The Indian equity market extended its losing streak into a third consecutive session on Wednesday, December 17, as benchmark indices closed in the red amid a cautious global environment. Investor sentiment remained subdued, overshadowing a sharp recovery in the Indian rupee.
Benchmarks Extend Losses, Key Support Breached
The sell-off continued as the Nifty 50 index fell by 0.18% to close at 25,812 points. This decline pushed the index below the crucial support level of 25,850. The 30-share S&P BSE Sensex also dropped 0.12%, ending the day at 84,576 points. With this downturn, both major indices have now shed over 1.4% of their value in the month of December so far.
Broader Market and Key Losers Under Pressure
The weakness was not confined to the large-cap segment. Broader market indices faced even steeper declines, reflecting widespread risk aversion. The Nifty Midcap 100 index fell 0.66%, while the Nifty Smallcap 100 index plunged deeper, losing 0.74%.
Several prominent stocks were at the forefront of the day's decline. The list of top losers featured notable names from diverse sectors, including:
- Akzo Nobel India
- OLA
- Dixon Technologies
- PB Fintech
- Garden Reach Shipbuilders & Engineers
Global Uncertainty Weighs on Sentiment
The primary factor dampening market mood was uncertainty emanating from the United States. Mixed signals from recent US jobs data have clouded the outlook for the Federal Reserve's future interest rate trajectory. This ambiguity has suppressed global risk appetite, with the effect spilling over into emerging markets like India, where foreign investor flows play a significant role.
The market's third straight day of losses underscores the fragile sentiment prevailing among investors. All eyes are now on domestic cues and further global economic data for direction, as the indices seek to find a stable footing.
