Mumbai’s stock market snapped a three-day winning streak on Thursday, opening deep in the red amid profit booking and sector-specific pressures. The BSE Sensex tumbled 265 points from its previous close of 84,233.64, starting the session at 83,968.43. Meanwhile, the Nifty 50 shed 47 points to open at 25,906.70, signaling a cautious mood among investors.
By 9:28 AM, the Sensex had plunged further to 83,828.51, down 405 points or 0.48%. The Nifty followed suit, trading at 25,840.40, a decline of 113 points or 0.44%. Broader markets felt the heat too, with the Nifty Midcap index slipping 0.78% and the Smallcap index dropping 0.98%.
The IT sector bore the brunt of the sell-off, with Nifty IT plunging over 4%. Standouts in the loser pack included Infosys (-5%), TCS (-4.4%), HCL Tech (-4.4%), Tech Mahindra (-4.24%), Wipro (-3.32%), and LTIMindtree (-2.23%). Even heavyweights like HDFC Life, Jio Financial, M&M, and SBI Life saw notable declines.
On the flip side, ICICI Bank, SBI, Eicher Motors, HUL, NTPC, BEL, and Axis Bank emerged as top gainers, providing some pockets of resilience. Sector-wise, Nifty Auto dipped 0.35%, Nifty Bank edged down 0.02%, while FMCG eked out a slim 0.04% gain.
Akash Shah, Technical Research Analyst at Choice Broking, noted that yesterday’s session saw Nifty open with an 80-point gap-up but traded in a tight range, reflecting consolidation and investor uncertainty. Technically, selling pressure looms above 26,050-26,100, with immediate support at 25,800-25,850.
Institutional flows offered mixed signals: FIIs continued buying for the fourth straight session, netting ₹943 crore on February 11, while DIIs offloaded over ₹125 crore. Amid global uncertainties and volatility, experts urge disciplined, selective strategies. Focus on stocks with strong fundamentals during dips, and avoid fresh long positions until Nifty sustainably breaks above 26,000—a key level for meaningful recovery.