Stock market today: Sensex slips 377 pts, Nifty below 25,650; IT stocks lead losers
The overnight selloff in US technology stocks is likely to spill over into Indian IT shares, putting pressure on the broader market and limiting the upside, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited
- Feb 4, 2026,
- Updated Feb 4, 2026 9:26 AM IST
Domestic equity benchmarks Sensex and Nifty slipped in early trade on Wednesday amid weak cues from global markets. The decline comes a day after the indices logged one of their sharpest single-day rallies, driven by optimism over the India–US trade deal.
At 9:15 am, the BSE Sensex declined 377.29 points, or 0.45%, to 83,361.84. The NSE Nifty slipped 100.25 points, or 0.39%, to 25,627.30.
The overnight selloff in US technology stocks is likely to spill over into Indian IT shares, putting pressure on the broader market and limiting the upside, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited. With valuations still elevated, he noted that there is little fundamental backing for a prolonged rally.
Among Sensex constituents, Infosys declined 5.80% to Rs 1558.90. HCL Technologies slipped 5.70%, while TCS, Tech Mahindra and Bajaj Finance fell 5.44%, 5.01% and 0.81%, respectively.
Asian markets traded mostly lower. At last check, Japan’s Nikkei 225 was down 0.60% to 54,391.58, while South Korea’s Kospi advanced 0.61% to 5,320.51. Hong Kong’s Hang Seng Index dropped 0.57% to 26,682.50.
Wall Street ended lower overnight, with all three major indices closed in the red. The S&P 500 slipped 0.84% to close at 6,917.81, while the Dow Jones Industrial Average declined 0.34% to 49,240.99. The Nasdaq Composite fell 1.43% to settle at 23,255.19.
Meanwhile, on Tuesday, the Sensex jumped 2072.67 points, or 2.54%, to end at 83,739.13, while the Nifty surged 639.15 points, or 2.55%, to settle at 25,727.55.
“we take a close look at Nifty50 EPS movements in Jan’26. In the last 12 months from Jan’25 to Jan’26, the Nifty50 has delivered 7.7% returns, while FY26E and FY27E EPS have seen cuts of 7.4% and 4.7% respectively,” JM Finacial said in its Nifty50 Analyser note.
According to JM Financial, the stocks with the highest EPS cuts are Cipla, ITC, Interglobe Aviation, JSW Steel, and Kotak Bank, while the highest EPS upgrades are Shriram Finance, Hindalco, Grasim, Tata Steel, and Tech Mahindra.
“A trigger from monetary policy scheduled on 6th Feb is unlikely since the MPC is expected to retain the rates and stance with a dovish tone. The economy is now in a state where a monetary stimulus is not required. So, it is likely that the MPC will wait to see the monetary transmission play out. The auto numbers on January suggest that the buoyant demand continues,” Vijayakumar said.
Domestic equity benchmarks Sensex and Nifty slipped in early trade on Wednesday amid weak cues from global markets. The decline comes a day after the indices logged one of their sharpest single-day rallies, driven by optimism over the India–US trade deal.
At 9:15 am, the BSE Sensex declined 377.29 points, or 0.45%, to 83,361.84. The NSE Nifty slipped 100.25 points, or 0.39%, to 25,627.30.
The overnight selloff in US technology stocks is likely to spill over into Indian IT shares, putting pressure on the broader market and limiting the upside, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited. With valuations still elevated, he noted that there is little fundamental backing for a prolonged rally.
Among Sensex constituents, Infosys declined 5.80% to Rs 1558.90. HCL Technologies slipped 5.70%, while TCS, Tech Mahindra and Bajaj Finance fell 5.44%, 5.01% and 0.81%, respectively.
Asian markets traded mostly lower. At last check, Japan’s Nikkei 225 was down 0.60% to 54,391.58, while South Korea’s Kospi advanced 0.61% to 5,320.51. Hong Kong’s Hang Seng Index dropped 0.57% to 26,682.50.
Wall Street ended lower overnight, with all three major indices closed in the red. The S&P 500 slipped 0.84% to close at 6,917.81, while the Dow Jones Industrial Average declined 0.34% to 49,240.99. The Nasdaq Composite fell 1.43% to settle at 23,255.19.
Meanwhile, on Tuesday, the Sensex jumped 2072.67 points, or 2.54%, to end at 83,739.13, while the Nifty surged 639.15 points, or 2.55%, to settle at 25,727.55.
“we take a close look at Nifty50 EPS movements in Jan’26. In the last 12 months from Jan’25 to Jan’26, the Nifty50 has delivered 7.7% returns, while FY26E and FY27E EPS have seen cuts of 7.4% and 4.7% respectively,” JM Finacial said in its Nifty50 Analyser note.
According to JM Financial, the stocks with the highest EPS cuts are Cipla, ITC, Interglobe Aviation, JSW Steel, and Kotak Bank, while the highest EPS upgrades are Shriram Finance, Hindalco, Grasim, Tata Steel, and Tech Mahindra.
“A trigger from monetary policy scheduled on 6th Feb is unlikely since the MPC is expected to retain the rates and stance with a dovish tone. The economy is now in a state where a monetary stimulus is not required. So, it is likely that the MPC will wait to see the monetary transmission play out. The auto numbers on January suggest that the buoyant demand continues,” Vijayakumar said.