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Analysts said a fall below 15,400 could trigger further weakness in the index while they see a decisive break above 15,700 a must for further upside.

The reasons for the stress which is mainly high oil prices (high inflation) and supply chain disruptions, have continued. Oil prices are high on account of the following reasons: Russia-Ukraine conflict and oil related sanctions on Russia now, Iran and Venezuela in the past, and reluctance of OPEC to increase production and curtailing an expansion of shale production in the US.

In an order passed in March, the capital markets regulator had slapped a fine of Rs 5 lakh on Future Enterprises for disclosure lapses in the case related to arbitration proceedings against Future Group by Amazon.com NV Investments Holdings LLC

“If there was a real crunch coming in the oil prices and it did start to surge a lot higher, we would start to see US production coming back on stream, certainly they are well below the record highs than we saw over the last couple of years.”

“On the consumer side, credit card spends have never been so good. The credit card spends continue though the revolving rates are very low right now and in the SME and the MSME side, there is enough demand to cater to the market. Large corporates are showing green shoots specifically in the cement and steel industries. The public capex cycle will lead to the private capex cycle,” says Sumant Kathpali

Even several crypto-related companies, directly or indirectly, have announced to reduce their headcount significantly, anticipating a dull and long crypto winter.​

At the interbank foreign exchange market, the local currency opened flat at 78.13 against the greenback and witnessed an intra-day high of 78.13 and a low of 78.40. The domestic unit finally ended at a record low of 78.40, down 27 paise over its previous close. In the previous session, the rupee had settled at 78.13 against the US dollar.

"When we talk about investor sentiment, generally people think about it more anecdotally based on what they are hearing and what people are doing. But what we try to do with this index is to quantify it using certain matrices. We put it in historical perspective. Right now we are at 92 per cent bearish reading," Vikash Kumar Jain of CLSA India said.

The Nifty IT index closed 1.16 per cent down at 27488.4.

"Gold prices traded weak with spot gold prices at COMEX trading 0.41 per cent down at USD 1,825 per ounce on Wednesday. Gold prices are struggling on a stronger dollar and weaker bond yields,