IT rout keeps benchmarks under pressure at midday

Benchmark equities remained sharply lower in afternoon trade on Tuesday, February 24, with benchmark indices extending losses from the opening session amid continued global risk aversion and persistent weakness in information technology stocks.

At 12:40 pm IST, the Sensex stood at 82,276.35, down 1,018.31 points or 1.22 per cent from its previous close of 83,294.66. The index had opened at 83,052.54. The Nifty 50 was at 25,429.30, lower by 283.70 points or 1.10 per cent from its previous close of 25,571.25.

Market breadth remained weak. On the BSE, 4,146 stocks traded, with 1,168 advances against 2,793 declines, while 185 shares were unchanged. A total of 80 stocks touched 52-week highs and 279 hit 52-week lows. There were 101 stocks in the upper circuit and 134 in the lower circuit.

Selling pressure persisted in export-oriented technology counters tracking global cues following an overnight slump in US markets. Investor sentiment remained cautious amid trade uncertainty linked to tariff measures and concerns over AI-driven disruption after IBM declined sharply overseas following an AI development by Anthropic affecting legacy systems.

Among the top Nifty 50 laggards, Tech Mahindra fell 6.32 per cent to ₹1,349.90, HCL Technologies declined 6.05 per cent to ₹1,339.90, Infosys dropped 4.58 per cent to ₹1,266.70, Eternal lost 4.50 per cent to ₹255.95 and Tata Consultancy Services slipped 3.62 per cent to ₹2,579.30.

Defensive and utility-linked stocks provided limited support. Hindustan Unilever rose 0.74 per cent to ₹2,362.80, Sun Pharmaceutical Industries gained 0.69 per cent to ₹1,744.30, Power Grid Corporation of India added 0.53 per cent to ₹304.95, NTPC advanced 0.49 per cent to ₹377.30, and JSW Steel climbed 0.38 per cent to ₹1,245.20.

Sectoral indices also traded in negative territory. The Nifty Bank index was at 61,020.80, down 243.45 points or 0.40 per cent, while the Nifty Financial Services index fell 141.85 points or 0.50 per cent to 28,309.20. Broader markets underperformed, with the Nifty Midcap 100 down 540.30 points or 0.91 per cent at 58,700.40 and the Nifty Smallcap 100 declining 153.45 points or 0.90 per cent to 16,897.75. The Nifty Next 50 traded at 69,369.25, down 353.85 points or 0.51 per cent.

Earlier in the session, technology stocks had led losses alongside telecom and export-linked counters, including Bharti Airtel, reflecting pressure across global IT supply chains. Some cyclical and defensive stocks such as Asian Paints, Dr. Reddy’s Laboratories, Hindalco Industries, Coal India and Axis Bank had shown resilience in early trade.

Institutional flow data from the previous session showed foreign institutional investors purchasing equities worth ₹3,843 crore, while domestic institutional investors were net sellers of ₹1,292 crore. Derivatives positioning continues to indicate resistance near the 26,000 level on the Nifty, with support seen around 25,500 as markets track global developments and tariff-related policy signals through the session.

Published on February 24, 2026