Indian equity benchmarks took a breather on Wednesday, halting their three-session winning streak. The Sensex slipped marginally by 40 points to close at 84,233.64, while the Nifty50 managed a modest gain of 18.7 points, settling at 25,953.85. The pause in momentum was largely attributed to profit-booking in IT stocks, which offset strength in banking and auto counters.
Sectoral Performance
- IT Stocks Drag: Heavyweights such as TCS and HCL Technologies declined over 2%, pulling down the Nifty IT index. Investors booked profits after recent gains, reflecting caution ahead of global tech earnings.
- Banking Resilience: State Bank of India surged more than 3%, overtaking TCS in market capitalization to become the fourth-largest listed company. Private banks also showed resilience, supporting the broader indices.
- Auto & Retail Strength: Maruti Suzuki and Trent posted notable gains, reflecting strong demand trends and positive outlook in consumer spending.
- Healthcare Upside: The Nifty Healthcare index advanced 1.62%, driven by buying interest in select pharma and hospital stocks.
Market Sentiment
The rally earlier this week was fueled by optimism around easing global trade tensions and expectations of steady domestic growth. However, with mixed Q3 earnings and global uncertainties, investors preferred to remain selective. Midcap and smallcap indices ended flat, highlighting cautious sentiment in broader markets.
Technical Outlook
Analysts believe that Nifty crossing the 26,000 mark could act as a key trigger for fresh upside momentum. Until then, consolidation is likely, with sector rotation playing a critical role in sustaining market strength. Support levels are seen near 25,800, while resistance remains at 26,100.
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