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The Indian stock market opened lower on February 20, tracking weak global cues and rising geopolitical tensions. The Sensex fell over 225 points while the Nifty 50 hovered near the 25,400 mark. IT stocks led the decline, mirroring losses in US markets.
Sensex Slides, Nifty Holds 25,400
Mumbai: Indian stock markets opened with losses on Friday. Investors remained cautious after heavy selling in the previous session. The BSE Sensex fell over 225 points to open at 82,272.49, while the NSE Nifty 50 traded 47 points lower at 25,406.55. The Bank Nifty also slipped 112 points to open around 60,627.
Asian markets also experienced pressure. Japanese markets fell over 1%, while South Korea's Kospi index showed some strength. US markets also closed in the red last night. All three major Wall Street indices closed with weakness, which also impacted the domestic market.
Rising tensions in the Middle East have increased investor concerns. US President Donald Trump has issued a stern warning to Iran, giving it a deadline of 10 to 15 days to address its nuclear program. Following this statement, global markets have seen increased volatility, and investors are hesitant to take risks.
IT stocks in the Nifty 50 were particularly under pressure. Major stocks like Infosys, Wipro, Tech Mahindra, and HCL Technologies declined. However, some buying was seen in stocks like ONGC, Titan, Hindalco, and Power Grid. Shares like Bharat Electronics, L&T, and NTPC gained in the Sensex.
The Indian rupee also weakened against the dollar, opening at 90.94, down 27 paise from its previous close of 90.67. The strengthening dollar and global uncertainty have also impacted the currency market.
According to analysts, market volatility may continue until global geopolitical tensions subside. Investors are currently being advised to adopt a cautious strategy and invest only in selected stocks.
