Indian shares open flat as IT stocks rise before GDP report

Equity markets in India opened with little change on Friday, as investors weighed a significant technology selloff in the United States and lackluster performance across Asian markets. Sentiment remained muted as market participants awaited the release of domestic gross domestic product (GDP) data scheduled for later in the session. As of 9:15 a.m. IST, the Nifty 50 index had declined by 0.14% to 25,459.85, while the BSE Sensex eased 0.03% to 82,220.48. While the broader market saw 15 out of 16 major sectors trading in the red, the information technology sector provided a notable exception. IT stocks rose 1.9% at the open, attempting a recovery after losing approximately 20% earlier in February due to concerns over disruptions related to artificial intelligence. The broader market, including small-cap and mid-cap indices, mirrored the flat opening of the benchmarks. On a weekly basis, both the Nifty and Sensex have struggled, recording losses of 0.4% and 0.7%, respectively. Sudeep Shah, the head of technical and derivatives research at SBI Securities, commented on the current market environment. > There is cautious sentiment and persistent pressure from the bears, and the prolonged sideways movement reflects the absence of momentum in either direction, reinforcing the ongoing consolidation phase. This period of consolidation suggests that the market is searching for a definitive trend amid global volatility and local economic assessments.