Stock market today: Indian equity benchmarks closed lower on Wednesday as rising crude oil prices weighed on investor sentiment, offsetting the positive momentum from the strong investor response to Reliance Industries Chairman Mukesh Ambani's Jio Platforms IPO.
The Nifty 50 declined 0.34% to close at 22,811.35, while the Sensex fell 0.19% to 73,709.69. Both indices had gained around 1% in early trade before reversing course.
Crude oil prices remained a key concern for markets. Brent crude futures rose 1.5% to above $110 per barrel amid concerns over Middle East supplies and a drawdown in US inventories. For India, which relies heavily on oil imports, elevated crude prices could increase the import bill, put pressure on the fiscal deficit and weigh on corporate profitability.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, recommended buying Wipro at ₹188.30, with a target price of ₹202 and a stop-loss of ₹180. He also recommended selling Dixon Technologies at ₹11,620, with a target of ₹10,950 and a stop-loss of ₹12,025. Both trading calls have a 2–3-week time frame.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 failed to sustain its intraday recovery on Wednesday after a sharp reversal from the crucial resistance zone around 23,100 on Monday. The index slipped amid volatility, with weakness extending across the broader market, including mid-cap, small-cap and micro-cap stocks.