Indian stock markets ended on a negative note on Wednesday following a volatile trading day, with IT and realty stocks contributing to the decline. Geopolitical tensions and uncertainty regarding the US-India trade deal hindered any significant recovery. The Sensex fell by 0.29%, or 244.98 points, to finish at 83,382.71, while the Nifty closed 0.26% lower at 25,665.60, down by 66.70 points.
Market analysts noted that Nifty options data revealed strong resistance levels at the 26,000 and 25,800 strikes. Conversely, immediate support zones were indicated by maximum put open interest at the 25,700 and 25,600 strikes. Both the National Stock Exchange of India and the Bombay Stock Exchange will be closed on Thursday due to municipal corporation elections in Maharashtra, leading to cautious trading sentiment.
Among the top gainers on the Sensex were Tata Steel, NTPC, and Axis Bank, buoyed by interest in metal and banking stocks. Conversely, Asian Paints, TCS, and Maruti Suzuki dragged the index down. The Nifty also saw Tata Steel, NTPC, and Axis Bank as top gainers, while Asian Paints, TCS, and Tata Consumer Products were among the leading losers.
Broader markets outperformed the main indices, with the Nifty SmallCap 100 index rising by 0.67% and the Nifty MidCap 100 index by 0.29%. Notably, the Nifty Metal index surged by 2.70%, and the Nifty PSU Bank index climbed by 2.13%. While IT and realty sectors faced selling pressure, metal and PSU bank stocks demonstrated strength, aiding in limiting overall market losses.
Market analysts highlighted the cautious market sentiment amidst global uncertainties, with broader markets and select sectors providing some support against deeper declines. Technical analysis on Nifty suggested resistance near 25,800 and potential downside below 25,600, which could lead to further weakness towards 25,500–25,450.
