Mumbai, Oct 14 (SocialNews.XYZ) Benchmark equity indices ended lower on Wednesday, weighed down by losses in pharma and healthcare stocks, even as gains in information technology shares limited the decline.
The Sensex declined 251.89 points, or 0.34 per cent, to close at 72,781.89, while the Nifty fell 99.25 points, or 0.44 per cent, to settle at 22,622.70.
Among the 30 Sensex constituents, Infosys, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever and NTPC were the key gainers.
Commenting on Nifty technical outlook, experts said that Nifty closed lower after failing to sustain an early move above the 22,700 zone.
"Profit booking dragged the index toward 22,550, where some buying interest emerged, limiting further losses. On the upside, 22,800 remains the key resistance. A sustained breakout above this level could extend the recovery toward the 23,000 mark," analysts stated.
"On the downside, 22,600–22,500 remains the immediate support zone," they added.
On the other hand, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Eternal and ICICI Bank were among the major stocks that weighed on the benchmark index.
Among the Nifty constituents, Shriram Finance, HDFC Life Insurance Company and Bajaj Finance emerged as the top losers, dragging the benchmark index lower.
The broader market also ended weak, with the Nifty MidCap 100 index slipping 0.08 per cent and the Nifty SmallCap index falling 0.32 per cent.
Sectorally, pharma and healthcare stocks were the biggest laggards during the session. The Nifty Pharma and Nifty Healthcare indices registered the sharpest declines among sectoral gauges.
In contrast, information technology shares provided support to the market, with the Nifty IT index ending as the top sectoral gainer.
"Indian equities witnessed a volatile session as profit booking emerged after recent gains, with investors turning cautious ahead of key U.S. inflation data. Sentiment found some support from easing intraday crude oil prices, rupee appreciation following the RBI’s forex measures, and expectations of a potential review of LTCG tax and STT," market watchers stated.
Meanwhile, Rupee traded positively, gaining around 10 paise to 95.14, despite a stronger dollar, as RBI restrictions on dollar buying continued to support the currency.
Source: IANS
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