Stock market recap: Indian equities extended their losing streak to a third straight session on Wednesday as Brent crude touched $100 per barrel for the first time since late July, deepening worries over inflation and import costs.
Nifty 50 fell 203.60 points, or 0.86%, to close at 23,431.50, while Sensex dropped 813.35 points, or 1.08%, to settle at 74,764.23. IT was the standout laggard, declining for a sixth consecutive session, as Coforge, Infosys, and TCS fell sharply amid continued Fed rate-hike concerns.
Nifty IT declined more than 3%. Banking, FMCG, and Auto also ended lower, while heavy primary market activity added to selling pressure as several IPOs opened during the week. Metals bucked the trend to close firmly higher, offering some support. The rupee weakened further against the dollar, and continued foreign institutional selling weighed on sentiment. Market breadth remained weak, with 1,484 stocks advancing, 2,092 stocks declining, and 100 remaining unchanged. With crude prices near multi-month highs and global rate expectations still in flux, near-term volatility is likely to persist.
Buy: Bharat Heavy Electricals Limited (current price: ₹433)
The index closed decisively below the key 23,600–23,500 zone, reflecting continued weakness in the near-term price structure. On the downside, a sustained decisive break below 23,300–23,250 could intensify bearish momentum and extend the ongoing corrective move toward 23,000. Conversely, any near-term recovery is likely to face initial resistance in the 23,800–24,000 zone.