The Indian stock market remained subdued for the second consecutive session on Wednesday, as investors adopted a cautious stance amid global geopolitical uncertainties and ahead of Thursday’s trading holiday for Maharashtra Day.
Both benchmark indices — the Sensex and Nifty — traded within narrow ranges throughout the day, driven largely by stock-specific activity.
The Sensex opened around 80 points higher at 80,371 and climbed to an intraday high of 80,526 in the final 30 minutes of trade. However, the gains were short-lived as the index reversed sharply to hit a low of 79,879 — a drop of 647 points from its peak. It eventually settled at 80,024, down 46 points from the previous close.
The Nifty followed a similar trajectory, moving in a 200-point range. It touched a high of 24,396 before dipping to 24,199 and ended marginally lower by two points at 24,334.
“The Nifty continues to consolidate within a narrow band as traders preferred to stay on the sidelines ahead of the holiday,” said Rupak De, Senior Technical Analyst at LKP Securities.
Among the major losers, Bajaj Finance and Bajaj Finserv fell over 5% after releasing their Q4 earnings, which failed to inspire confidence among investors. Tata Motors and SBI also declined by around 3%.
Other laggards on the 30-share index included UltraTech Cement, Tata Steel, and Asian Paints.
On the other hand, Maruti Suzuki India posted strong gains, rising over 3%. Bharti Airtel, Sun Pharma, and Power Grid Corporation also ended in positive territory, gaining between 1-2%.
The broader market mirrored the cautious sentiment, with the BSE MidCap index slipping 1% and the SmallCap index tumbling 2%.
Sectorally, BSE Power and Capital Goods indices fell by over 1%, while the Realty index bucked the trend, gaining more than 1%.
“The weakening US dollar and India’s economic resilience have made the country appealing to global investors,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “That said, after a strong rally, some stocks are trading at elevated levels. It may be prudent for investors to book partial profits and increase cash positions.”
-IANS
