Indian shares traded within a tight range on Wednesday as investors assessed disappointing results from top companies and the exit of foreign funds amid falling crude oil prices. The Nifty 50 index closed lower at 25,050.2 points, fluctuating within a 100-point range. The broader S&P BSE Sensex also saw a marginal decline of 0.05 per cent to 81,781. Domestically focused small-cap and mid-cap stocks remained relatively flat. S Krishnakumar, director at Lion Hill Capital, attributed the cautious investor sentiment to uncertainties in the Middle East, rich valuations, ongoing foreign fund outflows, and tepid expectations for September quarter earnings. Reliance Industries, a heavyweight in the Nifty and Sensex, weighed on the market on Tuesday due to its disappointing results. However, the broader market was supported by the decline in global crude oil prices. Reliance Industries rebounded 0.1 per cent on Wednesday, while the oil marketing firm BPCL extended its gains for the fourth consecutive session. The decline in crude oil prices due to demand concerns provided a boost to these oil-related stocks. On the other hand, automaker Mahindra & Mahindra was the biggest drag on the market, falling 2.3 per cent. Nestle India and TCS also saw declines of 1.6 per cent and one per cent, respectively. Foreign investors have withdrawn $7.9 billion from the market in October, the highest amount since March 2020. Their attention has now turned to China in response to Beijing's stimulus measures. Other notable developments include a four per cent slump in Cochin Shipyard's shares after the announcement of a government stake sale at a discount. Hyundai Motor India's record $3.3 billion IPO received a 21 per cent subscription at the start of the second day of its share sale. Attribution: Reuters Subediting: M. S. Salama
