Mumbai: Indian stock markets started Friday on a weak note, extending losses from the previous session. At 9:26 a.m., the Sensex was down 154 points or 0.19% at 82,343. The Nifty fell 31 points or 0.12% to 25,423.
The mood remained cautious after heavy selling on Thursday, which wiped out nearly Rs 6.79 lakh crore in market value.
Mixed Trend in Broader Markets
The broader indices showed mixed movement. The Nifty Midcap 100 slipped 0.13%, while the Nifty Smallcap 100 gained 0.13%.
Among sectoral indices, most traded in the green. However, IT stocks continued to see strong selling pressure. The Nifty IT index fell 1.07%, making it the biggest loser. The media index declined 0.41%.
Pharma and realty stocks dipped slightly by 0.04% and 0.12%, respectively. PSU banks were the top gainers, rising 0.58%.
Key Levels to Watch
Market experts said immediate support for Nifty is between 25,400 and 25,300. Resistance is seen around 25,675.
For Bank Nifty, support lies between 60,500 and 60,300, while 61,000 is seen as immediate resistance.
Why Are Markets Falling?
Thursday’s sharp 1.41% fall erased recent gains. The selling was seen across banking, auto, FMCG, metals and aviation stocks.
Analysts said rising US-Iran tensions and a strict stance from the US Federal Reserve have increased fear in global markets. India VIX, which measures market fear, jumped over 10% to 13.46.
Foreign institutional investors (FIIs) sold shares worth Rs 881 crore on February 19. Domestic institutional investors (DIIs) also turned net sellers, offloading Rs 596 crore worth of equities.
Global Cues Remain Weak
Asian markets were mixed. Japan’s Nikkei fell 1.2% and Hong Kong’s Hang Seng declined 0.57%. South Korea’s Kospi gained 1.44%.
US markets ended lower overnight. The Nasdaq slipped 0.31%, S&P 500 fell 0.28% and Dow Jones dropped 0.54%.
Markets may remain range-bound with a slight downward bias until volatility reduces or fresh positive triggers emerge.
