Indian equity benchmarks closed lower for the second consecutive session on Wednesday as selling pressure in automobile, metal and select heavyweight stocks weighed on the market.
Broader indices suffered steeper losses amid continued volatility in midcap and smallcap shares.
The Sensex declined 143.21 points, or 0.19%, to settle at 73,709.69. The Nifty fell 77.60 points, or 0.34%, to close at 22,811.35.
Bajaj Finance, BSE Limited and Eternal emerged as the biggest losers among Nifty constituents, putting additional pressure on the benchmark indices.
The broader market witnessed a sharper decline than the frontline indices.
The Nifty MidCap 100 fell 1.58%, while the Nifty SmallCap 100 plunged 2.37%.
Sectoral performance remained mixed. The Nifty Chemical, Nifty Consumer Durables and Nifty Metal indices featured among the biggest laggards.
In contrast, the Nifty IT index outperformed the broader market and emerged as the strongest sectoral performer.
Market experts attributed the cautious sentiment to persistent volatility in smaller stocks and profit-booking across several sectors.
Gains in information technology shares provided some support but failed to offset broader selling pressure.
Technical analysts said the Nifty needs to sustain a move above 23,000 to improve its short-term outlook.
Failure to reclaim this level could leave the index vulnerable to further declines, with selling pressure potentially persisting during recovery attempts.
Analysts identified 22,650–22,600 as the immediate support zone, followed by 22,300.
A decisive break below 22,600 could intensify selling and expose the index to the 22,300–22,200 range.
Experts said earnings performance, trade negotiations and foreign investment flows would influence near-term market direction. They added that sustained moderation in crude oil prices, global bond yields and currency volatility would be important for restoring market stability.
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