MUMBAI: The Indian stock market grappled with subdued sentiments as global uncertainties continued to weigh on investor confidence, resulting in a cautious close on Wednesday.
Indices, which have been navigating turbulent waters since the beginning of the week, experienced low fluctuations before the closing bell.
The Sensex recorded a decline of 286.06 points, closing at 65,226.04, while the Nifty ended the day with a loss of 79.65 points, closing at 19,449.10.
Among the Nifty companies Nestle India, Adani Enterprises, Hindustan Unilever, BPCL and Dr Reddy were the top gainers whereas Maruti, NTPC, M&M, Axis Bank and Power Grid were the top losers.
The figures reflect the ongoing challenges faced by the market amidst the backdrop of international uncertainties.
Despite the volatility, bulls managed to defend the Open Interest (OI) levels on the lower side, resulting in a sharp rebound from lower levels.
Notably, sectors such as Banking (HDFC Bank), Information Technology (INFY, TCS), Financial Services, and FMCG saw pullbacks.
Varun Aggarwal, founder and managing director, Profit Idea said, “Bulls defended the OI levels on the lower side. The market bounced back sharply from lower levels. As we highlighted in the morning, Banks(HDFC Bank), IT(INFY, TCS), Financial Services, and FMCG sector saw a good pull back. If today’s low of 19333 is respected on the lower side, expect the market to move higher. Chart structure on most stocks looks good.”
“Bias for Indian markets remain strong in spite of global turmoil and tensions of the rising yield curve,” he added.
Analysts suggested that once Nifty surpasses the 19,767 mark, more bullish movements may be anticipated, with potential targets at 20,466 and 21,434.
Despite the global turmoil and concerns regarding the rising yield curve, the overall market bias for Indian markets remains robust, reflecting the resilience and confidence of investors in the country’s economic outlook. (ANI)