IT stocks drag markets lower as Nifty, Sensex open in red; banking stocks provide support

Market Overview - Indian equity markets opened on a weak note, with benchmark indices trading lower due to heavy selling pressure in IT stocks. The Sensex opened at 83,968.43, down 293.40 points or 0.35%, while the Nifty 50 opened at 25,906.70, down 86.80 points or 0.33% [1] IT Sector Performance - Technology stocks led the decline, with significant drops: Infosys down 4.72% to ₹1,402.40, Tech Mahindra down 4.24% to ₹1,565.10, Wipro down 4.23% to ₹220.10, TCS down 3.96% to ₹2,794.60, and HCL Technologies down 3.62% to ₹1,495.50. This decline was attributed to concerns over AI-driven disruption in the technology sector [2] Financial Sector Support - Financial stocks provided some support, with Shriram Finance rising 1.33% to ₹1,070.90, ICICI Bank gaining 1.27% to ₹1,424.00, State Bank of India up 1.19% to ₹1,197.00, Bharat Electronics Limited climbing 1.09% to ₹442.30, and Eicher Motors gaining 0.98% to ₹7,847.00 [3] Market Sentiment and Institutional Activity - Despite the weakness in IT stocks, the underlying liquidity remains supportive, with foreign institutional investors continuing as net buyers. They purchased equities worth ₹943 crore on February 11, marking their fourth consecutive session of net buying. In contrast, domestic institutional investors sold equities worth more than ₹125 crore [4][5] Technical Analysis - Analysts expressed caution regarding near-term market direction, identifying crucial support zones at 25,900/84,200 and immediate resistance areas at 26,000/84,500. The Nifty continues to hold its uptrend above key moving averages, with immediate resistance seen near 26,000, potentially extending towards a fresh all-time high of 26,373 [6]