Stock Market Today: Sensex, Nifty Fall For Third Straight Session

Indian benchmark equity indices remained under pressure for the third consecutive session on Wednesday.

Rising oil prices fuelled inflation concerns, while higher bond yields reduced investors’ risk appetite.

The Sensex fell 373.93 points, or 0.49 per cent, to 76,570.35. The Nifty declined 141.35 points, or 0.59 per cent, to 23,914.45.

Market experts expect the bearish trend to persist in the short term. They favoured a sell-on-rise strategy while the Nifty stays below the 24,000 mark.

On the downside, the index could slip towards 23,700–23,730, an analyst said.

Elevated crude prices raised concerns about renewed inflationary pressure and higher corporate costs.

In addition, rising bond yields made equities relatively less attractive.

Among Nifty constituents, Eicher Motors, Wipro India and Bajaj Auto emerged as the biggest decliners. Their weakness added to pressure on the benchmark.

The broader market remained subdued. The Nifty MidCap index dropped 0.53 per cent, while the Nifty SmallCap index shed 0.33 per cent.

Sectoral indices largely closed lower. The Nifty Auto index performed worst, falling more than 2 per cent. The Nifty IT and Nifty Media indices underperformed.

The Nifty Oil and Gas index bucked the broader trend and ranked among the stronger sectoral performers.

Overall, market experts said investors remained cautious. They continued to assess the potential economic impact of expensive crude and higher bond yields, keeping sentiment firmly subdued.

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