The benchmark equity indices, Sensex and Nifty, ended lower for the second consecutive session on Wednesday, weighed down by elevated crude oil prices and uncertainty over a potential deal to reopen the Strait of Hormuz.
The Sensex declined 187.90 points, or 0.24 per cent, to close at 77,966.35, while the Nifty fell 35.75 points, or 0.15 per cent, to settle at 24,435.95.
Market experts said the Nifty continued to decline after slipping below 24,400, with the index potentially moving towards 24,250. It found support around the 200-hour SMA before recovering and closed above the 20EMA on the daily timeframe.
A sustained fall below 24,400 on Thursday could drag the index towards 24,180, while 24,500 will likely act as a crucial resistance level.
Investor sentiment remained subdued as concerns over global energy supplies supported crude prices.
Higher oil prices are generally negative for India, a major crude importer, as they can increase inflationary pressures and widen the trade deficit.
Among Nifty constituents, Tata Consultancy Services, Max Healthcare Institute and Apollo Hospitals Enterprise were among the top losers.
The broader market remained mixed, with the Nifty MidCap index rising 0.28 per cent while the Nifty SmallCap index declined 0.18 per cent.
The Nifty IT index was the worst-performing sectoral gauge, falling 1.54 per cent, while the Nifty PSU Bank index gained 2 per cent and emerged as the top sectoral performer.
Investors are also watching the US inflation report, which is expected to influence expectations around the Federal Reserve’s policy direction and global market sentiment.
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