trend and was among the better-performing sectors during the session.
Analysts said investors remained cautious as they assessed the potential impact of higher energy prices and bond yields on inflation, economic growth and corporate earnings. (Source: IANS)
