Domestic stock markets opened with significant losses today, weighed down by negative cues from international markets and concerns surrounding the Artificial Intelligence (AI) sector. After recording losses in the previous session, markets continued the downward trend in today’s trading as well. IT stocks, in particular, came under heavy selling pressure and witnessed sharp declines.
At around 9:33 a.m., the Sensex was down 760 points at 82,906, while the Nifty fell 245 points to trade at 25,561. The Indian rupee also weakened by 8 paise against the US dollar to 90.69. On the Nifty index, SBI Life Insurance, Bajaj Finance, Axis Bank, SBI and HDFC Life were trading in the green, whereas Infosys, TCS, Hindalco, HCL Technologies and Wipro were among the major losers.
US markets also closed lower in the previous session. Investor concerns over developments in the AI sector triggered heavy selling, leading the Nasdaq to decline by nearly 2 percent. Market participants remained cautious ahead of the release of fresh job data and the January inflation report. Uncertainty over potential interest rate cuts by the US Federal Reserve further dampened sentiment. If rate cuts are delayed, American companies may scale back spending, which could impact order flows for Indian IT firms. As a result, IT stocks have declined by a cumulative 5.5 percent over the past three sessions. Meanwhile, Asian markets are also trading in negative territory.
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