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Indian benchmark equity indices extended their losses for the third consecutive session on Wednesday, as a spike in oil prices heightened concerns over the inflation outlook, while rising bond yields further dampened investors’ risk appetite.

The Sensex declined 373.93 points, or 0.49 per cent, to close at 76,570.35. The Nifty also remained under pressure, falling 141.35 points, or 0.59 per cent, to settle at 23,914.45.

Commenting on Nifty technical outlook, experts said that the current bearish sentiment is likely to continue in the short term, and a sell-on-rise strategy may remain the preferred approach as long as the index remains below 24,000.

“On the lower end, the correction may extend towards 23,700–23,730,” an analyst stated.

The continued weakness in the domestic market came amid growing concerns that higher crude oil prices could put renewed pressure on inflation and corporate costs. Rising bond yields also added to the cautious mood among investors, making equities relatively less attractive.

Among the Nifty constituents, Eicher Motors, Wipro India and Bajaj Auto emerged as the biggest losers, contributing to the broader weakness in the benchmark index.

The broader market also remained subdued. The Nifty MidCap index ended 0.53 per cent lower, while the Nifty SmallCap index declined 0.33 per cent.

Sectoral performance was largely negative, with the Nifty Auto index emerging as the worst performer after falling more than 2 per cent. The Nifty IT and Nifty Media indices also underperformed during the session.

In contrast, the Nifty Oil and Gas index bucked the broader trend and emerged as one of the better-performing sectoral indices.

Market experts said that the market remained under pressure as investors weighed the potential economic impact of elevated oil prices and higher bond yields, keeping sentiment firmly cautious.