Sensex, Nifty post early losses over AI-related tech woes

Mumbai, Feb 24 (IANS) The Indian equity markets erased gains from the previous session early on Tuesday, tracking an overnight sell-off in US equities amid AI-led disruptions affecting global technology stocks.

As of 9.26 am, Sensex lost 577 points, or 0.69 per cent, to reach 82,717, and Nifty dipped 161 points, or 0.63 per cent to settle at 25,552.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 dipped 0.55 per cent, and the Nifty Smallcap 100 declined 0.67 per cent.

All major sectoral indices traded in the red except Nifty metal (up 0.44 per cent) as well as oil and gas (up 0.32 per cent). Nifty IT was the major loser, down 2.84 per cent. Nifty realty and media were the other major losers, down 0.90 per cent and 0.32 per cent, respectively.

Renewed tariff-related uncertainty also weighed on the markets as investor sentiment remains guarded following US President Donald Trump’s rollout of a 15 per cent new global tariff framework.

However, the US Customs and Border Protection agency said it will halt the collection of reciprocal tariffs starting Tuesday (US time), after a Supreme Court verdict deemed such US tariffs as illegal.

While recent adjustments under the US–India trade arrangement provide some clarity, President Trump’s recent announcements introduce near-term uncertainty for export-oriented sectors and may keep risk appetite measured at the start of the session, analysts said.

Meanwhile, immediate support for Nifty is placed at 25,600-25,500 range, while resistance is anchored at 25,800 level, market watchers said.

In Asian markets, China’s Shanghai index advanced 1.17 per cent, and Shenzhen gained 1.82 per cent, Japan’s Nikkei edged up 0.92 per cent, and Hong Kong’s Hang Seng Index lost 2.02 per cent. South Korea’s Kospi added 1.58 per cent.

The US markets ended with huge losses overnight as Nasdaq eased 1.13 per cent. The S&P 500 declined 1.04 per cent, and the Dow Jones lost 1.66 per cent.

On February 23, foreign institutional investors (FIIs) net bought equities worth Rs 3,483 crore, while domestic institutional investors (DIIs) were net sellers of equities worth Rs 1,292 crore.

—IANS

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