Synopsis
On February 19, the Indian benchmark indices opened lower amid mixed global cues, with significant declines in the pharma and IT sectors. The Sensex and Nifty both experienced notable drops, while key support levels were identified by market analysts.Key Takeaways
- Indian stock indices opened lower on mixed global cues.
- Pharma and IT sectors faced selling pressure.
- Sensex and Nifty saw significant declines in early trade.
- Technical analysis indicates strong support levels.
- FIIs turned buyers after a nine-session selling streak.
Mumbai, Feb 19 (NationPress) The Indian benchmark indices commenced the day on a lower note on Wednesday, influenced by mixed global signals, as the pharma and IT sectors faced selling pressure during early trading.
At approximately 9:31 am, the Sensex was down by 271.06 points or 0.36 per cent, standing at 75,696.33, while the Nifty saw a decline of 88 points or 0.38 per cent, resting at 22,857.30.
The Nifty Bank index fell by 243.90 points or 0.50 per cent, reaching 48,843.40. The Nifty Midcap 100 index traded at 49,366.90, down 384.55 points or 0.77 per cent. Additionally, the Nifty Smallcap 100 index was at 15,093.70, down 74.75 points or 0.49 per cent.
From a technical perspective, a base seems to be establishing around the 22800–22700 zone, which aligns with the lower boundary of a Falling Wedge pattern, according to market analysts.
“Significant support is visible at every 100-point interval, with critical levels at 22600–22500, coinciding with the 127 per cent retracement of the early February rebound,” remarked Sameet Chavan from Angel One.
“In light of the recent price movements, traders are encouraged to maintain a buy-on-dips strategy,” he added.
In the Sensex pack, notable losers included Sun Pharma, Tech Mahindra, TCS, M&M, PowerGrid, ICICI Bank, Zomato, Infosys, and Hindustan Unilever. Conversely, NTPC, Tata Steel, Tata Motors, Kotak Mahindra Bank, L&T, and SBI were among the top gainers.
In the previous trading session, the Dow Jones saw a slight increase of 0.02 per cent, closing at 44,556.34. The S&P 500 rose by 0.24 per cent to 6,129.58, and the Nasdaq climbed by 0.07 per cent to close at 20,041.26.
Across Asian markets, Seoul and China were trading positively, while Bangkok, Japan, Jakarta, and Hong Kong showed declines.
On the institutional front, after being net sellers for nine consecutive sessions, Foreign Institutional Investors (FIIs) transitioned to buyers, acquiring equities worth Rs 4,786.56 crores on February 18. Meanwhile, Domestic Institutional Investors (DIIs) continued their buying trend for the 10th consecutive session, with purchases amounting to Rs 3,072.19 crores on the same day.
