Indian Markets Rally: Sensex Up 480 Points, Nifty PSU Bank Leads Gains

Market Update at 03:55 PM: On Monday, 23 February 2026, India’s key equity benchmarks, the Nifty 50 and the Sensex, ended over 0.5 per cent higher, following the U.S. Supreme Court striking down import levies imposed by President Donald Trump. However, IT stocks faced selling pressure, dragging the sector lower. The Nifty 50 touched an Intraday high of 25,771.45 before profit booking trimmed some gains, with the index trading in a 162-point intraday range.

At the close, the Nifty 50 rose by 141.75 points, or 0.55 per cent, to 25,713, while the Sensex advanced 479.95 points, or 0.58 per cent, to 83,944.95. The benchmark indices extended gains for the second consecutive trading session. The Bank Nifty ended at 61,264, up 0.15 per cent, underperforming the frontline indices.

Among sectoral indices, eight out of eleven ended in positive territory. Broader indices delivered mixed results, with the Nifty Midcap down 0.43 per cent and the Nifty Smallcap 100 up 0.29 per cent. The Nifty PSU Bank index emerged as the top gainer, closing 1.36 per cent higher and marking a fresh all-time high. The index has gained 14.30 per cent so far in CY2026. Conversely, the Nifty IT index fell 1.42 per cent as artificial intelligence-triggered disruptions continued to weigh on the sector.

Among individual stocks, IDFC First Bank fell 16.07 per cent after revealing a suspected fraud of USD 65 million by certain employees involving local government accounts. AU Small Finance Bank dropped 5.17 per cent after the Haryana government de-empanelled the bank from government business following the disclosure of unauthorised and suspected fraudulent activities. UPL shares tumbled 14.25 per cent to Rs 625 on the NSE after announcing a corporate restructuring plan.

Top contributors to the Nifty 50 gains were HDFC Bank (+39.42 points), Kotak Mahindra Bank (+15.07 points), and Reliance Industries (+12.73 points). Major drags on the index included Infosys (-19.76 points), Hindalco Industries (-6.18 points), and ITC (-3.38 points).

Market breadth was slightly negative, with 1,494 stocks advancing, 1,675 declining, and 109 unchanged out of 3,278 stocks traded on the NSE. A total of 78 stocks touched their 52-week highs, while 169 hit their 52-week lows. Additionally, 70 stocks were locked in Upper Circuits and 78 in Lower Circuits.

Market Update at 2:11 PM: Indian benchmark equity indices were trading higher on Monday, supported by gains in index heavyweights amid positive global cues after U.S. President Donald Trump’s reciprocal tariffs were ruled illegal by the U.S. Supreme Court.

At 2 PM, the BSE Sensex was trading at 83,076.53, up 261.82 points or 0.32 per cent. The NSE Nifty50 quoted 25,653.2, up 81.95 points or 0.32 per cent.

In the broader market, the NSE MidCap 100 index declined 0.6 per cent, while the SmallCap index was up 0.16 per cent.

Among sectoral indices, Nifty PSU Bank rose over 1.1 per cent, followed by gains in Auto, Bank, Financial Services, FMCG, Pharma, Realty, and Oil & Gas indices. On the other hand, Nifty Chemical and IT indices were down over 1 per cent.

Among the 30-share Sensex pack, Adani Ports surged 2.5 per cent. Kotak Mahindra Bank, Power Grid, Axis Bank, HDFC Bank, Mahindra & Mahindra, ICICI Bank, and SBI gained between 1 per cent and 2 per cent each. IT shares, led by Infosys, were trading with a negative bias.

Market Update at 12:29 PM: Indian benchmark equity indices were trading on a positive note on Tuesday, supported by gains in index heavyweights Reliance Industries and private sector lenders HDFC Bank and Axis Bank.

Around 12:00 PM, the BSE Sensex was up 319.24 points, or 0.39 per cent, at 83,130.16, after hitting an intra-day high of 83,486 earlier in the session. The NSE Nifty 50 touched a high of 25,771.45 and was trading 87.55 points, or 0.34 per cent, higher at 25,658.80.

In the broader markets, the BSE MidCap 150 index declined 0.5 per cent, while the SmallCap 250 index rose 0.29 per cent, indicating mixed trends beyond the frontline indices.

Among sectoral indices, Nifty PSU Bank advanced over 1.6 per cent, followed by gains in Auto, Bank, Financial Services, FMCG, Pharma, Realty and Oil & Gas stocks. On the other hand, Nifty IT slipped 1.5 per cent, while the Chemical index declined 1.8 per cent.

Within the Sensex 30 pack, Adani Ports surged 3 per cent. Axis Bank, Kotak Mahindra Bank, HDFC Bank, Mahindra & Mahindra, ICICI Bank and SBI gained between 1 and 2 per cent each. In contrast, IT stocks led by Infosys were trading with a negative bias, weighing on the technology segment.

Market Update at 10:40 AM: Indian benchmark equity indices started Monday’s trading session on a positive note, led by gains in index heavyweights such as Reliance Industries and private sector lenders HDFC Bank and Axis Bank.

At 9:55 AM, the BSE Sensex was up 460 points, or 0.55 per cent, at 83,280, after hitting an intra-day high of 83,486 earlier in the session. The Nifty 50 touched a high of 25,771 and was trading 145 points, or 0.6 per cent higher, at 25,717.

Among the Sensex 30 constituents, Adani Ports surged 3 per cent. Kotak Mahindra Bank, Mahindra & Mahindra, ICICI Bank and State Bank of India gained between 1 and 2 per cent each. On the other hand, IT stocks, led by Infosys, were seen trading with a negative bias.

In the broader market, the BSE MidCap 150 index advanced 0.3 per cent, while the BSE SmallCap 250 rose 1 per cent in Monday’s trade.

Pre-Market Update at 7:55 AM: Indian equity benchmarks are poised for a strong gap-up opening on Monday, 23 February 2026, after the 6–3 ruling by the Supreme Court of the United States striking down President Donald Trump’s “Liberation Day” and “Reciprocal Tariffs.” The verdict has significantly altered the global trade outlook and boosted investor sentiment across markets. Gift Nifty was trading around the 25,747 level, a premium of nearly 181 points over the previous close of Nifty futures, signalling a gap-up start for domestic indices. However, volatility may remain elevated as Trump later invoked Section 122 of the Trade Act of 1974 to impose a temporary 10 per cent global tariff, subsequently raising it to 15 per cent — the maximum permitted under the provision.

Asian markets advanced, while U.S. equities ended higher on Friday following the Supreme Court ruling. On Wall Street, the Dow Jones Industrial Average rose 230.81 points, or 0.47 per cent, to 49,625.97. The S&P 500 gained 47.62 points, or 0.69 per cent, to 6,909.51, while the Nasdaq Composite advanced 203.34 points, or 0.90 per cent, to 22,886.07. Among major stocks, Nvidia rose 1.02 per cent, Advanced Micro Devices declined 1.58 per cent, Amazon climbed 2.56 per cent, Apple gained 1.54 per cent, and Meta Platforms advanced 1.69 per cent. The U.S. dollar weakened as traders viewed the court’s decision as supportive for global growth.

On Friday, Indian markets ended with solid gains amid broad-based buying. The BSE Sensex climbed 316.57 points, or 0.38 per cent, to close at 82,814.71, while the NSE Nifty 50 rose 116.90 points, or 0.46 per cent, to settle at 25,571.25.

On 20 February, Foreign Institutional Investors (FIIs) were net sellers of equities worth Rs 934.61 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 2,637.15 crore. FIIs have now extended their selling streak to two consecutive sessions.

Investors will monitor further developments in Trump’s tariff policy, India’s GDP data, the monthly derivatives expiry, movements in gold and silver prices, foreign fund flows, and other domestic and global macroeconomic cues.

U.S. GDP growth slowed sharply in the fourth quarter, expanding at a 1.4 per cent annualised pace, below the 3.0 per cent estimate and slower than 4.4 per cent in the third quarter. For the full year, the economy grew 2.2 per cent. Inflation came in stronger than expected, with the core Personal Consumption Expenditures (PCE) price index rising 0.4 per cent in December versus expectations of 0.3 per cent. On a year-on-year basis, core PCE inflation accelerated to 3.0 per cent from 2.8 per cent in November.

Minutes of the February meeting of the Reserve Bank of India’s Monetary Policy Committee showed that strong growth and easing inflation prompted policymakers to keep rates unchanged. RBI Governor Sanjay Malhotra stated that the current policy rate remains appropriate, citing buoyant growth, benign inflation and improving external conditions.

Iran’s Foreign Minister Abbas Araghchi said there is a “good chance” of reaching a diplomatic solution on the nuclear issue, with talks expected in Geneva with U.S. special envoy Steve Witkoff, raising hopes of reduced geopolitical tensions.

In commodities, gold jumped 1 per cent to above USD 5,160, hitting a three-week high amid renewed tariff-related uncertainty. Silver climbed 2 per cent to trade above USD 86 per ounce, marking a fourth straight session of gains. WTI crude oil futures slipped below USD 66 per barrel, easing from a six-month high as markets weighed the likelihood of a U.S.–Iran nuclear deal.

Stocks to watch on 23 February 2026 include Highway Infrastructure, which secured a road development contract under Town Planning Scheme-08 (Indore) worth Rs 69.68 crore; Bharti Airtel, which launched an AI & Cyber Threat Research Center in India with Zscaler Inc as part of a strategic cybersecurity initiative; Allcargo Terminals, which reported January volumes of 63,400 TEUs, up 8 per cent year-on-year but down 5 per cent month-on-month; IDFC First Bank, which disclosed fraudulent transactions linked to Haryana government accounts with a forensic audit by KPMG underway involving Rs 590 crore exposure; and Sudarshan Pharma Industries, where a GST search and seizure was conducted at its Mumbai office while operations remain normal and under review.

Overall, markets are set for a positive start, though tariff-related developments and global macro cues could keep volatility elevated through the week.

For today, Sammaan Capital and SAIL will remain on the F&O ban list.

Disclaimer: The article is for informational purposes only and not investment advice.