Daijiworld Media Network - Mumbai

Mumbai, Oct 28: Benchmark equity indices recovered part of their intra-day losses on Wednesday as renewed buying interest in automobile and select banking stocks improved market sentiment in the second half of the session.

The Sensex, which had plunged to an intra-day low of 72,604, staged a recovery but still ended 353 points lower at 73,246.

The Nifty also rebounded from its day's low of 22,498 before settling 51 points down at 22,699.

Commenting on the Nifty's technical outlook, market experts said the index remained range-bound on the daily chart, consolidating within the broader 22,400–22,800 band.

“Key support is placed at 22,500, where solid buying interest repeatedly emerges, while 22,800 acts as formidable resistance after the index failed to hold 22,700 during market hours,” analysts said.

Among the Nifty constituents, Infosys, Reliance Industries and ONGC emerged as the top laggards, weighing on the benchmark indices.

On the other hand, Larsen & Toubro, Apollo Hospitals, Trent and SBI Life Insurance were among the leading gainers, helping limit the market's decline.

The broader market outperformed the benchmark indices, with the Nifty Midcap index advancing 0.5 per cent and the Nifty SmallCap index gaining 0.8 per cent.

Sector-wise, automobile stocks led the gains, with the Nifty Auto index rising 1.5 per cent. Banking shares also witnessed buying support, pushing the Bank Nifty up 0.5 per cent during the session.

However, weakness in technology and energy stocks continued to exert pressure on the market. The Nifty IT and Oil & Gas indices declined around 2 per cent each, while the FMCG index slipped 0.6 per cent.

Market experts said gains in automobile and banking stocks helped the benchmark indices recover from their intra-day lows.

“For long-term investors, the focus can gradually shift from managing near-term volatility to selectively accumulating quality businesses at attractive valuations,” analysts noted.