Indian benchmark indices erased early gains on Thursday, February 19, as heavy selling dragged the markets firmly into negative territory. At about 1:26 pm, the Sensex is trading at 83,033.03, down 701.22 points or -0.84 per cent on the day. Similarly, the Nifty 50 index stood at 25,607.90, having slipped 211.45 points, a -0.82 per cent decline, reflecting a broad-based sell-off across major sectors.
Shares of Trent, InterGlobe Aviation, and Adani Enterprises fell nearly 2 per cent each. Meanwhile, JSW Steel, Power Grid Corp. of India, Mahindra & Mahindra, Bharat Electronics, Asian Paints, Adani Ports and Special Economic Zone, and Jio Financial Services slipped about 1 per cent each. On the brighter side, IT stocks gained after US technology shares rallied overnight as concerns around artificial intelligence’s impact on tech companies eased.
Profit Booking Halts Three-Day Rally
After posting gains of around 1.4 per cent over the previous three sessions, both the Sensex and Nifty experienced profit booking. The earlier rally had been supported by December-quarter earnings that largely met expectations, despite one-time labour code-related charges. Thirteen of the 16 major sectoral indices ended in the red. Broader markets were also under pressure, with small-cap stocks falling 0.51 per cent and mid-caps dropping 0.9 per cent.
Rising Crude Prices Add Pressure
Oil prices remained elevated after a sharp surge in the previous session, driven by fears of potential supply disruptions linked to tensions between the US and Iran. Brent crude hovered at $70.31 per barrel after jumping 4.35 per cent earlier, while US crude stood at $65.10, retaining most of its 4.6 per cent gains. Elevated crude prices tend to weigh on import-dependent economies like India, adding to market caution.
Market participants are closely watching the 25,900–26,000 zone on the Nifty for signs of strength. "We will go in today, continuing to expect eye 25,900, while also seeing a fair possibility of testing 26,050. However, we are uncertain of momentum sustaining beyond the same. This prompts to have the downside marker pulled up to 25,728," said Anand James, Chief Market Strategist, Geojit Investments Limited.
Meanwhile, India VIX climbed 8.1 per cent to 13.21, signalling heightened near-term volatility. With February 19 marking F&O expiry for the Sensex, traders braced for sharper swings through the session.
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