Sensex, Nifty Edge Up as AI Summit Fuels Tech Sector Momentum

As of 9.30 am, Sensex added 35 points, or 0.04 per cent, to reach 83,769, and Nifty gained 30 points, or 0.12 per cent to settle at 25,850.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 0.20 per cent, and the Nifty Smallcap 100 gained 0.34 per cent.

Sectoral indices traded mixed with Nifty IT being the major gainer up 1 per cent. Nifty metal gained 0.60 per cent. Nifty private bank was the top loser, down 0.15 per cent.

Immediate support for Nifty is placed at 25,650-25,700 zone, while resistance is anchored at 25,950-26,000 range, market watchers said.

Also, immediate support for Bank Nifty is seen in the 61,250-61,350 range, while 61,750-61,850 continues to act as a major resistance zone, analysts said.

Analysts said that the rally in recent sessions were driven by sustained strength in banking and financials, along with momentum in select energy, metal, and consumer segments.

Robust and consistent DII inflows remain the key stabilising force underpinning the market, helping absorb volatility and support dips. However, near-term sentiment is expected to stay measured, with selective profit booking emerging in high-valuation pockets and lingering uncertainty in the IT sector amid global AI-led disruption concerns, they added.

On account of Lunar New Year, major markets across Asia will continue to remain closed on Thursday. In mainland China, the Shanghai Stock Exchange and the Shenzhen Stock Exchange will remain closed till February 23, while Hong Kong Stock Exchange will remain shut till February 19.

The US markets ended in the green overnight as Nasdaq gained 0.78 per cent. The S&P 500 added 0.56 per cent, and the Dow Jones gained 0.26 per cent.

On February 18, foreign institutional investors (FIIs) net sold equities worth Rs 1,154 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 440 crore.

- IANS