Domestic equity markets opened lower on February 24, tracking negative global cues and overnight declines in US markets.
The BSE Sensex opened 242 points lower at 83,053. In early trade, selling pressure intensified, pulling the index down by nearly 380 points to around 82,920, reflecting a decline of about 0.5 percent.
The NSE Nifty 50 also remained under pressure. The index slipped nearly 100 points to trade at 25,613 and tested the 25,600 level during the session. Volatility around this level kept investors cautious in early trade.
The IT sector recorded the sharpest decline in early trade. Shares of HCL Technologies, Tech Mahindra and Infosys fell by up to 2 percent. Eternal declined by nearly 3 percent.
Market participants attributed the weakness in IT stocks to uncertainty surrounding US technology companies and discussions around potential risks linked to artificial intelligence. Investors appeared cautious about taking fresh positions in the technology sector.
Global market signals had a direct impact on domestic indices. Markets across the Asia-Pacific region showed mixed trends.
South Korea’s Kospi index declined about 1.1 percent. Australia’s S&P ASX 200 closed marginally lower, while Japan’s Nikkei 225 index ended 0.77 percent higher, indicating the absence of a clear directional trend in Asian markets.
Concerns were heightened following US President Donald Trump’s tariff threats and potential implications for the AI-linked software sector.
In the previous trading session, US equity markets ended in the red as investors moved away from riskier assets.
The S&P 500 index declined 1.04 percent. The Nasdaq Composite fell 1.13 percent, while the Dow Jones Industrial Average dropped 1.66 percent. The decline in US markets influenced sentiment in Indian equities.
The third edition of the Business Standard Manthan conference is commencing today at Bharat Mandapam in New Delhi. The two-day annual summit will feature participation from 40 experts and industry leaders.
The conference will include fireside chats and panel discussions focusing on economic policies, industry challenges and future strategies.
Foreign institutional investors (FII) purchased shares worth Rs 3,550.66 crore. Domestic institutional investors (DII) sold shares worth Rs 1,417.12 crore.
The data indicate net buying by foreign investors, while domestic institutions engaged in selling activity.
Activity in the primary market continues. Subscription for the PNGS Reva Diamond Jewellery IPO opens today. The Clean Max Enviro Energy Solutions IPO and the Shree Ram Twistex IPO are in their second day. The Gaudium IVF and Women Health IPO enters its final day today.
In the SME segment, the IPOs of Accord Transformer and Switchgear, Mobilize App Lab and Kiaasa Retail are in their second day, while the Manilam Industries India IPO is in its final day.
In commodities, oil prices declined. Brent crude traded at $71.49 per barrel, down 0.38 percent. US WTI crude traded at $66.24 per barrel, lower by 0.11 percent.
