Mumbai Stock Market Opens Lower as US Sell-Off Weighs, IT Stocks Buck the Trend

Market Performance

Domestic stock markets in Mumbai opened on a cautious note on Thursday, reflecting weak global cues. Overnight losses in the US markets set the tone, triggering early selling pressure across most sectors in the Indian market.

At the opening bell:

• Nifty 50 started at 25,772.70, down 45.85 points or 0.18%
• BSE Sensex opened at 84,518.33, slipping 41.32 points or 0.05%

The mood was careful. Investors appeared hesitant, choosing to book profits as global volatility resurfaced, especially after the recent correction in US equities.

Main News: Global Tech Sell-Off Pressures Indian Markets

The weakness stemmed largely from developments overseas. The US markets extended their losing streak overnight, driven by profit booking in high-valuation technology stocks and AI-related stocks that had rallied sharply in recent months.

This risk-off sentiment spilled into Asian markets and reached Indian shores early in the session. As a result, most domestic sectors traded in the red, reflecting broad-based caution rather than panic.

Despite the global sell-off in tech-heavy markets, one pocket of the Indian market stood out.

Technology Stocks Show Relative Strength

In contrast to the overall weakness, Nifty IT moved higher, gaining over 1% in early trade. The rise came even as US technology and AI-related stocks faced selling pressure, making IT the lone sectoral gainer at the start of the session.

Meanwhile, other key sectoral indices remained under pressure:

• Nifty Auto: down over 1%
• Nifty Pharma: lower by 0.66%
• Nifty FMCG: slipped 0.11%
• Nifty Media: fell 0.41%
• Nifty Realty: declined 0.53%

The divergence highlighted selective buying in IT stocks, even as broader sentiment stayed weak.

Broader Market Reflects Caution

The cautious tone was also visible beyond the frontline indices. Broader market indices opened lower, signaling restrained participation across market segments.

On the NSE:

• Nifty 100: down 0.15%
• Nifty Midcap 100: slipped 0.10%
• Nifty Smallcap 100: declined 0.13%

This pattern suggested that investors were trimming exposure across large, mid, and small-cap stocks alike amid global uncertainty.

Global Context Shapes Sentiment

Globally, markets remained under pressure as concerns grew around returns from heavy investments in AI infrastructure. Reports of funding pullbacks in data centre investments and a shift toward defensive sectors reinforced the cautious mood.

Other Asian markets also opened weak, mirroring the subdued tone on Wall Street after multiple sessions of sustained selling. With global cues still fragile, domestic markets reflected a wait-and-watch approach at the open.

Summary

The Indian stock market began the day on a weak note in Mumbai, following steep overnight losses in the US markets and ongoing selling pressure in global technology and AI-related stocks. Most sectors opened in the red, but IT stocks bucked the trend, rising over 1% and providing a brief lift amid an otherwise cautious trading session.

Overall, early trade pointed to restrained sentiment, selective buying, and heightened sensitivity to global market movements as domestic stock markets navigated a weak global backdrop.