Benchmark equity indices ended lower on Wednesday, as losses in pharmaceutical and healthcare stocks outweighed gains in information technology shares.
The Sensex dropped 251.89 points, or 0.34 per cent, to settle at 72,781.89. The Nifty declined 99.25 points, or 0.44 per cent, to close at 22,622.70.
Among Sensex constituents, Infosys, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever and NTPC recorded notable gains.
Market experts said the Nifty failed to sustain its early advance above 22,700, prompting investors to book profits.
“Profit booking dragged the index towards 22,550, where some buying interest emerged, limiting further losses. On the upside, 22,800 remains the key resistance. A sustained breakout above this level could extend the recovery towards the 23,000 mark,” analysts stated.
They identified 22,600-22,500 as the immediate support zone.
Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Eternal and ICICI Bank weighed on the Sensex. Shriram Finance, HDFC Life Insurance Company and Bajaj Finance led the Nifty’s losses.
Broader markets remained weak. The Nifty MidCap 100 slipped 0.08 per cent, while the Nifty SmallCap index fell 0.32 per cent.
Pharma and healthcare stocks recorded the steepest sectoral declines. The Nifty Pharma and Nifty Healthcare indices emerged as the session’s biggest laggards. The Nifty IT index led sectoral gains, cushioning the broader market’s fall.
Market watchers attributed the volatility to profit-taking after recent gains and caution ahead of key US inflation data.
Easing intraday crude oil prices, rupee appreciation following the Reserve Bank of India’s foreign exchange measures, and expectations of a possible review of long-term capital gains (LTCG) tax and securities transaction tax (STT) offered some support.
The rupee gained around 10 paise to 95.14 despite a stronger dollar, supported by RBI restrictions on dollar purchases.
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