Indian equity markets opened in negative territory on February 12, with the Sensex and Nifty trading lower amid mixed global cues and sustained selling pressure.
In early trade, the Sensex declined by nearly 400 points to 83,821.87, while the Nifty fell 122.50 points to 25,831.35. Market breadth remained weak, with approximately 1,105 stocks advancing, 1,658 declining and 150 remaining unchanged.
IT stocks led the losses on the Nifty. Infosys, Tech Mahindra, TCS, HCL Tech and Wipro traded in the red. Weak global technology signals, movements in the dollar and foreign institutional investor activity exerted pressure on the IT sector.
In contrast, ONGC, NTPC, Eicher Motors, ICICI Bank and Axis Bank witnessed buying interest. Support from these stocks limited the broader market decline to some extent. According to experts, weakness in the IT sector and foreign institutional investor activity could play a key role in determining market direction.
Investors are monitoring quarterly results from several major companies scheduled for release today, including Hindustan Unilever, ONGC, Coal India, Hindalco, Biocon, Hindustan Aeronautics, IRCTC, Muthoot Finance, Petronet LNG and SpiceJet. The results are expected to influence both sectoral and broader market movements. Strong results may support investor sentiment, while weaker outcomes could intensify the decline.
In stock-specific developments, the Reserve Bank of India has approved group companies of ICICI Prudential AMC and ICICI Bank to acquire up to 9.95 percent stake in Federal Bank. The development may lead to movement in banking stocks.
Netweb Technologies remains in focus following reports that promoters plan to sell a 3 percent stake through a block deal. The deal size is reported at approximately ₹514.5 crore.
Kernex Microsystems has secured an order worth ₹411.17 crore from Banaras Locomotive Works. The order includes supply, installation and commissioning of 505 units of the ‘Kavach’ system. The order is expected to strengthen the company’s order book and may impact its financial performance in the coming period.
Market participants are also tracking global cues, the dollar index and foreign institutional investor activity for further direction. Upcoming quarterly results are likely to remain a key driver of market movement.
