Mumbai: Indian stock market benchmarks Sensex and Nifty ended slightly lower on Wednesday as selling pressure in oil and gas, pharmaceutical and IT stocks weighed on the indices.
Trading activity also remained dull as investors stayed cautious ahead of the Christmas holiday on Thursday.
The Sensex closed at 85,408.70, slipping 116.14 points or 0.14 per cent. Similarly, the Nifty ended at 26,142.10, down 35.05 points or 0.13 per cent from the previous close.
“The index gravitated toward the 26,100–26,130 support zone, where some buying interest emerged, but it lacked the strength to trigger a meaningful rebound,” experts said.
“Unless the Nifty decisively reclaims the 26,200 level, the short-term outlook remains cautious, with downside risks extending toward 26,100 and lower,” they added.
On the BSE, Trent, UltraTech Cement and Maruti Suzuki emerged as the top gainers, supported by selective buying.
However, losses in Tata Motors’ passenger vehicle business, Sun Pharma and Asian Paints dragged the index lower.
On the NSE, shares of Trent, Shriram Finance and Apollo Hospitals performed well and ended higher.
In contrast, IndiGo and Dr Reddy’s Laboratories were among the major losers and put pressure on the market.
The broader market showed a mixed trend. The Nifty SmallCap 100 index gained 0.28 per cent.
Meanwhile, the Nifty MidCap 100 index fell 0.60 per cent. Sector-wise, Nifty Oil and Gas was the worst performer, falling 0.76 per cent.
It was followed by the Nifty Metal and Pharma indices, which declined 0.51 per cent each.
On the positive side, Nifty Media rose 0.44 per cent, while Realty and Metal indices also managed to close in the green with modest gains.
Analysts said that the market remained range-bound and subdued as investors preferred to stay on the sidelines ahead of the holiday, with stock-specific movements driving the day’s trade.
“Looking ahead, market activity is likely to remain muted, though investors will be closely tracking developments on the trade front,” market watchers stated.
(IANS)
