Daijiworld Media Network - Mumbai
Mumbai, Jun 3: Indian stock markets ended in the red on Wednesday after a volatile trading session, with sharp declines in information technology stocks outweighing gains in banking and healthcare counters.
The benchmark indices recovered substantially from their intraday lows as investors accumulated shares of public sector banks, private banks and healthcare companies. However, persistent selling pressure in technology stocks kept the broader market under strain.
The Sensex closed 303.67 points lower at 74,346.17, while the Nifty slipped 77.95 points to settle at 23,405.60.
Market analysts said the Nifty's immediate trajectory will depend on its ability to reclaim the 23,500 level. A sustained move above this mark could pave the way for a recovery towards 23,600 and eventually 23,800, where strong resistance is expected. On the downside, support is seen in the 23,300–23,350 range, with a stronger demand zone emerging between 23,150 and 23,200.
Among the top performers on the Nifty were Apollo Hospitals, Tata Motors, InterGlobe Aviation and Max Healthcare, which attracted investor interest despite the broader market weakness.
Technology stocks remained under heavy pressure, with Tata Consultancy Services (TCS), Tech Mahindra and HCLTech emerging among the biggest drags on the benchmark indices.
Sector-wise, the Nifty IT index was the worst performer, registering a decline of more than five per cent amid widespread selling across the technology space. In contrast, the Nifty PSU Bank index led the gains, while banking and healthcare indices also outperformed the broader market.
The broader market showed relative resilience, with the Nifty MidCap index declining 0.42 per cent and the Nifty SmallCap index slipping 0.11 per cent.
Investor sentiment remained cautious amid concerns surrounding the technology sector and global market uncertainties. Nevertheless, strength in financial and healthcare stocks helped prevent a deeper correction in the benchmarks.
Meanwhile, the Indian rupee weakened for a second straight session, pressured by foreign capital outflows and concerns over fresh tariff proposals announced by US President Donald Trump. Currency analysts said the USD/INR pair faces immediate resistance near 96.50, while key support remains around the 95.10 level.