Domestic equity benchmarks Sensex and Nifty opened on a weak note on Friday, weighed down by a sharp correction in information technology stocks. Negative cues from US markets and rising anxiety over artificial intelligence-led disruption dampened investor mood.
At 9:25 AM, the Sensex was down 672 points, or 0.80 per cent, at 83,002, while the Nifty declined 207 points, or 0.80 per cent, to 25,600.
Wider market indices underperformed the frontline benchmarks. The Nifty Midcap 100 retreated 1.38 per cent, and the Nifty Smallcap 100 fell 1.62 per cent.
Sector-wise, losses were broad-based. Nifty IT was the biggest laggard, tumbling 4.43 per cent. Realty stocks slipped 2.70 per cent, and media counters eased 1.26 per cent.
Market experts say that Nifty will find immediate support between 25,650 and 25,700, while traders are likely to face resistance in the 25,900–25,950 range.
In the previous session, Bank Nifty climbed to 60,864 before slipping to 60,597 and eventually closing slightly lower at 60,739.
Analysts expect resistance in the 60,950–61,050 range and support around 60,450–60,550.
Analysts attribute the continued slide in IT shares to concerns that sophisticated AI platforms could replace key services provided by Indian technology companies.
The recent unveiling of Anthropic’s ‘Claude Cowork’ has intensified fears of automation reshaping enterprise operations.
Asian markets traded mostly lower, tracking declines on Wall Street, where the Nasdaq dropped 2.04 per cent.
On February 12, foreign institutional investors were net buyers of equities worth Rs 108 crore, while domestic institutional investors purchased shares worth Rs 277 crore.
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