Mumbai, Feb 17 (NationPress) The Indian equity markets experienced a downturn on Tuesday, influenced by fluctuations associated with the Nifty weekly expiry session and a downturn in metal stocks.

At 9:30 AM, the Sensex decreased by 232 points, which is 0.28 percent, settling at 83,044, and the Nifty fell by 92 points, or 0.36 percent, to reach 25,590.

The main broad-cap indices showed performance consistent with the benchmark indices, with the Nifty Midcap 100 dropping 0.28 percent, and the Nifty Smallcap 100 slightly declining by 0.05 percent.

Most of the sectoral indices were in negative territory, with the exception of Nifty IT, FMCG, and PSU Bank. The Nifty metal index was the biggest loser, dropping by 1.35 percent, while IT emerged as the main gainer, increasing by 1.08 percent.

Market analysts noted that immediate support for Nifty is located in the 25,550-25,500 range, while resistance levels are expected around 25,700-25,800.

The Bank Nifty has continued to show relative strength, with immediate support identified in the 60,500–60,400 range, which aligns with the previous breakout and trendline support. Resistance levels are anticipated near 61,000, according to market participants.

Analysts remarked that robust inflows from domestic institutional investors (DIIs) continue to provide a buffer against sporadic outflows from foreign institutional investors (FIIs). However, the near-term sentiment remains cautious due to ongoing weakness in the IT sector amidst concerns about AI disruptions, alongside selective profit-booking and mixed cues from global markets. Therefore, trading is expected to stay range-bound and volatile until new domestic or global triggers emerge to provide clearer guidance.

Despite the sell-off in stocks tied to capital markets prompted by the Reserve Bank of India's stricter regulations on loans for proprietary traders and brokers, the markets managed to close higher yesterday, showcasing the underlying resilience of the market, fueled by India's enhancing macroeconomic fundamentals. A notable 14.7 percent growth in corporate earnings reported in the Q3 results has exceeded expectations, with momentum expected to carry into Q4 and accelerate in FY27, according to analysts.

In Asian markets, China's Shanghai index fell by 1.26 percent, Shenzhen dropped 1.28 percent, Japan's Nikkei decreased by 1.09 percent, and Hong Kong's Hang Seng Index saw a modest increase of 0.52 percent. South Korea's Kospi fell by 0.28 percent.

The US markets were closed overnight due to a Federal holiday. They largely finished in the green during the last trading session, although the Nasdaq dipped by 0.22 percent. The S&P 500 edged up by 0.05 percent, and the Dow Jones increased by 0.1 percent.

On February 16, foreign institutional investors (FIIs) had net sales of equities valued at Rs 972 crore, while domestic institutional investors (DIIs) were net buyers, acquiring equities worth Rs 1,667 crore.