Indian equity benchmarks traded nearly flat with a mild negative bias in early trade on Monday, weighed down by weaker-than-expected corporate earnings and continued AI-led pressure on technology stocks.
As of 9:25 am, the Sensex was down 22 points, or 0.02 per cent, at 83,604, while the Nifty slipped 6 points, or 0.03 per cent, to 25,464.
Broader market indices posted steeper losses than the benchmarks, with the Nifty Midcap 100 declining 0.34 per cent and the Nifty Smallcap 100 slipping 0.47 per cent.
Sectoral indices traded mixed. The key laggards were IT stocks, with the Nifty IT index down 0.55 per cent, and the media index, which fell 0.84 per cent. On the positive side, the Nifty Pharma index gained 0.93 per cent, while the realty index edged up 0.55 per cent.
Market watchers said immediate support for the Nifty is placed in the 25,300–25,350 zone, while resistance is seen in the 25,600–25,650 range.
The Bank Nifty continued to show relative resilience, holding firmly above the key psychological level of 60,000. Analysts said crucial support lies in the 60,000–59,700 zone, coinciding with the 20-day exponential moving average, which remains critical for sustaining the bullish structure.
Domestic markets are expected to remain sensitive to global cues following last week’s sharp correction, driven largely by weakness in technology stocks. Persistent concerns around AI-led disruption have tempered optimism that had earlier emerged following the US–India interim trade framework, reinforcing a broader risk-off sentiment.
Foreign institutional investor participation has turned mixed and cautious in recent sessions, as investors reassess elevated valuations. However, steady domestic institutional investor inflows continue to provide some support to the markets.
In the near term, sentiment remains fragile, with markets likely to trade in a consolidation phase until clearer direction emerges from global macroeconomic signals.
Investors are closely tracking upcoming global triggers, including the US Federal Reserve meeting minutes, PCE inflation data and PMI readings.
In Asian markets, China’s Shanghai index declined 1.26 per cent, while the Shenzhen index fell 1.28 per cent. Japan’s Nikkei rose 0.12 per cent, Hong Kong’s Hang Seng gained 0.38 per cent, while South Korea’s Kospi slipped 0.28 per cent.
US markets ended mostly higher in the previous session, even as the Nasdaq declined 0.22 per cent. The S&P 500 added 0.05 per cent, while the Dow Jones Industrial Average gained 0.1 per cent.
On February 13, foreign institutional investors were net sellers of equities worth Rs 7,395 crore, while domestic institutional investors were net buyers worth Rs 5,553 crore.
— IANS
