Mumbai (Maharashtra) [India], February 13 (ANI): The home benchmark indices opened underneath stress on Friday, with each Nifty 50 and BSE Sensex witnessing sharp declines amid weak world cues and risk-off sentiment.
The Nifty 50 index was down at 25,571.15, declining by 236.05 factors or (-0.91 per cent). The BSE Sensex additionally opened decrease at 82,902.73, falling by 772.19 factors or -0.92 per cent.
Experts mentioned IT shares got here underneath sharp stress attributable to world tech sector weak spot and risk-off sentiment.
Ajay Bagga, Banking and Market Expert, advised ANI, ‘Indian futures are pointing to a different 0.5 per cent lower within the main indices this morning as world risk-off sentiment impacts Indian shares as effectively. In mixture, the important thing themes this morning throughout Asia embrace. Equities are underneath stress with broad declines as U.S. risk-off sentiment carries over to Asia. Tech sector weak spot is dominating sectoral efficiency, amplified by AI valuation repricing and AI disruption threats resulting in Saas shares promoting off’.
He added, ‘Bond yields decrease globally, reflecting development considerations and weak housing demand within the U.S. U.S. dollar shedding some safe-haven drive, although actions stay blended throughout crosses. Yen appreciation, reflecting safe-haven flows and relative charge dynamics. Oil costs are sliding on softer world demand forecasts, reinforcing risk-off sentiment. Market contributors will likely be carefully watching upcoming U.S. CPI information, which might both verify the slowdown narrative or provoke additional repricing in bond yields and equities’.
In the broader market on the National Stock Exchange, Nifty 100 declined by 0.54 per cent, Nifty Midcap 100 fell by 0.47 per cent, and Nifty Smallcap 100 dropped by 0.64 per cent.
Among sectoral indices on NSE, Nifty IT crashed sharply by 5.51 per cent, rising because the worst-performing sector. The sharp fall in IT shares comes amid world tech sector weak spot, AI valuation repricing and considerations over AI-led disruption in SaaS shares.
Nifty Auto slipped by 0.12 per cent, Nifty Media declined by 1.31 per cent, Nifty Realty fell by 1.45 per cent and Nifty Oil and Gas index was down by 1.19 per cent.
Asian markets additionally traded largely within the purple on Friday. Japan’s Nikkei index declined by 0.74 per cent to 57,215 stage. Singapore’s Straits Times fell by 1.18 per cent to 4,957. Hong Kong’s Hang Seng index dropped by 1.86 per cent to 26,530 stage. However, South Korea’s KOSPI index surged marginally by 0.32 per cent to five,540 stage. Taiwan’s markets have been closed for a vacation.
In the commodity section, Brent crude costs slipped marginally by 0.05 per cent to 67.48 USD per barrel. Gold costs surged round 1 per cent to Rs 1,54,300 per 10 gm for twenty-four karat, whereas silver costs rose 1.66 per cent to Rs 2,40,393 per kg on Friday.
US markets had additionally closed decrease on Thursday. The S&P 500 declined by 1.57 per cent to six,832 stage, whereas the Nasdaq fell by greater than 2 per cent to 22,593 stage, reflecting heavy promoting stress.
With world markets underneath pressure and IT shares witnessing a pointy correction, Indian equities stay underneath stress as buyers carefully watch world cues and upcoming U.S. CPI information for additional course. (ANI)