Mumbai, February 16: The benchmark equity indices Sensex and Nifty opened lower on Monday, mirroring mixed global cues, before turning volatile as investors stepped in with selective buying after early losses.
Sensex and Nifty Open Lower, Swing Between Gains and Losses
The 30 share BSE Sensex slipped 349.81 points, or 0.42%, to 82,276.95 during the initial trade. The broader NSE Nifty declined 98.4 points to 25,372.70.As trading progressed, both indices oscillated between positive and negative territory. The Sensex later quoted 155.41 points higher at 82,782.17, while the Nifty recovered 51.35 points to trade at 25,522.45 after the early fall.
The volatile movement reflected cautious sentiment amid sectoral rotation and mixed international signals.
Top Gainers and Losers in Sensex Pack
Among Sensex constituents, gains were seen in PowerGrid, HDFC Bank, NTPC, Bajaj Finserv, Sun Pharmaceuticals, Eternal, HCL Technologies, ITC, Trent, Asian Paints and Tata Steel.On the losing side, Infosys, Adani Ports, State Bank of India, Hindustan Unilever, Tech Mahindra, Reliance Industries, Titan, UltraTech Cement, ICICI Bank and Tata Consultancy Services were among the key laggards.
IT Sector Under Pressure, Sectoral Shift in Focus
V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, said the recent sell off in the IT sector is likely to continue weighing on markets in the near term. He noted that the slight recovery in IT ADRs on Friday is unlikely to provide strong support to domestic IT stocks.According to him, institutional investors may continue trimming exposure to IT and shift allocations towards financials, automobiles, capital goods, telecom and pharmaceuticals, where earnings growth visibility remains stronger.
He added that Brent crude remains delicately balanced around 68 dollars amid geopolitical concerns between the US and Iran, making oil prices an important monitorable factor.
Vijayakumar said overall prospects for 2026 appear positive as fundamentals improve and valuations align with long term averages. He also observed that mid and small cap stocks, though relatively expensive, are delivering better than expected earnings.
Global Markets Mixed; Asian Peers Trade Cautiously
Asian markets traded on a mixed note. Hong Kong’s Hang Seng Index rose 0.4%, while Japan’s Nikkei 225 remained flat. Markets in China and South Korea were closed for the Lunar New Year holidays.The US equity market ended mixed on Friday, adding to the cautious tone in domestic trading.
FII Selling Continues; Crude Edges Higher
Foreign institutional investors sold equities worth Rs 7,395.41 crore on Friday, while domestic institutional investors bought shares worth Rs 5,553.96 crore, according to exchange data.Brent crude, the global oil benchmark, traded marginally higher at 67.78 dollars per barrel.
On Friday, the Sensex had tumbled 1,048.16 points to close at 82,626.76, while the Nifty had plunged 336.10 points to settle at 25,471.10, setting the stage for Monday’s cautious and volatile opening.
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