The Indian equity markets opened on a negative note on Thursday, weighed down primarily by IT stocks.
At 09:25 AM, the Sensex was down 397 points, or 0.47 per cent, at 83,836, while the Nifty fell 111 points, or 0.43 per cent, to 25,842.
Broader markets saw sharper declines compared to the benchmarks. The Nifty Midcap 100 dropped 0.76 per cent, and the Nifty Smallcap 100 slipped 0.88 per cent.
Most sectoral indices were trading in the red, with the exception of FMCG, private banks and oil and gas.
The biggest drag came from Nifty IT, which tumbled 3.58 per cent. Realty declined 1.11 per cent, and media fell 1.04 per cent.
Market watchers placed immediate support for the Nifty in the 25,800–25,850 zone and pegged resistance at 26,050–26,100.
Analysts attributed the weakness to global cues, particularly the latest US jobs data showing the addition of 1.3 lakh jobs last month and unemployment easing to 4.3 per cent. The data dampened expectations of near-term rate cuts by the US Federal Reserve.
In India, experts noted that the rate-cutting cycle appears to be over. They cited healthy growth and inflation likely to move back towards the RBI’s long-term target by the end of FY27.
Asian markets were mixed. China’s Shanghai index rose 0.12 per cent, and Shenzhen gained 0.81 per cent. Japan’s Nikkei edged up 0.1 per cent, while Hong Kong’s Hang Seng Index slipped 0.97 per cent. South Korea’s Kospi surged 2.74 per cent.
Overnight, US markets ended largely lower, with the Nasdaq down 0.16 per cent, the S&P 500 flat, and the Dow Jones slipping 0.13 per cent.
On February 11, foreign institutional investors (FIIs) net bought equities worth Rs 944 crore, while domestic institutional investors (DIIs) net sold equities worth Rs 125 crore.
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