Indian stock market benchmarks Sensex and Nifty closed slightly lower on Wednesday due to selling pressure in oil and gas, pharmaceutical, and IT stocks. The Sensex finished at 85,408.70, down 116.14 points or 0.14%, while the Nifty ended at 26,142.10, a decrease of 35.05 points or 0.13% from the previous close. Experts noted that unless the Nifty surpasses the 26,200 level, the short-term outlook remains cautious.
“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 observed. They added that downside risks could extend towards 26,100 and lower if the Nifty does not decisively reclaim the 26,200 level. Trent, UltraTech Cement, and Maruti Suzuki were among the top gainers on the BSE, supported by selective buying.
However, Tata Motors’ passenger vehicle business, Sun Pharma, and Asian Paints faced losses, dragging the index lower. On the NSE, shares of Trent, Shriram Finance, and Apollo Hospitals performed well and closed higher. Conversely, IndiGo and Dr Reddy’s Laboratories were major losers, putting pressure on the market. The broader market showed a mixed trend, with the Nifty SmallCap 100 index gaining 0.28%.
Meanwhile, the Nifty MidCap 100 index declined by 0.60%. Among sectors, Nifty Oil and Gas performed the worst, falling by 0.76%. This was followed by the Nifty Metal and Pharma indices, which both declined by 0.51%. On a positive note, Nifty Media rose by 0.44%, while Realty and Metal indices closed in the green with modest gains. Analysts highlighted that the market remained subdued and range-bound as investors preferred to stay on the sidelines ahead of the holiday.
“Looking ahead, market activity is likely to remain muted, though investors will be closely tracking developments on the trade front,” market watchers stated.
