Markets Open Flat as IT Stocks Drag; Sensex, Nifty Struggle After Sharp Rebound

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Markets Open Flat as IT Stocks Drag; Sensex, Nifty Struggle After Sharp Rebound

Indian equity markets opened on a cautious note on Thursday, with the Sensex and Nifty trading marginally lower amid weakness in global tech stocks. Analysts warned that Wednesday’s sharp rally, driven largely by FII short covering, may be difficult to sustain due to high valuations, limited monetary policy support and pressure on IT stocks.

Published by Somesh | February 04, 2026

Indian benchmark indices opened lower on Thursday as early trade reflected uncertainty following a strong rebound in the previous session. At around 9:21 am, the Sensex was down over 90 points, while the Nifty slipped below the 25,720 mark, as global cues — particularly a sell-off in US technology stocks — weighed on domestic sentiment.

Market experts cautioned that the rally triggered by optimism around the India–US trade deal may face resistance. Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said weakness in US tech stocks is likely to drag the Indian IT index, limiting the scope for further gains. He added that elevated valuations and the absence of fresh fundamental triggers reduce the likelihood of a sustained uptrend.

Vijayakumar also noted that the upcoming monetary policy decision is unlikely to provide support, with the Monetary Policy Committee expected to maintain the current interest rate stance. According to him, Wednesday’s 639-point surge in the Sensex was largely driven by foreign institutional investor short covering and strong cash market buying, rather than a structural improvement in fundamentals.

On the technical front, Anand James, Chief Market Strategist at Geojit Investments Limited, said the Nifty’s downside may remain limited unless key support levels are breached. He expects buying interest to emerge near 25,600, while a decisive move above 25,840 could push the index towards the 26,000 zone.

With mixed global signals, stretched valuations and sector-specific pressure — particularly in IT — analysts expect markets to remain volatile, with investors likely to stay selective ahead of the upcoming monetary policy announcement.