Indian stock markets remained under pressure on Thursday as benchmark indices extended their losses for a fourth consecutive session amid concerns over higher energy prices, fluctuating bond yields and the prospect of further monetary tightening.
The Sensex lost 570.59 points, or 0.79 per cent, and closed at 71,909.70, while the Nifty shed 198.50 points, or 0.88 per cent, to end at 22,421.95.
According to market analysts, the Nifty slipped below its weekly 200-day Simple Moving Average range of 22,600-22,580 and moved close to the projected support level of 22,400.
“A failure to defend 22,400 could extend weakness towards 22,200-22,000, while 22,600-22,800 has now become the immediate resistance band,” market watchers said.
Investors continued to exercise caution as elevated energy costs and movements in global bond yields intensified worries about inflation and future interest rates. These concerns triggered widespread selling across several segments of the market.
Bajaj Auto, Maruti Suzuki India and Shriram Finance registered the steepest falls among Nifty constituents, putting automobile and financial stocks under pressure.
Selling affected the broader market, with the Nifty MidCap 100 falling 1.01 per cent and the Nifty Smallcap 100 declining 0.97 per cent.
The automobile, media, metal and FMCG sectors recorded the strongest losses among sectoral indices, with their respective Nifty gauges registering significant declines.
Information technology stocks offered some support during the session, as the Nifty IT index recorded the strongest performance among sectoral gauges.
“Long-term investors may stay invested and use market weakness to accumulate gradually, while short-term investors could adopt a wait-and-watch approach until stronger measures from international institutions & the govt help restore stability in global financial markets,” analysts said.
Also Read: Adani Green Energy Raises Khavda Battery Storage Capacity To 6.63 GWh
To read more such news, download Bharat Express news apps
