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The tech sector led the downtrend, with the Nifty IT Index falling over 2%. Meanwhile Bank Nifty holds strong.
Indian markets opened Thursday on a weak note, tracking mixed global cues.
At 9:35 am IST, the benchmark Nifty was down at 23,323, while the Sensex fell 300 points to 76,746. The midcap and smallcap indices were showing tepid moves.
Data from Stocktwits showed that sentiment around the Nifty 50 stayed ‘neutral,’ indicating that retail investor sentiment remains cautious as trade concerns and U.S. recession fears continue to loom large.
Nifty50 sentiment and message volume on April 17 as of 10:00 am IST. | source: Stocktwits
Globally, Asian markets were marginally higher, while U.S. equity futures saw minor gains after a steep sell-off in the previous session.
Indian sectors were largely in the red, barring banks and financials. The tech sector led the downtrend, with the Nifty IT Index falling over 2%. Autos and FMCG stocks also saw weakness.
On the other hand, Bank Nifty and financials were witnessing strong gains across the board. Some pharma and real estate stocks were also in the green.
Wipro shares fell nearly 6% in early trading hours, dragged by a mixed earnings report and underwhelming guidance. For the first quarter of FY26, the IT giant expects revenue to shrink between 3.5% and 1.5% in constant currency terms.
Angel One, a prominent player in the fintech space, fell nearly 5%, following a weak fourth-quarter print that revealed a 48% profit fall.
Meanwhile, Waree Renewables surged 10%, driven by an 83% spike in fourth-quarter profit to ₹93 crore.
Sonata Software shares tumbled 10% after the company, in a regulatory filing on Wednesday, indicated that the revenue from its international business for the March quarter would fall short of earlier projections.
IDFC First Bank gained 2% after its board approved a fundraise of up to ₹7,500 crores from two investors.
Investors will monitor Infosys, HDFC Life Insurance Company, HDFC Asset Management Company, and Jio Financial Services as they report earnings later in the day.
SEBI-registered research analyst Ashish Kyal said on Stocktwits that the Nifty 50 is currently trading in a gap zone, with prices approaching the Gann 23,486 level.
Kyal added that if it moves above this point, it could target 23,670 near the upper Bollinger Bands, adding that the nearest support was 23,270.
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