Indian Stock Market Opens Lower, Nifty Below 22,900 Amid Sectoral Selling
The Indian stock market opened lower on Tuesday as selling pressure was seen across various sectors, including PSU banks, metals, and realty stocks. At around 9:37 AM, the Sensex was trading 193.10 points, or 0.25%, lower at 75,803.76, while the Nifty slipped 76.95 points, or 0.34%, to trade at 22,882.55.
Mumbai: The Indian stock market opened lower on Tuesday as selling pressure was seen across various sectors, including PSU banks, metals, and realty stocks. At around 9:37 AM, the Sensex was trading 193.10 points, or 0.25%, lower at 75,803.76, while the Nifty slipped 76.95 points, or 0.34%, to trade at 22,882.55.
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Sectoral Performance and Index Movement
The Nifty Bank index was down by 145.65 points, or 0.30%, at 49,113.25. The Nifty Midcap 100 index dropped 91.25 points, or 0.18%, to stand at 49,758.60, while the Nifty Smallcap 100 index fell by 22.85 points, or 0.15%, to 15,390.25.
Technical Insights on Market Trends
Experts highlighted the emergence of a ‘Falling Wedge’ pattern, connecting the major lows of August and November. A closer analysis shows another ‘Falling Wedge’ on a shorter timeframe, joining the lows of November and January. Sameet Chavan, Head of Research, Technical and Derivatives at Angel One, pointed out that there is strong support in the 22,800–22,700 range (lower end of the wedge), which could act as a crucial level. Further support is anticipated between 22,600–22,500, coinciding with the 127% retracement of early February’s rebound.
Top Gainers and Losers in Sensex Pack
In the Sensex pack, the top gainers included Tech Mahindra, Zomato, Bharti Airtel, Infosys, HCLTech, Sun Pharma, Kotak Mahindra Bank, Axis Bank, Maruti, and Bajaj Finance. On the other hand, the biggest losers were UltraTech Cement, Titan, NTPC, SBI, Tata Steel, and IndusInd Bank.
Global Market Trends and FII Activity
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In global markets, the Dow Jones dropped by 0.37%, closing at 44,546.08, while the S&P 500 declined by 0.01%, settling at 6,114.63. However, the Nasdaq rose by 0.41%, closing at 20,026.77.
Asian markets showed positive movement with Jakarta, Seoul, Japan, China, and Hong Kong trading in the green, while Bangkok was in the red.
Institutional Investment Trends
Foreign Institutional Investors (FIIs) continued their selling streak, offloading equities worth Rs 3,937.83 crore on February 17. Meanwhile, Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth Rs 4,759.77 crore on the same day.
The Indian stock market will be closely watched in the coming days, with sectoral trends and technical indicators playing a significant role in market movements.
