The Indian equity markets traded flat on Wednesday, showing a slight negative bias due to losses in IT stocks. As of 9:30 am, Sensex dropped 27 points, or 0.03%, reaching 83,423, while Nifty decreased by 2 points, or 0.01%, standing at 25,722. Main broad-cap indices displayed divergence, with Nifty Midcap 100 rising by 0.4% and Nifty Smallcap 100 by 0.36%.
All major sectoral indices, except Nifty IT (down 1.35%) and private bank (down 0.14%), traded in the green. Nifty metal emerged as the major gainer, up by 1.20%. Market watchers noted that immediate support for Nifty is positioned at 25,550-25,600 zone, with resistance at 25,850-25,900 range.
Bank Nifty showcased strong relative outperformance, driven by private sector banks’ sustained leadership and renewed traction in select PSU banks, as highlighted by analysts. They mentioned that immediate support for Bank Nifty is observed in the 60,900–60,600 zone, with resistance around 61,300–61,400.
The benchmark indices experienced gains in two consecutive sessions, supported by strength in banking, financials, energy, pharma, and select IT stocks amid improving sentiment. Market participants cautioned about near-term profit booking in richly valued segments and mixed global signals, leading to some caution. The market might remain range-bound until fresh triggers emerge, with clearer direction anticipated from sustained earnings momentum or improved global stability.
Major markets across Asia will be closed due to Lunar New Year, with the Shanghai Stock Exchange and the Shenzhen Stock Exchange in mainland China shut till February 23, and the Hong Kong Stock Exchange closed till February 19. In the US, the last trading session saw Nasdaq gaining 0.14%, S&P 500 adding 0.1%, and Dow Jones increasing by 0.07%.
On February 17, foreign institutional investors (FIIs) net bought equities worth Rs 187 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 995 crore.
