Benchmark stock market indices closed lower on Wedneday, despite trading in green for almost the whole day as tensions between Israel-Iran weighed on Dalal Street.
The S&P BSE Sensex was down by 138.64 points to close at 81,444.66, while the NSE Nifty50 lost 41.35 points to end at 24,812.05.
Vinod Nair, Head of Research, Geojit Investments Limited, said that the domestic market failed to maintain the opening gains as the continuing tensions in the Middle East & volatility in oil prices dragged the overall sentiment.
“However, auto & consumer discretionary gained in expectations of a demand revival. With the supportive base of the domestic macros, the long-term outlook remains intact, and investors are likely to be focused on high-quality large-cap stocks until greater clarity emerges,” he added.
IndusInd Bank topped the gainers with a 4.44% jump, followed by Titan up 2.21%, Mahindra & Mahindra gaining 1.24%, Maruti Suzuki rising 1.12%, and Asian Paints adding 0.63%.
TCS fell 1.79%, Adani Ports dropped 1.55%, Hindustan Unilever declined 1.34%, Nestle India was down 1.25%, and Bajaj Finserv slipped 1.19%.
“Investors will keep an eye on US Fed policy later today; the prospect of higher inflation due to the tariff threat may lead the FOMC to keep the rates unchanged,” said Nair.
The broader market indices closed lower with Nifty Midcap falling 0.46%, Nifty Smallcap down 0.23%, while India VIX dropped 0.88%. Only three sectors managed to close in positive territory – Nifty Consumer Durables gained 0.79%, Nifty Private Bank rose 0.39%, and Nifty Auto added 0.37%.
Most other sectors ended in the red. Nifty Media led the decline with a 1.27% fall, followed by Nifty IT down 0.83%, Nifty Metal falling 0.72%, Nifty Healthcare dropping 0.59%, Nifty Realty declining 0.47%, Nifty FMCG slipping 0.47%, Nifty Oil & Gas down 0.48%, Nifty PSU Bank falling 0.41%, Nifty Financial Services declining 0.31%, and Nifty Pharma losing 0.16%.