Mumbai: Indian equity benchmarks ended lower on Wednesday, snapping a three-day winning streak as weakness in IT stocks and global uncertainty weighed on sentiment.
The decline came amid concerns over prolonged geopolitical tensions in West Asia following stalled talks between the United States and Iran.
The Nifty closed 0.81 per cent, or 198.50 points lower, at 24,378.10, while the Sensex dropped 0.95 per cent, or 756.84 points, to settle at 78,516.49.
Experts said that from a technical perspective, the 24,500–24,600 range continues to act as a strong resistance band.
“On the downside, the 24,350–24,300 zone remains a critical near-term support area; a breach below this range could accelerate downside momentum towards the 24,100–24,000 levels,” an analyst stated.
Despite the fall in frontline indices, broader markets showed resilience. The Nifty MidCap index edged up 0.19 per cent, while the Nifty SmallCap index outperformed with a gain of 1.13 per cent.
On the sectoral front, IT stocks emerged as the biggest drag on the market, making the Nifty IT the worst-performing index of the day. Financial services and auto stocks also remained under pressure, contributing to the overall weakness in benchmarks.
Global cues remained negative as geopolitical tensions resurfaced. The United States extended its ceasefire with Iran, but uncertainty lingered after talks between the two sides failed to progress. US President Donald Trump described the Iranian government as “seriously fractured” while announcing the extension on Truth Social.
Adding to concerns, Trump stated that the blockade at the Strait of Hormuz would continue, raising fears over potential disruptions in global oil supply. The situation further escalated after reports indicated that a planned meeting between US Vice President JD Vance and Iranian officials did not take place, with Tehran reportedly refusing to participate in further discussions.
Analysts said that the combination of weak global sentiment and sector-specific pressures led to a cautious mood in domestic markets, even as broader indices managed to stay in positive territory.
“Indian equity markets traded with a clear negative bias throughout the session, weighed down by persistent geopolitical tensions in the Middle East and the continued closure of the Strait of Hormuz,” an analyst stated.
(IANS)
