Benchmark equity indices ended lower for the third consecutive session on Wednesday as a rebound in crude oil prices dampened investor sentiment amid fading hopes of a breakthrough in talks between the US and Iran.
The Sensex slipped 48.78 points, or 0.07 per cent, to close at 72,480.29, while the Nifty declined 95.75 points, or 0.42 per cent, to settle at 22,620.45.
Commenting on Nifty technical outlook, experts said that on the downside, 22,600–22,550 remains the immediate support zone, while a sustained break below 22,500 could expose the index to the 22,300 level.
“On the options front, Call OI stands at around 17.11 crore against Put OI of around 10.96 crore, indicating stronger Call-side positioning. Significant Call OI is visible around the 22,700–23,000 strikes, with 23,000 carrying the highest Call OI, keeping overhead resistance elevated,” market watchers stated.
“The closing setup remains weak, with 22,600–22,550 as the key support zone and 22,800 as the immediate resistance,” analysts added.
Selling pressure was visible in healthcare and pharmaceutical stocks, with Apollo Hospitals Enterprise, Max Healthcare Institute and BSE emerging among the top losers in the Nifty index.
The broader market, however, showed resilience. The Nifty MidCap 100 index edged up 0.02 per cent, while the Nifty SmallCap index gained 0.27 per cent.
Among sectoral indices, Nifty Realty, Nifty Private Bank and Nifty Media ended with gains, supported by stock-specific buying.
On the other hand, Nifty Healthcare, Nifty Pharma, Nifty Consumer Durables and Nifty Metal were the worst-performing sectors of the day.
Experts said that market participants remained cautious as higher crude oil prices rekindled concerns about inflationary pressures and their potential impact on corporate earnings and economic growth.
“Market participants are likely to remain selective, favouring fundamentally strong businesses with resilient earnings profiles until there is greater clarity on the macroeconomic outlook,” analysts added.
