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Sensex, Nifty Flat Amid IT Slump; Metals Shine, Midcaps Gain

Indian equity benchmarks traded flat with a negative bias, dragged down by losses in the IT sector. While the Nifty IT index fell 1.35%, the metal index emerged as the top gainer, and midcap and smallcap indices outperformed. Market analysts indicate the Nifty has immediate support at the 25,550-25,600 zone and resistance at 25,850-25,900. The market may stay range-bound without fresh catalysts, with Asian markets largely closed for the Lunar New Year holidays.

Key Points: Sensex, Nifty Trade Flat; IT Index Dips 1.35%

  • Nifty IT index down 1.35%
  • Nifty Metal leads gainers up 1.20%
  • Midcap and Smallcap indices outperform
  • FIIs net buyers of Rs 187 crore
  • Asian markets closed for Lunar New Year
2 min read

Sensex, Nifty trade flat; IT index dips 1.35 pc

Indian markets trade flat with IT stocks under pressure. Metals gain, mid & smallcaps rise. Check key support, resistance levels and FII/DII activity.

Sensex, Nifty trade flat; IT index dips 1.35 pc
"The market may remain range-bound in the absence of fresh triggers - market participants"

Mumbai, Feb 18

The Indian equity markets traded flat on Wednesday with a slight negative bias, weighed down by losses in IT stocks.

As of 9.30 am, Sensex lost 27 points, or 0.03 per cent, to reach 83,423, and Nifty dipped 2 points, or 0.01 per cent at 25,722.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 added 0.4 per cent, and the Nifty Smallcap 100 gained 0.36 per cent.

All major sectoral indices traded in the green except Nifty IT (down 1.35 per cent) and private bank (down 0.14 per cent). Nifty metal was the major gainer, up 1.20 per cent.

Immediate support for Nifty is placed at 25,550-25,600 zone, while resistance is anchored at 25,850-25,900 range, market watchers said.

Bank Nifty continues to exhibit strong relative outperformance, sustained leadership from private sector banks, along with renewed traction in select PSU banks, analysts said.

Immediate support is seen in the 60,900-60,600 zone, while resistance is placed around 61,300-61,400, they added.

The benchmark indices saw gains in two consecutive sessions, supported by continued strength in banking, financials, energy, pharma, and select IT stocks amid improving sentiment. However, some near-term caution persists due to selective profit booking in richly valued segments and mixed global signals, market participants said.

The market may remain range-bound in the absence of fresh triggers, with clearer direction expected only from sustained earnings momentum or improved global stability, they added.

On account of Lunar New Year, major markets across Asia will continue to remain closed on Wednesday. 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 largely in the green in the last trading session as Nasdaq gained 0.14 per cent. The S&P 500 added 0.1 per cent, and the Dow Jones gained 0.07 per cent.

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.

- IANS

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Reader Comments

R
Rohit P
IT index down again? This is worrying. As someone working in the sector, I hope this is just a temporary correction and not a sign of weaker global demand for our services.
A
Aman W
Good to see metals shining! With the government's infra push, this sector should do well. The flat trading is fine as long as the broader market sentiment is positive. Jai Hind!
S
Sarah B
The article mentions "mixed global signals" and Asian markets being closed. It feels like we're in a wait-and-watch phase. Hopefully, the DII buying continues to provide support.
V
Vikram M
Respectfully, these daily fluctuations of a few points don't mean much for the long-term investor. The media focuses too much on intraday noise. We should look at quarterly trends and economic fundamentals.
K
Kavya N
FIIs buying only 187cr while DIIs bought 995cr shows our domestic institutions have strong faith in the India story. That's the real takeaway for me. 🇮🇳

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