The Indian stock market benchmarks continued their downward trend during Wednesday's session, with the S&P BSE Sensex declining 412 points or 0.53% to 76,823.91 and the NSE Nifty 50 falling 127 points or 0.53% to 24,027.90 as of latest trading. According to The Economic Times, this marked the third straight session of losses for Sensex and sixth consecutive session of decline for Nifty 50. The decline was weighed down by a broad-based selloff led by Defence stocks, with weakness in heavyweight counters including TCS, HDFC Bank, and Infosys dragging the overall market lower. The Nifty settled below the 24,100 level while market sentiment remained subdued in the absence of strong directional cues. Investors continued their sector and stock-specific bets amid stronger-than-expected Q1FY27 earnings and persisting geopolitical risks. The mid and small-cap segments also remained under pressure, with the Nifty Smallcap 100 and Nifty Midcap 100 indices declining 0.3% each.
This marked the sixth consecutive day of losses for the Nifty 50, with the index losing approximately 1.20% over these six sessions. As reported by The Economic Times, the Sensex extended losses for the third consecutive session, shedding over 250 points. The sustained decline reflects ongoing market uncertainty despite positive earnings results, with investors maintaining cautious positioning amid global uncertainties. The benchmark indices sharply recovered from intraday lows during Monday's session, showing resilience despite the overall negative trend. According to UNI, nearly 175 stocks hit their 52-week lows in intraday trade, including major names like Hindustan Aeronautics (HAL), Bosch, and LG Electronics India. The top losers in the NIFTY50 index included Asian Paints, Infosys, HCL Technologies, Tech Mahindra and Tata Motors PV, while Mahindra & Mahindra (M&M), Grasim Industries, Bajaj Finance, Axis Bank and Trent were among the top gainers.
According to UNI, among the sectors, Nifty Defence emerged as the biggest laggard, falling more than 1.4%, followed by weakness in Nifty Energy, Financial Services, and Metal indices. However, Nifty IT and Nifty Realty indices traded in positive territory, showing resilience amid the broader market decline. The IT sector weakness reflects ongoing concerns about technology sector valuations and global demand conditions, with major IT stocks including HCL Technologies down 2.02%, Infosys falling 2.51%, Tech Mahindra dropping 1.4%, and Tata Consultancy Services declining 2.02%. According to SBI Securities, the Nifty IT and Nifty Realty indices traded in positive territory, providing some support to the overall market decline. Latest reports from Upstox Securities indicate that index heavyweights like RIL, TCS, Infosys, M&M, Hindustan Unilever, HCL Tech and ITC led the decline, with the NIFTY50 index touching an intraday low of 24,210.
According to The Economic Times, the decline was attributed to fading hopes for a peace deal in the Middle East, adding to ongoing market uncertainty. The market's mixed performance, with mid and small-cap segments outperforming, suggests selective investor interest despite broader market weakness. Investors continued to monitor movements in crude oil and gold prices, along with developments on the global geopolitical front, for further indications on the market's near-term trajectory. Oil prices extended their gains for a fourth straight session as hopes of a near-term end to the nearly six-month US-Iran conflict remained elusive. Brent crude moved closer to $92 a barrel, while West Texas Intermediate traded around $86. The pressure is spilling into the wider region, with the United Arab Emirates saying it would suspend trade and financial transactions with Iran, citing escalating regional tensions. US President Trump said the US has no ongoing talks with Tehran and is preparing to intensify economic pressure on Iran, with Washington continuing its blockade of Iranian ports.
According to SBI Securities, the zone of 24,020 – 24,000 will act as a crucial support for the Nifty 50 index, while resistance is placed in the 24,140 – 24,160 zone. "On the downside, if the Nifty 50 index slips below the 24,000 level, the next support is placed in the 23,850 zone," said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "In the event of a sustained move above 24,160, the index could experience an extension of the rally towards 24,280." On the Nifty options front, meaningful call writing was witnessed across the 24,200 and 24,300 strikes, while 24,000 has substantial open interest, followed by the 23,800 strike. For Sensex, support is placed at 76,600, while resistance is placed at 77,200.
