The Indian equity markets opened lower early on Thursday weighed down by IT stocks
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MUMBAI — The Indian equity markets opened lower early on Thursday weighed down by IT stocks.
As of 9.25 am, Sensex lost 397 points, or 0.47 per cent, to reach 83,836, and Nifty lost 111 points, or 0.43 per cent, to settle at 25,842.
Main broad-cap indices posted stronger losses than benchmark indices, as the Nifty Midcap 100 declined 0.76 per cent, and the Nifty Smallcap 100 dipped 0.88 per cent.
All sectoral indices traded in the red except FMCG, private banks as well as oil and gas. Most notable losers were Nifty IT down 3.58 per cent, realty down 1.11 per cent and media down 1.04 per cent.
Immediate support for Nifty is placed at 25,800-25,850 zone, while resistance is anchored at 26,050-26,100 zone, market watchers said.
Analysts said that the latest US jobs data indicating addition of 1.3 lakh jobs last month and unemployment falling to 4.3 per cent points weakened hopes of rate cuts by the Fed in the near-term.
In India, market watchers said that the rate cutting cycle is over since growth is good and inflation is expected to inch back to the RBI’s long-term target by the end of FY27.
In Asian markets, China's Shanghai index added 0.12, and Shenzhen gained 0.81 per cent, Japan's Nikkei gained 0.1 per cent, and Hong Kong's Hang Seng Index eased 0.97 per cent. South Korea's Kospi gained 2.74 per cent.
The US markets ended largely in the red overnight as Nasdaq eased 0.16 per cent. The S&P 500 traded flat, and the Dow Jones lost 0.13 per cent.
On February 11, foreign institutional investors (FIIs) net bought equities worth Rs 944 crore, while domestic institutional investors (DIIs) were net sellers of equities worth Rs 125 crore.
Indian equities corrected in January amid global volatility and FII outflows; however, the medium-term outlook remains constructive, according to analysts.