Indian benchmark indices declined for the third straight session on Wednesday, weighed down by lackluster corporate earnings and sustained foreign outflows.
The Nifty dropped 36 points to close at 24,435.50, while the Sensex fell 138 points, ending at 80,081.98.
Top gainers included Bajaj Finance, Tech Mahindra, Tata Consumer Products, Bajaj Auto, and HDFC Bank. Mahindra & Mahindra, Sun Pharma, Eicher Motors, Shriram Finance, and PowerGrid were among the major losers.
Sector-wise, Bank, Auto, Metal, Pharma, Private Bank, Realty, Healthcare, and Oil and Gas all experienced declines.
“Investor sentiment turned cautious due to disappointing earnings and continued foreign institutional investors’ (FIIs) sell-offs. Concerns over expensive valuations, muted earnings from major companies, and rising geopolitical tensions further impacted the market. Companies that reported below-estimate earnings faced selloffs, while those exceeding expectations saw stock prices rise,” said Varun Aggarwal, MD of Profit Idea.
Ajay Bagga, a Banking and Market Expert, said, “We can’t control global events, though we are aware of extreme market reactions. Recoveries are often sharp and concentrated, so the bigger risk is staying out of the markets.”
VLA Ambala, research analyst and co-founder of Stock Market Today, said that Nifty could find support near 24,135 and 23,920, with resistance expected around 24,440 and 24,590 in the next session.
(With ANI input)
