After three consecutive sessions of gains, Indian equities kicked off Thursday on a sour note, with benchmark indices opening sharply lower. The Sensex opened 265 points down at 83,968.43 versus Wednesday’s close of 84,233.64, while Nifty 50 started at 25,906.70, off 47 points from 25,953.85.
As trading progressed to around 9:28 AM, losses deepened: Sensex at 83,828.51 (-405 points, -0.48%), Nifty at 25,840.40 (-113 points, -0.44%). Midcap and Smallcap indices lagged, declining 0.78% and 0.98% respectively, underscoring weakness beyond large-caps.
IT stocks led the carnage, with Nifty IT down more than 4%. Heavy selling hit Infosys (down 5%), TCS and HCL Tech (both -4.4%), Tech Mahindra (-4.24%), Wipro (-3.32%), and Eternal (-2.23%). Other decliners included HDFC Life, Jio Financial Services, M&M, and SBI Life.
Gainers were sparse but notable: ICICI Bank, SBI, Eicher Motors, HUL, NTPC, BEL, and Axis Bank posted advances. Sector performance was grim except for FMCG’s marginal 0.04% uptick; Auto (-0.35%) and Bank (-0.02%) also slipped.
Choice Broking’s Akash Shah highlighted yesterday’s range-bound trading post-gap up, indicating market consolidation. Key resistance at 26,050-26,100 faces selling pressure, support at 25,800-25,850. FIIs bought ₹943 crore net on Feb 11 for the fourth day, contrasting DII selling of ₹125+ crore.
With global cues shaky, market watchers recommend patience. Stick to quality names on weakness, and eye 26,000 breakout for bullish confirmation. Volatility persists, but selective buying could yield opportunities in a correcting market.