Mumbai, Feb 14 || Indian equity benchmarks lost nearly 1 per cent during the week, weighed down by weak global cues and sharp declines in IT index, tracking Wall Street losses due to AI-related fears.
Nifty lost 0.87 per cent during the week and dipped 1.30 per cent on the last trading day to 25,471. At Friday’s close, the Sensex was down 1,048 points or 1.25 per cent at 82,626. It declined 1.14 per cent during the week.
Sectoral performance remained firmly negative, with all major indices ending in the red. Nifty Metal was the worst performer, dropping 3.3 per cent, followed by realty, down 2.2 per and FMCG, down 1.9 per cent.
The Nifty IT index touched a 10-month low before closing 1.4 per cent lower, even as selective buying helped it recover from intraday lows.
Analysts said the IT sector continues to face headwinds amid rising concerns that rapid AI advancements could disrupt traditional service models and weigh on future revenue visibility.
The US dollar strengthened on the back of stronger-than-expected US January jobs data, which reduced expectations of near-term interest rate cuts by the US Federal Reserve.