The Indian stock market opened lower on Tuesday, with selling pressure observed in PSU banks, metals, and real estate sectors during early trade.
As of 9:37 AM, the BSE Sensex was down 193.10 points (0.25%) at 75,803.76, while the NSE Nifty fell 76.95 points (0.34%) to 22,882.55. The Nifty Bank index also declined 145.65 points (0.30%) to 49,113.25. Meanwhile, the Nifty Midcap 100 was at 49,758.60, down 91.25 points (0.18%), and the Nifty Smallcap 100 dropped 22.85 points (0.15%) to 15,390.25.
According to analysts, a ‘Falling Wedge’ pattern has emerged, connecting key market lows from August and November. Another short-term ‘Falling Wedge’ is forming, linking the November and January lows.
“Strong support is evident at every 100-point interval, ranging from 22,800–22,700 to 22,600–22,500, which aligns with the 127% retracement of the early February rebound,” said Sameet Chavan, Head of Research, Technical and Derivatives at Angel One.
Among Sensex constituents, Tech Mahindra, Zomato, Bharti Airtel, Infosys, HCLTech, Sun Pharma, Kotak Mahindra Bank, Axis Bank, Maruti, and Bajaj Finance were the top gainers. Meanwhile, UltraTech Cement, Titan, NTPC, SBI, Tata Steel, and IndusInd Bank were the biggest losers.
In the previous trading session on Friday, the Dow Jones fell 0.37% to 44,546.08, while the S&P 500 edged down 0.01% to 6,114.63. However, the Nasdaq gained 0.41%, closing at 20,026.77.
Across Asian markets, Jakarta, Seoul, Japan, China, and Hong Kong were trading higher, while Bangkok was in the red.
Foreign institutional investors (FIIs) continued their selling trend, offloading equities worth ₹3,937.83 crore on February 17. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth ₹4,759.77 crore on the same day.
-IANS
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