Mumbai (Maharashtra) [India], February 21 : Indian stock markets opened on a weak note on Wednesday as selling by foreign portfolio investors (FPIs) continued to put pressure on equities.
The benchmark Nifty 50 index started the session at 22,857.20, down by 55.95 points or 0.24 per cent, while the BSE Sensex opened at 75,612.61, declining 123.35 points or 0.16 per cent.
Market experts believe that while the Indian indices have managed to hold key support levels, they remain under pressure due to a muted earnings outlook and persistent FPI selling.
Investors are also keeping an eye on global market trends and domestic economic indicators, which could influence further movement.
Ajay Bagga Banking and Market Expert told ANI "US markets fell on a weak guidance from Walmart and fears of the impact of the Trump tariffs on inflation and sentiment. Japanese inflation of 4 per cent has set the stage for further Bank of Japan rate hikes, leading to the Yen appreciating and Japanese treasury yields rising. Indian markets have protected key support levels but stay challenged by muted earnings outlook and continued FPI selling pressure. We stay cautious on the Indian markets outlook and expect this tight range to continue".
In the sectoral indices on the National Stock Exchange (NSE), a mixed trend was observed. Nifty Media, Nifty Metal, Nifty Pharma, and Nifty PSU Bank gained in early trade, indicating buying interest in select pockets.
However, major sectors such as Nifty Bank, Nifty Auto, Nifty FMCG, and Nifty IT witnessed declines, weighing on the broader market sentiment.
Looking at the Nifty 50 stocks, the market breadth was slightly negative, with 28 stocks opening in the red, while 22 stocks started the session in the green.
Investors will be closely watching further developments, including FIIs activity and global cues, to gauge the market's direction in the coming sessions.
Meanwhile, in other Asian markets, a largely positive trend was seen. Hong Kong's Hang Seng index surged more than 2.68 per cent, while Taiwan's Weighted Index gained 0.91 per cent. Japan's Nikkei 225 index also moved higher, rising 0.11 per cent. However, South Korea's KOSPI was flat at the time of filing this report.