Markets open cautiously after strong rally; IT stocks drag on global tech selloff

Market Overview - Benchmark indices opened cautiously after a strong rally, with IT stocks under pressure due to a selloff in technology shares on Wall Street amid AI competition concerns [1][3] - The Sensex opened at ₹83,252.06 and was trading at ₹83,868.64, up 129.51 points or 0.15% [2] - The Nifty opened at ₹25,675.05 and was trading at ₹25,790.35, up 62.80 points or 0.24% [2] IT Sector Performance - Wall Street experienced a sharp decline, with the tech-heavy Nasdaq falling 1.4%, leading to a loss of approximately $300 billion in market value for the sector [3] - Major IT stocks suffered significant losses: Infosys down 5.97% to ₹1,557.10, TCS down 5.23% to ₹3,056.60, HCL Technologies down 4.63% to ₹1,616.80, Tech Mahindra down 4.37% to ₹1,641.50, and Wipro down 3.70% to ₹233.70 [3] Gainers in the Market - ONGC led the gainers with a rise of 4.01% to ₹267.30, followed by Coal India up 2.34% to ₹439.45, Mahindra & Mahindra up 2.28% to ₹3,608.20, NTPC up 2.22% to ₹366.50, and Jio Financial Services up 1.99% to ₹269.15 [4] Market Sentiment and Outlook - The Indian equity markets are supported by positive developments in India-US trade discussions, which are key sentiment drivers [6] - Despite the recent rally, profit-booking and range-bound action are anticipated [6] - The short-term market outlook remains positive, with a recommended strategy of buying on dips and selling on rallies [6] Institutional Activity - Foreign institutional investors turned net buyers, purchasing equities worth ₹5,236 crore, while domestic institutional investors continued their buying streak, investing over ₹1,000 crore [6] Crude Oil Market - Crude oil futures traded higher due to renewed tensions between the US and Iran, with February futures up by 1.33% to ₹5,785 and March futures up by 1.30% to ₹5,770 [7]