Nifty, Sensex fall over 0.9% in opening session, IT stocks crash 5.51% amid global tech sector weakness

Mumbai (Maharashtra) [India], February 13 (ANI): The domestic benchmark indices opened under pressure on Friday, with both Nifty 50 and BSE Sensex witnessing sharp declines amid weak global cues and risk-off sentiment.
The Nifty 50 index was down at 25,571.15, declining by 236.05 points or (-0.91 per cent). The BSE Sensex also opened lower at 82,902.73, falling by 772.19 points or -0.92 per cent.
Experts said IT stocks came under sharp pressure due to global tech sector weakness and risk-off sentiment.
Ajay Bagga, Banking and Market Expert, told ANI, "Indian futures are pointing to another 0.5 per cent cut in the leading indices this morning as global risk-off sentiment impacts Indian stocks as well. In aggregate, the key themes this morning across Asia include. Equities are under pressure with broad declines as U.S. risk-off sentiment carries over to Asia. Tech sector weakness is dominating sectoral performance, amplified by AI valuation repricing and AI disruption threats leading to Saas stocks selling off".
He added, "Bond yields lower globally, reflecting growth concerns and weak housing demand in the U.S. U.S. dollar losing some safe-haven drive, though movements remain mixed across crosses. Yen appreciation, reflecting safe-haven flows and relative rate dynamics. Oil prices are sliding on softer global demand forecasts, reinforcing risk-off sentiment. Market participants will be closely watching upcoming U.S. CPI data, which could either confirm the slowdown narrative or provoke further 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, emerging as the worst-performing sector. The sharp fall in IT stocks comes amid global tech sector weakness, AI valuation repricing and concerns over AI-led disruption in SaaS stocks.
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 also traded mostly in the red on Friday. Japan's Nikkei index declined by 0.74 per cent to 57,215 level. 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 level. However, South Korea's KOSPI index surged marginally by 0.32 per cent to 5,540 level. Taiwan's markets were closed for a holiday.
In the commodity segment, Brent crude prices slipped marginally by 0.05 per cent to 67.48 USD per barrel. Gold prices surged around 1 per cent to Rs 1,54,300 per 10 gm for 24 karat, while silver prices rose 1.66 per cent to Rs 2,40,393 per kg on Friday.
US markets had also closed lower on Thursday. The S&P 500 declined by 1.57 per cent to 6,832 level, while the Nasdaq fell by more than 2 per cent to 22,593 level, reflecting heavy selling pressure.
With global markets under strain and IT stocks witnessing a sharp correction, Indian equities remain under pressure as investors closely watch global cues and upcoming U.S. CPI data for further direction. (ANI)

(This article was generated from news agency ANI without modifications to the text.)