The Indian stock market faced a downturn on Wednesday, with frontline equity indices slipping into the red in the final hour of trading. Major players like Reliance and Nestle pulled the markets lower, leading to a loss in momentum.
At the close of trading, the Sensex settled at 81,467, down 167 points or 0.21%, while the Nifty finished at 24,981, down 31 points or 0.12%.
Despite this decline, overall market sentiment remained positive throughout the day.
On the Bombay Stock Exchange (BSE), a total of 2,706 stocks ended in the green, while 1,246 stocks finished lower, and 97 stocks remained unchanged.
The total market capitalization of all listed companies on the BSE increased to Rs 462 lakh crore, up from Rs 459 lakh crore on Tuesday.
Among the notable gainers in the Sensex pack were Tata Motors, Tech Mahindra, SBI, Maruti Suzuki, Bajaj Finserv, and Infosys, while the biggest losers included ITC, Nestle, HUL, Reliance, and IndusInd Bank.
Midcap and smallcap stocks showed some resilience, with the Nifty midcap 100 index climbing to 59,102, gaining 566 points or 0.97%, and the Nifty smallcap 100 index closing at 18,864, up 246 points or 1.33%.
Sector-wise, indices such as auto, IT, PSU Bank, and pharma were among the top performers. Conversely, sectors like FMCG, energy, and private banks faced significant declines.
Rupak De, Senior Technical Analyst at LKP Securities, commented on the market trends, stating, “The Nifty opened on a positive note but struggled to sustain those gains, resulting in a weaker close. The index managed to finish just above the 20-day moving average (DMA), suggesting that the short-term trend remains positive as long as it stays above 24,940.”
He warned that a drop below this level could trigger a correction towards 24,800 or 24,700, while 25,100 might act as a resistance point for any potential recovery.
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