Mumbai, Aug 19: Indian equity markets remained under pressure on Wednesday, with the Nifty 50 falling for a seventh consecutive session and the Sensex declining for the fourth straight day, as cautious global sentiment and elevated crude oil prices weighed on investors.
The Nifty slipped 76.60 points, or 0.32 per cent, to close at 24,078.30, while the Sensex declined 325.78 points, or 0.42 per cent, to settle at 76,909.68. The Nifty’s latest fall marks its longest losing streak in about 11 months.
Investor sentiment remained cautious as rising crude oil prices, higher global bond yields and continuing geopolitical uncertainty created pressure on risk assets. Brent crude was trading near a three-week high, adding to concerns over inflation and corporate costs.
The weakness was visible across the broader market as well. The Nifty MidCap index fell 0.21 per cent, while the Nifty SmallCap index declined 0.51 per cent. Sectoral performance was mixed, with the chemical sector among the weaker performers, while IT stocks showed relative resilience.
Among individual stocks, HCL Technologies, Eternal, Kotak Mahindra Bank, Sun Pharmaceutical Industries and Titan were among the notable gainers. Power Grid Corporation, Bajaj Finance, Larsen & Toubro, ITC and Hindustan Unilever were among the stocks facing selling pressure.
Market participants are now closely watching the 24,000 level on the Nifty, which has emerged as an important psychological support. Analysts said sustained weakness below key technical levels could keep volatility elevated in the near term.
Despite the recent market pressure, the domestic earnings picture offers some reassurance. The Q1 FY27 results season has largely reflected earnings resilience, giving investors a fundamental cushion even as external factors remain challenging.
Going ahead, market direction is likely to depend on crude oil movements, global bond yields, geopolitical developments and foreign investor flows. For investors, the immediate focus remains on whether the market can stabilise around key support levels and regain confidence after the extended period of selling.