Sensex, Nifty Open Lower as IT Stocks Extend Decline

Mumbai: Indian equity benchmarks opened the final trading session of the week on a weak note on Friday, extending the sharp losses recorded in the previous session amid fragile global cues.

As of 9:26 a.m., the Sensex was down 154 points, or 0.19 per cent, at 82,343, while the Nifty slipped 31 points, or 0.12 per cent, to 25,423.

Broader markets showed mixed trends. The Nifty Midcap 100 declined 0.13 per cent, whereas the Nifty Smallcap 100 edged up 0.13 per cent.

On the sectoral front, most indices traded in positive territory, with the notable exception of IT and media stocks. Nifty IT continued to bleed, falling 1.07 per cent, while the media index dropped 0.41 per cent. Pharma and realty also traded marginally lower, down 0.04 per cent and 0.12 per cent, respectively. PSU banks led the gains, rising 0.58 per cent.

Market participants said immediate support for the Nifty lies in the 25,400–25,300 zone, with resistance seen around 25,675. For Bank Nifty, support is placed at 60,500–60,300, while 61,000 is expected to act as near-term resistance.

Thursday’s sharp 1.41 per cent fall wiped out recent gains and erased nearly Rs 6.79 lakh crore in market capitalisation. The sell-off was broad-based across banking, auto, FMCG, metals and aviation stocks, reflecting a clear risk-off mood triggered by escalating US-Iran geopolitical tensions and a hawkish outlook from the Federal Reserve, analysts said.

They also pointed to a sharp spike in India VIX to 13.46—up over 10 per cent—and continued pressure from foreign institutional investors, with domestic institutional investors also turning net sellers in the previous session.

While India’s macroeconomic fundamentals remain resilient, near-term sentiment has weakened amid mixed global signals and a lack of immediate positive triggers. Analysts expect markets to remain range-bound with a downside bias until volatility cools or fresh catalysts emerge.

In Asia, markets were largely mixed. Trading remained shut in mainland China, with the Shanghai Stock Exchange and the Shenzhen Stock Exchange closed for the Lunar New Year holiday until February 23. Japan’s benchmark slipped over 1 per cent, Hong Kong equities declined, while South Korea’s market gained more than 1 per cent.

Overnight in the US, equities ended lower, with the Nasdaq closing in the red alongside broader indices.

On February 19, foreign institutional investors sold equities worth Rs 881 crore, while domestic institutional investors offloaded shares worth Rs 596 crore.

With inputs from IANS