India’s benchmark equity indices fell over 500 points on Thursday, February 12, pressured by a sharp sell-off in information technology stocks amid uninspiring
signals from overseas markets. The downturn marked a continuation of the previous session’s weakness, with heavyweight tech counters leading the decline. The BSE Sensex shed 518.38 points, or 0.62 per cent, to reach 83,715.26. The NSE Nifty50 also retreated, falling 137.55 points, or 0.53 per cent, to reach 25,816.30. Broader market sentiment remained cautious, reflecting persistent global uncertainties and sector-specific headwinds. IT Stocks Bear the Brunt Technology shares were at the forefront of the sell-off. Tech Mahindra, Infosys and Wipro figured among the top losers in the Nifty50 basket, tumbling as much as 5 per cent. The Nifty IT index slumped over 4 per cent, making it the worst-performing sectoral index of the day. The weakness followed declines in US-listed peers after stronger-than-anticipated US jobs data dampened hopes of an imminent rate cut by the Federal Reserve. Adding to concerns are growing fears that artificial intelligence-driven automation could disrupt traditional outsourcing models. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, pointed to the impact of global developments on domestic tech stocks. "The latest US jobs data indicating addition of 1,30,000 jobs last month and unemployment falling to 4.3 per cent points to the possibility of no rate cuts by the Fed in the near term. In India, too, it appears that the rate-cutting cycle is over since growth is good and inflation is expected to inch back to the RBI’s long-term target by the end of FY27," Vijayakumar said. Crude Oil Adds to Inflation Worries Oil prices inched higher amid escalating geopolitical tensions between the US and Iran. Brent crude rose 0.46 per cent to $69.72 per barrel. For India, a major crude importer, sustained higher oil prices could widen the trade deficit and intensify inflationary pressures, weighing on investor sentiment. Global Signals And Market Breadth Asian markets mirrored the cautious mood, with Hong Kong’s Hang Seng index trading lower. Wall Street had also ended in negative territory overnight, reinforcing the subdued tone across global equities. Back home, market breadth tilted toward the bears. Around 1,468 stocks advanced, while 2,011 declined and 175 remained unchanged, underscoring widespread selling pressure. However, select financial heavyweights such as Bajaj Finance and State Bank of India bucked the trend, gaining up to 2 per cent.
