Indian Market Outlook – 23 Feb 2026 (Monday)
Market snapshot
The domestic benchmarks kicked off the week on a firm note and closed near the day’s high. Positive global cues and a sharp fall in crude oil prices outweighed continued weakness in IT shares. A summary of the closing values is given below.
Major indices (23 Feb 2026)
| Index | Close | % change vs previous close | Notes |
|---|---|---|---|
| BSE Sensex | 83,294.66 | +0.58 % | Gained ~480 points as value buying returned; financials and autos outperformed. |
| Nifty 50 | 25,716.25 | +0.57 % | Opened gap‑up and held gains to finish ~142 points higher. |
| Nifty Next 50 | 69,693.90 | +0.35 % | Supported by finance, power and pharma stocks. |
| Nifty Bank | 61,277.20 | +0.17 % | Gains capped by weakness in some mid‑cap lenders; PSU banks provided support. |
| BSE 250 SmallCap | 6,366.01 | +0.51 % | Small‑cap indices rose but lagged large‑caps. |
| BSE 150 MidCap | 16,051.62 | −0.21 % | Mid‑cap index dipped slightly as profit‑taking surfaced. |
| Nifty 500 | 23,486.15 | +0.39 % | Reflects broader market advance. |
Sectoral performance
| Sector index | Close (LTP) | % change | Comments |
|---|---|---|---|
| Nifty IT | 31,550.50 | −1.42 % | Downgrade of Indian IT stocks by Jefferies led to a 1.4 % fall. IT heavyweights (Infosys, Tech Mahindra, HCL Tech) were the biggest drag. |
| Nifty Auto | 28,077.00 | +0.83 % | Supported by optimism around GST cuts and long‑term growth in the auto industry. |
| Nifty FMCG | 52,136.35 | +0.70 % | Consumption stocks gained as companies expect volume‑led growth amid easing inflation. |
| Nifty Pharma | 22,578.55 | +0.56 % | India–Brazil healthcare agreements and R&D pacts lifted pharma sentiment. |
| Nifty Oil & Gas | 12,151.15 | +0.49 % | Benefited from falling crude oil prices. |
| Nifty Healthcare | 14,632.60 | +0.49 % | Gains followed pharma moves and hospital stocks. |
| Nifty Realty | 818.85 | −0.23 % | Realty and infrastructure stocks saw profit‑taking. |
| Nifty Metal | 11,962.75 | −0.23 % | Metal stocks lagged as investors booked profits. |
| Nifty Infra | 9,713.85 | +0.85 % | Gains supported by broad‑based buying. |
| Nifty FMCG & Energy | 52,132.15 / 36,749.75 | +0.69 % / +0.46 % | Defensive consumption and energy stocks witnessed steady inflows. |
Key statistics and market breadth
- Market breadth: On the NSE, 1,494 stocks advanced, 1,675 declined, and 109 were unchanged; 78 stocks hit 52‑week highs and 169 touched 52‑week lows.
- Volatility: India VIX fell 1.32 % to 14.17, signalling reduced volatility.
- Trading statistics: Total market capitalisation stood at ₹465.29 lakh crore.
- Foreign flows: Month to date, foreign institutional investors (FIIs) were net sellers of ₹2,011.24 crore, while domestic institutional investors (DIIs) were net buyers of ₹14,111.18 crore. The cautious FII behaviour continues but strong DII inflows provide support.
Top gainers and losers
BSE Sensex Top gainers/losers
| Top gainers | Price (₹) | % change |
|---|---|---|
| Adani Ports & SEZ | 1,554.10 | +2.82 % |
| Kotak Mahindra Bank | 430.75 | +2.23 % |
| Nestlé India | 1,319.00 | +1.99 % |
| UltraTech Cement | 12,962.00 | +1.55 % |
| Axis Bank | 1,388.60 | +1.49 % |
| Top losers | Price (₹) | % change |
|---|---|---|
| Infosys | 1,328.00 | −1.83 % |
| Tech Mahindra | 1,439.00 | −1.25 % |
| HCL Technologies | 1,426.40 | −0.74 % |
| IndusInd Bank | 919.70 | −0.63 % |
| Bajaj Finserv | 2,047.00 | −0.53 % |
Nifty 50 Top gainers/losers
| Top gainers | Price (₹) | % change |
|---|---|---|
| Adani Ports & SEZ | 1,555.20 | +2.89 % |
| Kotak Mahindra Bank | 430.80 | +2.24 % |
| Dr Reddy’s Laboratories | 1,308.10 | +2.16 % |
| HDFC Life Insurance | 742.45 | +1.89 % |
| UltraTech Cement | 12,987.00 | +1.73 % |
| Top losers | Price (₹) | % change |
|---|---|---|
| Hindalco | 915.45 | −2.16 % |
| Infosys | 1,326.60 | −1.97 % |
| Wipro | 205.88 | −1.90 % |
| Tech Mahindra | 1,438.80 | −1.24 % |
| Cipla | 1,326.40 | −1.10 % |
Broader market movers (selected)
- RailTel Corporation: +2 % after winning a modernisation contract from Maharashtra’s Inspector‑General of Registration office.
- Adani Ports & SEZ: +2.5 % after signing a strategic MoU with NMDC and Vale to develop an iron‑ore blending ecosystem at Gangavaram port.
- Pine Labs: +3.5 % on securing multi‑year contracts from BPCL, HPCL and IOC to manage digital payments infrastructure.
- IDFC First Bank: –19 % after disclosing a ₹590 crore fraud involving accounts of the Haryana government.
What moved the market
Positive drivers
- US Supreme Court decision on tariffs: A ruling that struck down President Trump’s sweeping import tariffs boosted global risk appetite. The ruling lifted hopes of improved global trade, even though Trump later signalled a temporary increase to 15 % on all imports.
- Value buying and sector rotation: Investors bought beaten‑down large‑caps such as Adani Ports, Kotak Mahindra Bank, Power Grid, Axis Bank and Hindustan Unilever. These stocks gained up to ~2.4 % intraday.
- Cooling crude oil prices: Brent crude slipped to ~$71 per barrel while West Texas Intermediate fell to ~$65.73, easing inflation worries and supporting equity sentiment.
- Strengthening rupee: The rupee appreciated by ~21 paise to 90.73 per U.S. dollar, helped by lower crude prices.
- Decline in volatility: India VIX dropped over 1 % to ~14, indicating reduced market nervousness.
- Domestic institutional buying: DIIs continued to support the market with significant net purchases despite FIIs remaining net sellers for the month.
Headwinds
- Tech drag: IT stocks remained under pressure due to a sector downgrade from Jefferies and concerns about AI‑driven disruption. Infosys, Tech Mahindra, Wipro and HCL Technologies all fell 0.7–2 %.
- Fresh tariff uncertainty: While the Supreme Court verdict removed earlier tariffs, Trump’s announcement of a 15 % temporary tariff on all U.S. imports created a mixed picture, keeping traders cautious.
- Bank‑specific issues: IDFC First Bank and AU Small Finance Bank fell sharply after fraud reports and deposit withdrawals, weighing on the broader banking index.
Global cues
- U.S. markets: On Friday the S&P 500 and Nasdaq gained up to 0.9 %, reflecting relief after the U.S. Supreme Court’s tariff ruling.
- Asian markets: Hong Kong’s Hang Seng index surged 649 points to 27,063, and Taiwan’s Taiex added 167 points to 33,773. Japan’s markets were closed for Emperor’s Birthday, keeping overall Asian cues muted.
- Commodities and currencies: Brent crude fell over 1 %, and the U.S. dollar weakened, supporting emerging‑market currencies including the rupee.
Stocks to watch for 24 Feb 2026
Indian equities are likely to focus on stock‑specific developments in the next session. Key names include:
| Stock | Reason to watch |
|---|---|
| Clean Max Enviro Energy Solutions (IPO) | The renewable‑energy firm’s ₹3,100 crore IPO opened on 23 Feb with a price band of ₹1,000-1,053 per share; subscription trends will be in focus. |
| PI Industries | Trades ex‑dividend on 23 Feb; shares may adjust for the ₹5/share interim dividend. |
| IDFC First Bank & AU Small Finance Bank | Fraud investigation and deposit reduction by the Haryana government triggered sharp falls; follow‑up on regulatory responses is crucial. |
| Prestige Estates | Signed a deal with Bangalore Metro Rail for co‑branding and station upgrade; updates on real‑estate tie‑ups may drive sentiment. |
| Cipla | U.S. FDA gave a warning (OAI classification) to its Greek subsidiary after inspection; resolution measures will be tracked. |
| PVR Inox | Opened a new 7‑screen multiplex in Hubli, taking total screens to 1,798 across India. |
| Narayana Hrudayalaya | Acquired ~3.3 acres in Bengaluru to expand software and capability centres. |
| NHPC | Board approved ₹2,709 crore investment in Uri Stage‑II and Dulhasti Stage hydro projects; commissioning expected from 1 Mar 2026. |
| NTPC Green Energy | 158.4 MW solar project in Andhra Pradesh became operational. |
| Vedanta | Board meeting on 25 Feb to consider fund‑raising via non‑convertible debentures. |
Corporate updates
- Adani Ports & SEZ signed a memorandum of understanding with NMDC and Brazil’s Vale S.A. to build an iron‑ore blending and export hub at Gangavaram port. This strategic partnership could enhance Adani Ports’ cargo mix and long‑term revenue visibility.
- RailTel (in consortium with Ashoka Buildcon) was selected as managed service provider for modernising the Maharashtra registration department offices, boosting its order book.
- Pine Labs secured multi‑year contracts from BPCL, HPCL and IOC to maintain digital payments infrastructure across petrol pumps, signalling strong momentum in fintech services.
- IDFC First Bank disclosed a ₹590 crore fraud involving government accounts; the bank and authorities have initiated recovery efforts.
- India–Brazil agreements: During President Lula da Silva’s visit, India and Brazil signed multiple MoUs, including a pact to develop a breast‑cancer medicine and research on strategic pharmaceutical ingredients. These agreements boosted pharma stocks.
Technical levels and outlook for 24 Feb 2026
Technical view
Market experts expect the next session to be range‑bound with a positive bias after Monday’s rally. According to Anil Singhvi’s trading strategy and broader technical analysts:
- Nifty 50:
- Support zone: 25,475–25,575; stronger buy zone around 25,375–25,450.
- Higher/profit‑booking zone: 25,665–25,765; profit booking expected at 25,815–25,935.
- Stop‑loss for longs: 25,375 (intraday) and 25,450 (closing).
- Nifty Bank:
- Support zone: 60,875–61,000; strong buy zone at 60,550–60,750.
- Higher/profit‑booking zone: 61,350–61,500; profit booking at 61,550–61,750.
- Stop‑loss for longs: 60,550 (intraday) and 60,750 (closing).
- Sensex: Technical analysts at ET Now highlight resistance at 83,000 and the 83,500–83,800 band; support lies at 82,300 and deeper support at 82,000. A close above resistance would confirm further upside, while a break below support could trigger profit‑taking.
Expected tone for the next trading day
- Bias: Cautiously positive. The indices have recouped recent losses and closed above key support levels, but the rally is built on external news (tariff ruling and drop in oil). Near‑term momentum may remain tentative, especially if global markets turn volatile.
- Key drivers to watch:
- Global trade headlines following the US tariff ruling and any retaliatory measures.
- Subscription response to the Clean Max Enviro IPO.
- Movement in crude oil prices and the rupee.
- FII/DII flows and any further corporate announcements (particularly IDFC First Bank fraud developments).
- Performance of IT stocks after recent downgrades.
- Strategy: Traders may adopt a buy‑on‑dips approach near the support zones and consider booking profits as the Nifty approaches the upper end of the highlighted range. Caution is advised in IT and mid‑cap banks due to sector‑specific headwinds.
Disclaimer
The stocks mentioned in this article are not recommendations. Please conduct your own research and due diligence before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure documents carefully before investing in Equity Shares, Derivatives, Mutual fund, and/or other instruments traded on the Stock Exchanges. As investments are subject to market risks and price fluctuation risk, there is no assurance or guarantee that the investment objectives shall be achieved. Lemonn (Formerly known as NU Investors Technologies Pvt. Ltd) do not guarantee any assured returns on any investments. Past performance of securities/instruments is not indicative of their future performance.
