|
The Indian stock market continued its fall on its third straight session on Wednesday amid volatility led by concerns over rising geopolitical risks.
At close, the Sensex was down 102.20 points or 0.12 per cent at 84,961.14, and the Nifty was down 37.95 points or 0.14 per cent at 26,140.75. Rupee strengthened by 24 paise to 89.84 against the dollar. Among sectors, the Nifty IT index spiked 1.87%, remaining the key performer, while the Nifty Auto index dropped 0.80%. Indian equity markets opened lower with the Nifty 50 index opening at 26,143.10, down 35.60 points or 0.14 per cent, while the BSE Sensex declined sharply by 442.94 points or 0.52 per cent to open at 84,620.40. Shrikant Chouhan, Head Equity Research, Kotak Securities, said, "The benchmark indices witnessed lacklustre activity. The Nifty ended 38 points lower, while the Sensex was down by 102 points. Among sectors, the IT Index rallied 1.95 per cent, whereas the Auto Index shed nearly 0.75 per cent. Technically, after a lower open, the market traded non-directionally throughout the day. On the downside, it took support near 26,070/84600, while profit booking was seen near 26,200/85100." Vinod Nair, Head of Research, Geojit Investments Limited, said, "Domestic market sentiment remains cautious with risk-off undertones ahead of Q3FY26 earnings and key U.S. jobs data. While QoQ corporate earnings are expected to improve, FIIs remain risk-averse amid global trade uncertainty. Profit-booking in autos and financials weighs indices, though selective buying in IT, pharma, and mid-caps did provide some cushion." "Adding to global complexity, China's export curbs on rare earth heighten supply chain risks. In this macro backdrop, equities are likely to stay range-bound; a "buy-on-dips" strategy focused on large-cap themes appears prudent," Nair added. Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty remained volatile during the session, though the real range stayed relatively small. On the lower end, it found support at the 21 EMA before closing higher. In the near term, the trend is likely to remain sluggish, with the range placed between 26000 and 26300. Any decisive fall below 26000 may trigger further weakness. On the other hand, a decisive move above 26300 would require a directional upmove in the Nifty." (ANI)
|
