Indices end lower, broader markets show resilience 

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Indian equity benchmarks retreated on Wednesday, with the Sensex falling below the psychological 80,000 mark amid persistent selling by foreign institutional investors (FIIs), though broader markets displayed strength with advances significantly outnumbering declines.

The 30-share BSE Sensex closed at 79,942.18, down 426.85 points or 0.53 per cent, while the broader NSE Nifty50 settled at 24,340.85, declining 126 points or 0.51 per cent. The market breadth remained positive with 2,892 stocks advancing compared to 1,040 declining shares at BSE.

Among sectoral indices, financial services and healthcare witnessed significant pressure, shedding over 1 per cent each. The Nifty Bank index fell 513.20 points or 0.98 per cent to close at 51,807.50, while the Nifty Financial Services index dropped 1.32 per cent to 24,037.40.

Adani Enterprises emerged as the top gainer, surging 3.74 per cent, followed by Hero MotoCorp and Tata Consumer Products, which advanced 3.18 per cent and 3.04 per cent, respectively. Britannia Industries and Maruti Suzuki also posted gains of 2.25 per cent and 1.98 per cent.

On the flip side, Cipla led the losses, declining 4.03 per cent, while Shriram Finance, HDFC Life, Trent, and Infosys fell between 2.20 per cent and 2.35 per cent.

“The domestic market remains cautious due to aggressive selling by FIIs. Positively, strong domestic inflows are supporting market resilience, though volatility has markedly increased,” said Vinod Nair, Head of Research at Geojit Financial Services.

Technical analysts noted the market’s struggle at higher levels. “Currently, the market is witnessing range-bound activity, hence buying on dips and sell on rallies would be the ideal strategy,” said Shrikant Chouhan, Head-Equity Research at Kotak Securities. He identified 24,250-24,200 as key support zones for the Nifty, while 24,500-24,550 could act as resistance areas.

The broader market showed resilience, with 131 stocks hitting 52-week highs, compared to 51 stocks touching 52-week lows. Eight stocks hit the upper circuit, while seven reached the lower circuit limit.

Maruti Suzuki led the gainers among Sensex stocks, rising 1.92 per cent to ₹11,260.15, followed by IndusInd Bank (+1.81 per cent) and Adani Ports (+1.69 per cent). L&T and ITC also gained 0.77 per cent and 0.72 per cent, respectively. On the losing side, Infosys fell 2.01 per cent, with ICICI Bank down 1.52 per cent. Kotak Bank, Mahindra & Mahindra, and SBI also declined by 1.32 per cent, 1.28 per cent, and 1.23 per cent, respectively.

Ajit Mishra, SVP Research at Religare Broking Ltd., emphasised the mixed trends affecting market momentum. “Nifty has struggled to surpass the 24,500 resistance level for the past three sessions due to mixed trends among heavyweights. We continue to recommend focusing on leading stocks in banking and IT for a decisive break above this level; otherwise, consolidation is likely to persist,” he noted.

According to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., “Bank Nifty opened with a gap-down and traded within a narrow range, closing at 51,808. The index formed an inside bar candlestick pattern, with the 100-Days Exponential Moving Average (DEMA) support positioned near 51,140 and resistance at the previous swing high of 52,580. In the near term, Bank Nifty is likely to consolidate within the 51,000-52,580 range. Either side breakout will determine the next direction of the index.”

Market participants are closely watching upcoming US economic data releases, elections, and the FOMC interest rate decision, which could influence trading patterns in emerging markets, including India.

The Nifty Next 50 index declined 0.38 per cent to close at 70,268.35, while the Nifty Midcap Select index fell 0.61 per cent to 12,448.25, reflecting the broader market sentiment.