Mumbai (Maharashtra) [India], January 14 (ANI): The Benchmark indices, Sensex and Nifty 50, extended losses for the second consecutive session on Wednesday.

At close, the Sensex dropped 245 points, or 0.29%, to end at 83,382.71, while the Nifty 50 fell 67 points, or 0.26%, to settle at 25,665.60.

Most sectoral indices ended lower; however, the Nifty Metal (2.70%) and PSU Bank (2.13%) posted solid gains.

The market opened in the red, extending selling pressure from the previous trading session amid continued concerns over new 25 per cent US tariffs on countries engaged in trade with Iran..

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, 'The benchmark indices witnessed range-bound activity. The Nifty ended 67 points lower, while the Sensex was down by 245 points. Among sectors, Metal and PSU Bank indices rallied over 2 per cent, whereas the IT index lost the most, shedding over 1 per cent. Technically, after a muted open, the market registered narrow-range activity. On the lower side, it found support near 25,600/83200, while intraday profit booking was seen near 25,800/83800.'

Vinod Nair, Head of Research, Geojit Investments Limited, said, 'Domestic markets remained cautious amid lingering uncertainty over the India-US trade deal, with FIIs staying risk-averse. However, the restart of negotiations this week has instilled renewed hopes. Metals led the rally as prices climbed on expectations of U.S. rate cuts, supported by softer inflation data and safe-haven demand amid geopolitical tensions. Broader markets performed well given selective buying in mid- and small-cap segments.'

'Globally, equities traded mixed as investors awaited the US December PPI and major bank earnings. Looking ahead, focus will shift to Q3 FY26 earnings, where initial IT results were broadly in line with expectations, though bottom-line performance was impacted by one-off costs,' he added.

Vatsal Bhuva, Technical Analyst at LKP Securities, said, 'The index is currently consolidating above its falling trendline breakout levels and is sustaining above both its 20-day and 50-day SMA, indicating a structurally positive setup. However, momentum appears to be weakening as the RSI is placed near 53 and is slightly sloping downwards, highlighting a lack of strong buying momentum. The index is expected to regain momentum once it decisively reclaims the 59800 level. Until then, the index is likely to trade in a broad range of 59000-59800, where 59200-59150 acts as a crucial support zone near the 50-day SMA, while 59800 will continue to act as the immediate range resistance.' (ANI)