Mumbai, February 24: Indian equity benchmarks opened sharply lower on Tuesday, with the Sensex and Nifty falling nearly 1 percent in early trade as a broad sell-off in information technology stocks weighed on market sentiment. Rising crude oil prices and renewed global trade concerns further added to the pressure.
IT Stocks Drag Markets Lower
The 30-share BSE Sensex declined 813.13 points, or 0.97 percent, to 82,481.53 in early trading. The 50-share NSE Nifty slipped 230.15 points, or 0.89 percent, to 25,482.85.Technology counters led the losses amid growing fears over potential disruption from artificial intelligence. Eternal recorded the steepest fall among Sensex constituents, dropping 3.82 percent. Other major laggards included HCL Technologies, Infosys, Tech Mahindra, Tata Consultancy Services, Bharti Airtel, Bajaj Finance, Bharat Electronics Ltd, Trent, Adani Ports, ITC, and Titan.
Market participants pointed to weakness in the ADRs of Indian IT companies as an indication that the sector may continue to face near-term pressure.
Global Trade Worries and Crude Prices Add Pressure
Investor caution was also evident ahead of the State of the Union address by US President Donald Trump, with markets closely watching for signals on trade and tariff policies.Concerns resurfaced after remarks linked to tariff changes and warnings to countries reconsidering trade deals. Developments around the European Union freezing a deal with the US in light of recent tariff-related changes have added to the uncertainty in global markets.
Meanwhile, Brent Crude, the global oil benchmark, rose 1 percent to USD 72.13 per barrel, intensifying worries over input cost pressures.
Asian Markets Mixed, US Closes Lower
Across Asia, South Korea’s Kospi, Shanghai’s SSE Composite Index, and Japan’s Nikkei 225 traded higher, while Hong Kong’s Hang Seng remained in the red.The US equity market ended nearly 2 percent lower on Monday, setting a weak tone for global equities.
FIIs Buy, DIIs Sell
According to exchange data, Foreign Institutional Investors purchased equities worth Rs 3,483.70 crore on Monday. In contrast, domestic institutional investors were net sellers, offloading stocks worth Rs 1,292.24 crore.Previous Session Recap
In the previous session, the BSE Sensex had gained 479.95 points to close at 83,294.66, while the NSE Nifty advanced 141.75 points to settle at 25,713.With IT stocks under sustained pressure and global trade uncertainties lingering, market participants remain cautious as the trading session unfolds.
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