NEW DELHI: The Indian equity markets continued to show weakness on Wednesday as the benchmark indices opened in the red. The BSE Sensex dropped over 170 points, trading at 78,495.53, a decline of 0.23%. The Nifty50 index also saw a slight dip, shedding 61 points, or 0.26%, to reach 23,822.45.
On Tuesday, Indian markets faced a steep decline, with the Sensex losing over 900 points and closing at 78,675.18, down by 820.97 points, or 1.03%. The Nifty50 mirrored this performance, slipping to 23,883.45 with a loss of 257.85 points, or 1.07%. The decline followed a lackluster Monday session, influenced by global market cues, sustained foreign institutional investor (FII) selling, and mixed quarterly earnings reports.
Among the top gainers on Tuesday were Tata Motors, Asian Paints, LIC, Biocon, Trent, Bharti Airtel, HCL Technologies, Infosys, Sun Pharma, ONGC, ICICI Bank, SBI Life, Reliance, TCS, and Grasim, indicating targeted investor interest in select sectors. Despite these gains, the overall market sentiment remained cautious, with investors keenly awaiting key earnings announcements from major companies.
The Gift Nifty was at 24,130, suggesting a moderate outlook for the immediate term. Analysts predict a period of market consolidation ahead. Deepak Jasani, Head of Retail Research at HDFC Securities, noted, “Nifty’s weekly chart shows a small negative candle with long upper and lower shadows, forming a high wave pattern. The short-term trend appears choppy, with consolidation likely to continue, though with a weak bias.”