Indian Stock Market Opens Lower Amid Weekly Expiry Volatility; Metal Stocks Drag Indices

Indian Stock Market Opens Lower Amid Weekly Expiry Volatility; Metal Stocks Drag Indices​

Sensex, Nifty Trade in Red as Broader Markets Mirror Weakness​

Mumbai, February 17: Indian equity markets opened on a subdued note on Tuesday, with volatility surrounding the Nifty weekly expiry and weakness in metal stocks weighing on investor sentiment.

At 9:30 am, the benchmark BSE Sensex slipped 232 points or 0.28 percent to 83,044, while the NSE Nifty 50 declined 92 points or 0.36 percent to trade at 25,590.

The broader markets moved largely in tandem with the benchmarks. The Nifty Midcap 100 index fell 0.28 percent, while the Nifty Smallcap 100 edged lower by 0.05 percent, indicating cautious participation beyond frontline stocks.

Sectoral Indices: Metal Weakness Offsets IT Gains​

Most sectoral indices traded in the red during early deals. The Nifty Metal index emerged as the biggest laggard, falling 1.35 percent. On the other hand, Nifty IT bucked the trend, rising 1.08 percent to become the top gainer among sectors.

Select defensive pockets such as FMCG and PSU banks also traded in positive territory, offering limited support to the broader market.

Key Technical Levels for Nifty and Bank Nifty​

Market participants are closely watching critical technical zones for near-term direction.

For the Nifty, immediate support is seen in the 25,550 to 25,500 range. On the upside, resistance is placed between 25,700 and 25,800.

The Bank Nifty continues to show relative resilience. Immediate support lies in the 60,500 to 60,400 zone, which aligns with the previous breakout level and trendline support. Resistance is observed near the 61,000 mark.

Institutional Flows Cushion Downside​

Institutional activity remains a key stabilising factor. On February 16, foreign institutional investors net sold equities worth Rs 972 crore. In contrast, domestic institutional investors extended support by purchasing equities worth Rs 1,667 crore.

Market participants note that sustained DII inflows are providing an underlying cushion, helping offset intermittent FII outflows.

Market Sentiment Remains Cautious Despite Earnings Strength​

Although capital market-related stocks faced pressure following tighter lending norms for proprietary traders and brokers, the indices had ended higher in the previous session. This reflected underlying resilience supported by improving macroeconomic fundamentals.

Corporate earnings growth of 14.7 percent in the third quarter has exceeded expectations, and momentum is expected to continue into the fourth quarter, with acceleration projected in FY27.

However, near-term sentiment remains cautious due to persistent weakness in the IT sector amid concerns around AI-led disruption, selective profit booking, and mixed global cues. As a result, traders expect markets to remain range-bound and choppy until fresh domestic or global triggers provide clearer direction.

Global Markets: Asia Weak; US Closed for Holiday​

Across Asia, equity markets traded mixed to negative. China’s Shanghai index fell 1.26 percent, while Shenzhen declined 1.28 percent. Japan’s Nikkei dropped 1.09 percent, and South Korea’s Kospi slipped 0.28 percent. Hong Kong’s Hang Seng Index was an exception, rising 0.52 percent.

US markets remained closed overnight due to a federal holiday. In the last trading session, Wall Street indices ended mostly higher, with the S&P 500 gaining 0.05 percent and the Dow Jones rising 0.1 percent, while the Nasdaq eased 0.22 percent.

With weekly expiry dynamics in play and global cues offering limited clarity, investors are navigating a volatile session marked by sectoral divergence and cautious positioning.