Sensex closed 203 points, or 0.25 percent, lower at 82,352.64; the Nifty 50 closed with a loss of 81 points, or 0.32 percent, at 25,198.70. The BSE Midcap index also declined by 0.12 percent, but the Smallcap index bucked the trend, rising 0.3

The primary reason for this resilient response is the active participation of domestic funds and investors.

Bloodbath in the Western markets; India bracing for a crash; crude oil dips below $74 amid recession fears; rupee weakens

`The markets have been hitting new highs in the recent upsurge; investors are now a bit sceptical about taking further bullish bets.'

The market rally shows no signs of slowing down; no obstacles for market inflows; inflation concerns resurface; the rupee weakens as the dollar surges.

The momentum indicators suggest a bullish trend, with the Nifty remaining  above both short-term and long-term moving averages.

The Nifty 50 closed 43 points, or 0.17 percent, higher at 25,278.70, with shares of Bajaj Finserv, Bajaj Finance, and HCL Tech as the top gainers.; the Sensex closed 194 points, or 0.24 percent, higher at 82,559.84.

In early trading, the Sensex rose to 82,637, and the Nifty reached 25,258.8 before retracting.

Nifty and Sensex pushed higher, with hopes of further gains; US recession fears ease; crude oil hits $80 per barrel.

Momentum indicators suggest a bullish trend, as the Nifty continues to  trade above both its short-term and long-term moving averages.