Stock Market Today: Bears eye comeback after rally; Sensex at 82,800, Nifty near 25,500

Stock Market Today: Indian stock market benchmarks opened lower on Tuesday, February 17, as selling pressure in heavyweight stocks dragged indices into the red. Weak global cues and continued caution among investors kept sentiment subdued in early trade.

The BSE Sensex fell 216.34 points, or 0.26 per cent, to 83,060.81 at 9:16 AM. The index opened at 83,197.67 compared with its previous close of 83,277.15.

The NSE Nifty 50 also declined 84.60 points, or 0.33 per cent, to 25,598.15 at 9:17 AM. The benchmark opened at 25,637.95.

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Broader market, sectoral indices show weakness

The broader market also traded lower, indicating caution among investors across segments. The Nifty 100 index slipped 0.26 per cent, while the Nifty Midcap 100 declined 0.18 per cent. Another broader market index also fell 0.11 per cent.

Sectoral indices traded mostly in the red. The Nifty Metal index declined sharply by 0.76 per cent, emerging as the top loser. The Nifty Auto index fell 0.47 per cent, while the Nifty Pharma index declined 0.21 per cent. The Nifty IT index slipped 0.12 per cent, and the Nifty PSU Bank index edged lower by 0.09 per cent.

However, some sectors showed resilience. The Nifty FMCG index rose 0.22 per cent, and the Nifty Media index gained 0.06 per cent, supported by selective buying.

Global markets mixed, volatility remains elevated

Asian markets traded mixed. Japan’s Nikkei 225 declined more than 1 per cent, while Hong Kong’s Hang Seng rose 0.52 per cent. Singapore’s Straits Times index was marginally higher by 0.02 per cent. Taiwan and South Korea markets were closed due to holidays.

In the US, the S&P 500 rose marginally by 0.05 per cent, while the Nasdaq declined 0.22 per cent in the previous session.

India VIX, which measures market volatility, closed slightly higher at 13.33, indicating continued caution in the market.

FIIs remain sellers; domestic funds provide support

Foreign institutional investors (FIIs) remained net sellers and sold equities worth Rs 972 crore in the cash market. Overall, FIIs were net sellers of Rs 499 crore across cash and derivatives segments.

However, domestic institutional investors (DIIs) continued to support the market and bought equities worth Rs 1,667 crore, marking the third straight day of buying.

FIIs’ long positions in index futures increased to 20.06 per cent from 19.27 per cent, indicating selective positioning.

Gold, silver prices steady; rupee weakens slightly

In the commodity market, gold prices remained largely unchanged. The price of 24 karat gold stood at Rs 153,628 per 10 grams, while silver prices were at Rs 235,752 per kg.

The Indian rupee weakened slightly by 2 paise to close at 90.65 against the US dollar. The dollar index remained flat near 97 levels, while US bond yields hovered near 4.04 per cent. Crude oil prices traded near the $68 per barrel level.