Mumbai, Feb 16 : Sensex and Nifty began the week on a muted note on Monday, reflecting cautious investor sentiment amid a softer earnings season and continued pressure on technology shares linked to artificial intelligence-led disruptions.
At 9:25 am, the BSE Sensex slipped 22 points to 83,604, while the NSE Nifty edged down 6 points to 25,464. Broader markets underperformed the benchmarks, with the Nifty Midcap 100 declining 0.34 per cent and the Nifty Smallcap 100 falling 0.47 per cent.
Sectoral performance mixed
Among sectoral indices, Nifty IT dropped 0.55 per cent, emerging as a key drag on the market, while the media index fell 0.84 per cent. On the gaining side, Nifty Pharma advanced 0.93 per cent and realty stocks rose 0.55 per cent.
Market participants identified immediate support for Nifty in the 25,300–25,350 range, with resistance placed near 26,600–26,650. Bank Nifty continued to show relative strength, holding above the psychological 60,000 mark. Analysts flagged the 60,000–59,700 zone, aligned with the 20-day EMA, as a crucial support band.
Global cues in focus
Domestic equities remain sensitive to international developments following last week’s correction driven by technology stock weakness. Concerns around AI-led business disruption have partly reversed optimism generated by the US–India interim trade framework, contributing to a broader risk-off tone.
Foreign institutional investors have turned cautious, reassessing elevated valuations. On February 13, FIIs net sold equities worth ₹7,395 crore, while domestic institutional investors provided support with net purchases of ₹5,553 crore.
In Asia, markets traded mixed, with Shanghai and Shenzhen declining over 1 per cent, while Japan’s Nikkei and Hong Kong’s Hang Seng posted modest gains. South Korea’s Kospi slipped 0.28 per cent. US markets ended largely positive in the previous session, though the Nasdaq edged lower.
Investors are closely tracking upcoming global triggers, including the US Federal Reserve minutes, PCE inflation data and PMI readings. In the near term, analysts expect consolidation until clearer macro signals emerge.