Sensex Drops 252 Points, Pharma Losses Pull Nifty Below 22,650

Mumbai: Indian stock markets closed lower on October 14 as profit booking and weakness in pharmaceutical, healthcare and financial shares outweighed gains in information technology stocks.

The BSE Sensex declined 251.89 points, or 0.34 per cent, to settle at 72,781.89. The NSE Nifty fell 99.25 points, or 0.44 per cent, to finish at 22,622.70, slipping below 22,650.

The decline followed a volatile session, with investors adopting a cautious approach ahead of US inflation data.

Pharma and Healthcare Lead Losses

Nifty Pharma and Nifty Healthcare recorded the sharpest sectoral declines, making these stocks the biggest drags on market performance.

Financial shares also weakened. Shriram Finance, HDFC Life Insurance and Bajaj Finance were among the leading Nifty losers.

Within the Sensex basket, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Eternal and ICICI Bank weighed on the benchmark.

Broader markets finished lower, although their declines were modest. Nifty MidCap 100 slipped 0.08 per cent, while the Nifty SmallCap index fell 0.32 per cent.

IT Stocks Cushion the Decline

Nifty IT emerged as the strongest sectoral performer, helping limit losses in the benchmark indices.

Infosys, Tech Mahindra and Tata Consultancy Services featured among the Sensex gainers, alongside Hindustan Unilever and NTPC.

Market watchers said easing intraday crude oil prices and rupee appreciation following RBI foreign exchange measures provided some support.

Expectations of a possible review of long-term capital gains tax and securities transaction tax also supported sentiment, without confirming any policy change.

Nifty Support and Resistance in Focus

Analysts said Nifty failed to sustain its early move above 22,700. Profit booking pulled the index towards 22,550, where buying interest helped contain the decline.

They identified immediate support at 22,600–22,500 and resistance at 22,800. A sustained breakout above resistance could extend the recovery towards 23,000.

The rupee traded near 95.14 against the dollar, gaining around 10 paise. RBI restrictions on dollar buying continued supporting the currency despite a stronger greenback.