Mumbai: Indian benchmark indices ended lower on Wednesday, pressured by weakness in IT, FMCG and auto stocks as investors remained cautious ahead of key global cues.
The Sensex declined 183.15 points, or 0.24 per cent, to close at 77,472.94, while the Nifty50 fell 126.80 points, or 0.52 per cent, to settle at 24,207.75.
Commenting on Nifty technical outlook, experts said that the 24,400 region remains the immediate and crucial resistance zone.
“A sustained breakout above 24,400 would strengthen the technical structure and could pave the way towards 24,500–24,600. Until then, selling pressure at higher levels is likely to keep the index capped,” an analyst stated.
“On the downside, 24,200 remains the immediate support, followed by the stronger 24,100–24,000 zone. A decisive break below 24,150 could increase selling pressure and expose the index to the 24,000 psychological level,” as per the expert.
Among the Nifty constituents, Bharti Airtel, Power Grid Corporation of India and Infosys emerged as the top losers, adding to the pressure on the benchmark indices.
The IT sector witnessed the sharpest decline among sectoral indices, while FMCG, auto and realty stocks also underperformed.
In contrast, some sectors managed to buck the broader weakness. The Nifty Metal, Nifty Private Bank and Nifty Cement indices outperformed, providing some support to the market.
The broader market remained relatively mixed. The Nifty MidCap index slipped 0.1 per cent, while the Nifty SmallCap index advanced 0.81 per cent.
Market experts said that investors are likely to closely track upcoming global developments, particularly Nvidia’s earnings and US inflation data, for clues on the outlook for technology stocks, interest rates and global risk appetite.
Developments in West Asia will also remain a key factor for markets, particularly given their potential impact on crude oil prices and inflation, they added.
(IANS)
