Markets slipped for the third consecutive session on Wednesday, with the declining 37.95 points or 0.14 per cent to close at 26,140.75, while the BSE shed 102.20 points or 0.12 per cent to settle at 84,961.14. However, a smart recovery in the final hour helped benchmark indices recoup much of their intraday losses, with the Sensex bouncing back from its low of 84,617.
IT stocks emerged as the biggest gainers, with the Nifty IT index surging 2.4 per cent, led by , which rose 2.36 per cent to ₹1,654.50, gaining 1.79 per cent to ₹270.35, and advancing 1.76 per cent to ₹1,630. led the Nifty gainers with a 3.94 per cent jump to ₹4,273.90, buoyed by strong third-quarter business updates showing approximately 40 per cent year-on-year growth in its consumer businesses. also gained 1.73 per cent to ₹303.70.
“Nifty extended its losing streak to a third straight session, slipping 37 points to settle at 26,140, but managing to close off the day’s low. The index went through a choppy session, underscoring indecision and a clear tug-of-war between bulls and bears. A smart 86-point recovery in the last hour helped the index defend the crucial 26,100 support zone,” said Nandish Shah, Deputy Vice President at HDFC Securities.
On the losing side, witnessed the sharpest decline, plunging 4.28 per cent to ₹1,465.30, followed by , which fell 2.81 per cent to ₹16,806. declined 1.60 per cent to ₹264.25, Tata Motors Passenger Vehicles dropped 1.60 per cent to ₹363, and slipped 1.59 per cent to ₹1,034.90.
Broader markets outperformed the frontline indices, with the Nifty Midcap 100 gaining 0.45 per cent to close at 61,424.70, while the Nifty Smallcap 100 rose 0.39 per cent to 17,958.50. Market breadth remained marginally positive with 2,104 stocks advancing against 2,068 declining on the BSE, while 140 stocks touched their 52-week highs compared to 121 hitting 52-week lows.
Sectoral performance remained mixed, with consumer durables gaining 1.85 per cent and pharmaceuticals rising 0.5 per cent. However, auto stocks faced selling pressure, with the Nifty Auto index declining 0.8 per cent after recent gains. “Rotational selling in select index heavyweights such as ITC, HDFC Bank and Reliance capped the upside and restrained the broader uptrend,” noted Ajit Mishra, SVP Research at Religare Broking.
The Nifty Bank index slipped 0.21 per cent to close at 59,990.85, while the Nifty Financial Services index declined 0.33 per cent to 27,853.35. The NSE cash market turnover eased by approximately 3 per cent compared to the previous session.
“Lower crude oil prices offered some support by easing cost and inflation pressures for oil-importing economies, including India. Asian markets and an overnight rebound in US equities provided additional cues,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.
The Indian continued its appreciation for the second consecutive day, rising 29 paise against the US dollar to close at 89.88, marking its strongest single-session gain since mid-December, driven by proactive RBI intervention to offset persistent foreign portfolio outflows.
Jewellery stocks rallied sharply following robust third-quarter business updates, with and gaining between 4 per cent and 11 per cent alongside Titan. “In 3QFY26, gold prices surged, rising approximately 60 per cent year-on-year and approximately 20 per cent quarter-on-quarter. Despite this steep inflation, consumer demand for top brands remained resilient, supported by a strong festive season and sustained momentum during the wedding period,” said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services.
Looking ahead, market participants remain watchful of geopolitical developments and upcoming corporate earnings announcements. “From a technical perspective, despite the short-term softness, the broader positional trend remains bullish, backed by a pattern of higher tops and higher bottoms on the daily charts. On the upside, the recent swing high of 26,373 is likely to act as an immediate resistance level, while the 26,050–26,100 band is expected to offer strong near-term support,” Shah added. Analysts expect the Nifty to consolidate in the 26,000-26,370 range in coming sessions before heading higher towards 26,500-26,800 levels.