4 February 2026 (opening) : IT Stocks Sink, Energy and Metals Shine as Nifty Trades Flat in Early Session

Indian equity markets showed a mixed and cautious mood in early trade on 4 February 2026, with the benchmark Nifty 50 hovering near the flat line at 25,719.90, down marginally by 0.03%. While buying interest was visible in select energy, metal, and FMCC counters, heavy selling pressure in IT majors dragged on overall sentiment, keeping the index range-bound.

The market opened around 25,675, touched an intraday high of 25,742, and slipped to a low of 25,563, reflecting indecision among investors amid sectoral divergence.

Also Read: February 3, 2026: Nifty 50 Ends Strong but Off Day’s Peak; Financials, Adani Group and Aviation Stocks Lead Gains

Benchmark Indices: Narrow Range, Limited Direction

At the time of update, the Nifty 50 was trading slightly lower by 7.65 points, indicating a lack of strong directional cues. Broader sectoral indices painted a mixed picture:

• Nifty Bank gained around 0.23%, signaling mild strength in financials.

• Nifty Financial Services rose about 0.31%, supporting the index.

• Nifty Next 50 and some other indices remained marginally in the red, mirroring cautious broader market participation.

Overall, the market remained stuck in a tight range, with stock-specific action dominating the session.

Top Gainers: ONGC, M&M, Coal India Lead

Buying interest was clearly visible in select heavyweight and defensive names:

• ONGC climbed 2.18% to ₹262.60, supported by steady volumes and strength in energy stocks.

• Mahindra & Mahindra (M&M) gained 1.66% to ₹3,586.40, indicating continued optimism in the auto space.

• Coal India rose 1.48% to ₹435.75, benefiting from firm commodity sentiment.

• Tata Steel advanced 1.46% to ₹195.75, reflecting strength in metal stocks.

• ITC added 1.39% to ₹314.45, providing defensive support to the index.

These stocks helped cushion the downside in the benchmark, preventing a sharper fall.

IT Sector Under Pressure: Heavyweights Drag the Market

The biggest drag on the market came from the IT sector, which witnessed sharp and broad-based selling:

• Infosys plunged 6.00% to ₹1,556.70

• HCL Tech fell 5.73% to ₹1,598.20

• Tech Mahindra dropped 5.72% to ₹1,618.30

• TCS declined 5.66% to ₹3,042.80

• Wipro slipped 4.33% to ₹232.17

High volumes in these stocks suggest strong institutional activity, likely driven by concerns over global demand, currency movements, or earnings outlook. The sharp correction in IT heavyweights significantly offset gains in other sectors.

Market View: Stock-Specific Action to Continue

With financials and select commodities showing resilience and IT stocks facing selling pressure, the market appears to be in a sector-rotation phase. Investors are selectively booking profits in technology stocks while reallocating funds to energy, metals, and defensive plays.

Traders are likely to remain cautious in the near term, keeping a close eye on global cues, currency movements, and any fresh triggers from corporate earnings or macroeconomic developments.

Conclusion: 4 February 2026

The Indian equity market on 04 February 2026 reflects a classic tug-of-war between sectoral winners and losers. While strength in ONGC, M&M, Coal India, Tata Steel, and ITC is providing support, the sharp sell-off in IT majors is capping any meaningful upside for the Nifty 50. Until clearer cues emerge, the market is expected to remain volatile with a strong focus on stock- and sector-specific trends rather than broad-based moves.