TLDR
Market Recap: February 24, 2026
On February 24, Indian equities sold off sharply on monthly F&O expiry as IT stocks extended a deep AI-led derating, while global risk appetite stayed fragile on fresh US tariff uncertainty. The BSE Sensex closed at 82,225.92, down 1,068.74 pts (-1.28%), and the NSE Nifty 50 ended at 25,424.65, down 288.35 pts (-1.12%). Broader markets were less hit but still red: Nifty Midcap 100 closed at 59,066.35 (-0.32%) and Nifty Smallcap 100 at 16,958.65 (-0.55%). Volatility stayed elevated but eased marginally, with India VIX at 14.15, down 0.02 (-0.14%). Flows were split: FIIs net sold ₹102.53 cr, while DIIs net bought ₹3,161.22 cr, helping markets pare some intraday damage.
Key Drivers :
Expiry day positioning amplified the move: Derivatives expiry drove forced unwinds and higher intraday swings, especially in crowded sector bets, before a late-session stabilization.
Global risk stayed shaky: US tariff headlines and cross-asset caution kept investors defensive, spilling into equities and nudging USDINR demand higher despite RBI smoothing.
Domestic institutions absorbed pressure: Heavy DII buying cushioned the tape even as FII selling persisted, preventing a broader capitulation outside IT.
Today’s Top Stories:
IT majors slide again: AI disruption fears hit IT valuations hard, pushing Nifty IT sharply lower and dragging benchmarks.
Textile exporters slip on RoDTEP cut: A 50% reduction in export duty benefits triggered a fast margin reset across textile names.
PNGS Reva IPO opens: ₹380 crore IPO kicked off with a muted listing premium signal, making subscription trends the key watch.
Manilam IPO closes 5.89x: Strong final subscription kept SME primary-market sentiment constructive despite weak secondary markets.
VIP flags GST inspection: Company disclosed an ongoing tax inspection; investors now watch for any quantified impact or follow-on notices.
Market Snapshot
CNBC
Nifty 50 Index Heatmap
Trading View
Top Gainers & Losers
Trading View
TOP STORIES
1. AI Fear Crushes IT Again, Nifty IT Drops 4.7%
Gemini-2.5
Financial: Nifty IT sank 4.7% to a 30-month low; February drawdown hit 21%, wiping about $68.5B from index constituents.
Strategic: Investors are pricing margin compression risk as AI reshapes delivery models and pricing power for large-cap IT services.
Market impact: TCS, Infosys, HCLTech, and Wipro fell roughly 2.7% to 6.1%, dragging benchmarks on expiry volatility.
Nifty IT dropped 4.7% on AI disruption fears. Your stance?
2. RoDTEP Cut Halved, Textile Exporters Repriced Fast
Gemini-2.5
Financial: The government cut RoDTEP duty benefits by 50%, pressuring margin assumptions for exporters.
Strategic: Exporters may need price resets, customer renegotiations, and mix upgrades to protect profitability.
Market impact: Gokaldas Exports and Pearl Global fell sharply, with broader textile counters down up to about 6%.
RoDTEP benefits were cut by 50%. Impact on exporters?
3. PNGS Reva IPO Opens, GMP Points to Modest Debut
Gemini-2.5
Financial: PNGS Reva Diamond Jewellery opened a ₹380 cr IPO, fully fresh issue, priced at ₹367 to ₹386.
Strategic: Market will watch store expansion economics and how fast new locations translate into same-store productivity.
Market impact: Grey market premium implied about a 3% listing gain, keeping expectations measured.
PNGS Reva IPO opens with modest GMP. Your call?
4. Manilam Industries IPO Closes 5.89x, SME Appetite Holds
Gemini-2.5
Financial: Manilam Industries India IPO closed 5.89x subscribed; issue size about ₹40 cr at ₹65 to ₹69 band.
Strategic: Subscription strength suggests selective risk appetite remains, even when secondary markets are weak.
Market impact: Focus shifts to allotment and the Feb 27 listing, with tape conditions likely driving debut volatility.
Manilam IPO closed 5.89x subscribed. What does it signal?
5. VIP Flags Maharashtra GST Search at Office and Nashik Unit
Gemini-2.5
Financial: VIP disclosed inspection and search proceedings by the Assistant Commissioner of State Tax, Maharashtra, on Feb 24.
Strategic: Headline risk rises until scope and any quantified exposure become clear; the company said it is cooperating.
Market impact: VIP stays in focus as traders monitor follow-up disclosures and any operational or cash impact.
VIP disclosed GST search proceedings. Your take?
GYAANI HOT TAKES
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