Sensex and Nifty pared some losses during Wednesday’s session as renewed buying in automobile and select banking shares supported market sentiment.
The Sensex recovered after touching an intraday low of 72,604. It closed 353 points lower at 73,246.
The Nifty rebounded from its session low of 22,498 before settling 51 points down at 22,699.
Automobile stocks recorded the strongest sectoral performance, with the Nifty Auto index rising 1.5 per cent. Banking shares attracted buying interest, lifting the Bank Nifty by 0.5 per cent.
The broader market performed better than the benchmark indices. The Nifty Midcap index advanced 0.5 per cent, while the Nifty SmallCap index gained 0.8 per cent.
Technology and energy stocks remained under pressure.
The Nifty IT and Oil & Gas indices fell around 2 per cent each, while the FMCG index declined 0.6 per cent.
Among the Nifty constituents, Infosys, Reliance Industries and ONGC emerged as the leading laggards. Their losses weighed on the benchmark indices.
In contrast, Larsen & Toubro, Apollo Hospitals, Trent and SBI Life Insurance ranked among the leading gainers, helping restrict the market’s decline.
Market analysts said the Nifty remained range-bound, consolidating within the broader 22,400–22,800 range.
“Key support is placed at 22,500, where solid buying interest repeatedly emerges, while 22,800 acts as formidable resistance after the index failed to hold 22,700 during market hours,” they stated.
Analysts added that long-term investors could gradually shift their attention from short-term volatility towards selectively accumulating quality businesses at attractive valuations.
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