On wednesday, the BSE Sensex fell 116 points to close at 85,409, while the Nifty 50 slipped 35 points to settle at 26,142. Markets traded in a narrow range throughout the session, reflecting consolidation after recent gains.
Early signals were positive, with GIFT Nifty indicating a firm start, supported by gains in US and Asian markets. However, the upbeat global cues failed to translate into sustained buying interest on Dalal Street. Traders preferred to stay on the sidelines ahead of the year-end holidays, leading to subdued activity.
Sector-wise, performance was mixed. Media and metal stocks posted modest gains, while selling pressure was seen in IT, pharma, oil and gas, and PSU banking stocks. The IT sector was among the key drags due to weakness in select large-cap names. Broader markets underperformed the benchmarks, with the midcap index falling about 0.4 percent, while smallcap stocks ended largely flat.
Among individual stocks, Trent, Shriram Finance, Apollo Hospitals, UltraTech Cement and Adani Ports were the top gainers, supported by stock-specific buying. On the losing side, Wipro, Sun Pharma, Dr Reddy’s Laboratories, InterGlobe Aviation (IndiGo) and Tata Motors Passenger Vehicles weighed on the indices.
Market experts said the session reflected a pause in momentum, with investors adopting a selective approach rather than aggressive buying. Technical analysts noted that both Sensex and Nifty are consolidating near record-high levels, with key support and resistance zones likely to guide near-term movement.
In the currency market, the Indian rupee weakened and closed at 89.78 against the US dollar, adding to cautious sentiment.