The Indian equity markets opened on a somber note this Friday, the last trading day of the week, as the Sensex tumbled over 800 points in early deals, reflecting heightened investor caution. Starting from 83,674.92, the index opened at 82,902.73 after a 772.19-point drop, while Nifty fell 236.05 points from 25,807.20 to 25,571.15.
As trading progressed to 9:40 AM, losses intensified: Sensex was at 82,827.71, down 847.21 points (1.01%), and Nifty at 25,538.85, off by 268.35 points (1.04%). Midcap and Smallcap indices fared worse, declining 1.31% and 1.58% respectively, underscoring a broad-based sell-off.
IT sector stole the spotlight for all the wrong reasons, with Nifty IT plunging 5% on heavy selling in Infosys (down >5.5%), TCS, HCL Tech, LTI Mindtree, Coforge, and Wipro. Metals dropped 2%, media 1%, FMCG 0.8%, and banks 0.35%.
Sensex constituents painted a grim picture: 26 of 30 stocks declined, led by Infosys, TCS, HCL Tech, Tech M, HUL, Trent, M&M, Eternal, Tata Steel, NTPC, Titan, L&T, Bajaj Finserv, IndiGo, and Power Grid. Bright spots were few—Bajaj Finance, HDFC Bank, SBI, and Bharti Airtel eked out gains.
Choice Broking’s Hitesh Tayal analyzed yesterday’s session: Nifty opened weak, endured selling pressure, dipped to 25,752 intraday, and clawed back to 25,807.20. Key resistance looms at 25,900-25,950, support at 25,650-25,700. RSI of 53.87 indicates neutral-to-bearish momentum with cautious optimism.
FIIs bought Rs 108 crore for five sessions running on Feb 12, matched by DIIs’ Rs 276 crore+ inflows. In volatile times driven by global cues, experts recommend selective strategies, targeting quality stocks on weakness. Sustained break above 26,000 on Nifty could usher stability and upside.