The NSE Nifty fell 71.15 points, or 0.4%, to close at 16,972.15. BSE’s Sensex declined 344.29 points, or 0.6%, to end at 57,555.90. Both indices shuttled between gains and losses during the trading session after opening firm.
“1,6950 will likely act as crucial support on a closing basis for the Nifty,” said Rupak De, senior technical analyst at LKP Securities. “Only a close below 16,950 may trigger further correction.”
Volatility Index India VIX, a measure of traders’ expectations of near-term risks to the market, gained 0.5% to 16.3. Analysts said the increase was modest as traders think the market is oversold.
Foreign investors net sold shares worth ₹1,271 crore on Wednesday, while their domestic counterparts were buyers to the tune of ₹1,824 crore.
Among losers, Reliance Industries fell 1.7%, Hindustan Unilever declined 1.6% and HDFC Bank dropped 1.5%. The broader market showed more resilience than the bluechips. The Nifty Midcap 150 ended almost flat and Nifty Small-cap 250 inched 0.2% higher.
Elsewhere in Asia, China gained 0.6%, Hong Kong rose 1.5%, South Korea jumped 1.3% and Taiwan advanced 0.2%. The pan-Europe index Stoxx 600 was down 2.6%.
