TLDR
Market Recap: February 23, 2026
On February 23, Indian equities started the week higher on global relief after the US Supreme Court struck down Trump-era sweeping tariffs, but gains were capped by continued AI disruption anxiety in IT. The Sensex closed at 83,294.66, up 479.95 points (+0.58%), while the Nifty 50 ended at 25,713.00, up 141.75 points (+0.55%). Breadth was supportive with financials and PSU banks leading, while Nifty IT fell 1.4%; broader indices diverged with smallcaps up ~0.3% and midcaps down ~0.4%. India VIX eased to 14.14 (-1.57%), while provisional flows showed FIIs net buyers (+₹3,483.70 cr) and DIIs net sellers (-₹1,292.24 cr), keeping risk appetite selective rather than broad-based.
Key Drivers :
Global trade relief lifted cyclicals: The tariff ruling improved risk sentiment for exporters and global cyclicals, keeping the open strong and dips bought.
Financials stayed the leadership engine: PSU banks and large financials carried index momentum as investors leaned into earnings visibility and lower beta defensives.
AI overhang kept IT as the drag: Persistent concerns about AI-driven model compression continued to pressure IT, limiting how far the benchmarks could run.
Today’s Top Stories:
Jefferies resets IT: Six IT majors were downgraded on AI disruption risk, pushing Nifty IT lower again and extending sector underperformance.
IDFC First fraud shock: A suspected ₹5.9bn fraud triggered a sharp selloff and forced a forensic audit, reviving governance and control risk premia.
Adani Ports MoU pop: A Gangavaram iron ore hub MoU with NMDC and Vale lifted the stock as investors priced export-flow and capacity upside.
Clean Max IPO opens: The ₹3,100 cr IPO opened with a narrow GMP, signalling muted listing expectations and a focus on fundamentals and cash flows.
Textiles catch a bid: Export textile names moved up as the tariff ruling reduced the risk of trade shock, prompting a quick sentiment reset in the group.
Market Snapshot
CNBC
Nifty 50 Index Heatmap
Trading View
Top Gainers & Losers
Trading View
TOP STORIES
1. Jefferies Cuts 6 IT Majors, Flags AI Derating Risk
Gemini-2.5
Broker call: Jefferies downgraded multiple IT names, warning that the AI reset is still unfolding.
Why it matters: The note frames AI as compressing managed services and pricing power, raising cyclicality.
Tape reaction: Nifty IT stayed the laggard as investors digested a tougher medium-term earnings setup.
Jefferies warned of AI-led derating risk in IT. Your stance?
2. IDFC First Plunges on Suspected ₹5.9bn Fraud, KPMG Forensic On
Gemini-2.5
What happened: The bank disclosed a suspected fraud tied to government-linked accounts at a branch.
Response: Employees suspended, KPMG appointed, controls and oversight now under the microscope.
Market impact: Stock cratered as governance risk and potential business fallout were priced in quickly.
IDFC First’s fraud disclosure is:
3. Adani Ports Pops on NMDC and Vale MoU for Gangavaram Iron Ore Hub
Gemini-2.5
Deal: MoU to develop blending and export infrastructure at Gangavaram, plus SEZ development intent.
Strategic angle: Higher-value throughput, stickier bulk customers, and improved port economics if executed.
Stock move: Adani Ports outperformed as markets priced in trade-flow and capacity optionality.
$ADANIPORTS.NSE ( ▲ 2.55% )
Adani Ports’ iron ore hub MoU signals:
4. Clean Max Enviro IPO Opens, GMP Signals Cautious Listing Appetite
Gemini-2.5
Offer: IPO opened with a large raise and a mix of fresh issue plus OFS.
Investor lens: Market will focus on contracted cash flows, capital intensity, and execution discipline.
Read-through: Tight grey market premium pointed to a fundamentals-first subscription mood.
Clean Max IPO setup looks:
5. Textile Exporters Catch a Bid After US Tariff Verdict Relief
Gemini-2.5
Trigger: A tariff ruling reduced perceived disruption risk for export-heavy Indian textile names.
Implication: Better near-term order confidence, but FX and input costs still decide margin outcome.
Market action: Select exporters and home-textile names rallied as sentiment reset quickly.
Textile rally after tariff relief is:
GYAANI HOT TAKES
Disclaimer:
The IndiaStox Research Hackathon is intended for educational and community engagement purposes only. Submissions do not constitute investment advice, nor should they be construed as recommendations to buy or sell any securities.
By participating in the IndiaStox Research Hackathon and submitting content, you grant IndiaStox a worldwide, royalty-free, perpetual, and irrevocable license to use, reproduce, modify, publish, distribute, and display your submission, whether in whole or in part, across its digital platforms and in promotional materials. This license extends to both commercial and non-commercial purposes, including content seeding, editorial use, and advertising.
By submitting your work, you confirm that it is your original creation and that you have the right to grant the above license.
