Post Market: Sensex Ends Above 83,000 as Financials, FMCG Drive Gains on Supreme Court Tariff Ruling

Post Market: Sensex Ends Above 83,000 as Financials, FMCG Drive Gains on Supreme Court Tariff Ruling

1. MARKET OVERVIEW TABLE

2. SECTOR PERFORMANCE

🟢 Best Sectors

🔴 Worst Sectors

3. TOP GAINERS (Nifty 50)

(Note: Exact prices and change values not all available in fetched data; percentages listed based on available market data)

4. TOP LOSERS (Nifty 50)

(Note: Exact prices and change values for Feb 23 not all available in fetched data; values reflect available data points)

5. 52-WEEK LEVELS

New Highs Today

• 90 stocks touched their 52-week highs on Feb 23, including:
  • Bank of Maharashtra
  • Hitachi Energy
  • NTPC
  • Torrent Pharma
  • Polycab India
  • Astral
  • Bharat Forge
  • Union Bank of India
  • Jindal Steel
  • JB Chemicals
  • Marico
  • Bank of India
  • Cummins
  • Indian Bank
  • Federal Bank
  • SBI
  • L&T

Near Highs (Selected)

New Lows Today

• Nearly 350 stocks touched their 52-week lows on Feb 23, including:
  • LT Technology
  • KPIT Technologies
  • Mastek
  • Zensar Technologies
  • Hexaware Technologies
  • Firstsource Solutions
  • Tata Tech
  • Info Edge
  • Tata Elxsi
  • Sonata Software
  • Infosys
  • TCS
  • CE Info Systems
  • Cyient
  • Network 18
  • Wipro
  • Vedant Fashions
  • SRF
  • Just Dial

6. WHAT DROVE THE MARKET - DETAILED BREAKDOWN

RBI Monetary Policy

• Status: SEBI announced it would review representations by stockbrokers seeking a rethink of new RBI norms requiring banks to tighten funding to proprietary traders under capital market exposure rules.
• Stance: Concerns raised by brokers about new funding norms; SEBI chief stated they received the representation and would examine the issues.
• Impact: Uncertainty around implementation of tighter funding norms for proprietary traders may impact market liquidity in near term.

US-India Trade Agreement

• Status: US Supreme Court struck down President Donald Trump’s emergency tariff authority, ruling that the 15% reciprocal tariff policy was invalid.
• Sector Impact: The ruling was welcomed by domestic markets. Approximately 55% of India’s exports will now face only 15% tariffs, while ~40% will remain exempt (electronics, pharma, petroleum products, etc.). India’s effective tariff rate is now estimated at 11-13%, which compares favorably to China (above 15%) and most other Asian peers.
• Market Reaction: Positive sentiment as India is now less pressured to make large concessions in potential renegotiations; rupee strengthened to 90.76/$ at close.

Earnings Season

• Trend: India Inc.’s earnings momentum remained resilient in Q3 FY26, with small-cap companies emerging as strongest contributors to earnings growth, posting 22% year-on-year earnings surge.
• Winners: Small-cap companies outpaced mid-cap and large-cap counterparts, signalling broadening of India’s corporate earnings recovery.
• Losers: IT stocks facing continued pressure; TCS shares have fallen over 14% in February due to AI disruption fears and high US interest rates.
• Impact: Earnings resilience supporting broader market; IT sector concerns persisting despite positive overall earnings trends.

FII/DII Flows

• Feb 23, 2026:
  • FII: Net buyers ₹3,483.70 crore
  • DII: Net sellers ₹1,292.24 crore
• Trends: Strong FII buying supported the market rally on Feb 23.
• Impact: Positive institutional flows helped extend gains; DIIs took profit as FII bought aggressively.

Global Cues

• US Markets: Dow Jones, S&P 500, and Nasdaq dropped during trading session on Feb 23, following US President Donald Trump’s 15% US tariff announcement over the weekend.
• Asia: Kospi hit record high amid Trump’s tariff move; Hang Seng gained; Nikkei closed for trading holiday.
• Europe: FTSE and DAX showed mixed performance.
• Impact: Weak US cues initially weighed on sentiment early in session, but Supreme Court ruling provided relief rally.

Sector-Specific News

• IDFC First Bank Fraud: ₹590 crore fraud at Chandigarh branch discovered; stock hit 10% lower circuit, opening at ₹66.8 (down 20%) before closing at ₹70.04 (down ~16%). Management clarified incident was isolated to one branch, did not involve other locations; KPMG appointed for independent forensic audit.
• UPL Restructuring: Board approved group reorganisation plan through composite scheme to unlock value by creating independent crop protection platform; shares crashed over 13% on restructuring announcement.
• RailTel Corporation: Won ₹1,136.18 crore contract for modernization of offices; shares jumped over 4%.
• Vikram Solar: Entered ₹2,000 crore strategic domestic cell procurement agreement with Jupiter International.
• Bharti Airtel: Announced launch of AI & Cyber Threat Research Center – India in partnership with Zscaler Inc.
• HAL: Clarified no crash of LCA Tejas fighter jet; shares were trading 3.63% lower.
• Patel Engineering: Bagged ₹910 crore order from Himachal Pradesh Power Corporation for Renukaji Dam Project.

Budget Impact

• Allocations/Tax Changes: No specific budget-related announcements on Feb 23.
• Sector Focus: Domestic themes (banks, power, FMCG, consumer discretionary) gained traction on expectations of resilient demand and economic recovery; export-oriented sectors (IT) faced continued pressure.

Geopolitical/Macro

• US-Iran Tensions: Iranian Foreign Minister Abbas Araghchi reported “good chance” of reaching a diplomatic, win-win solution; this weighed on geopolitical risk premiums and supported crude oil prices below $66/bbl.
• Trump Tariff Ruling: US Supreme Court’s decision against Trump’s reciprocal tariff policy was welcomed by domestic markets; investors await clarity on Trump’s revised strategy and scope of renegotiations.
• Crude Oil: WTI trading below $66/bbl; Brent and WTI prompt spread narrowed to 43 cents and 18 cents respectively, suggesting easing near-term supply tightness.

7. SPECIAL MENTIONS

• Supreme Court Ruling: US Supreme Court struck down Trump’s emergency tariff authority, providing relief to Indian markets; approximately 55% of India’s exports now face only 15% tariffs (electronics, pharma, petroleum exempt).
• IDFC First Bank Fraud: ₹590 crore fraudulent transactions at Chandigarh branch discovered; stock hit 10% lower circuit; management calls incident isolated; KPMG appointed for forensic audit.
• UPL Restructuring: Shares crashed 13%+ after group reorganisation announcement; scheme involves merger and demerger to create two listed companies.
• RailTel Order Win: ₹1,136.18 crore contract awarded in consortium with Ashoka Buildcon for Maharashtra government offices modernization; shares jumped 4%+.
• Vikram Solar Agreement: ₹2,000 crore strategic domestic cell procurement deal with Jupiter International for 2 GW of ALMM-compliant solar cells.
• 52-Week Highs: 90 stocks touched 52-week highs; significant participation from PSU banks, power, pharma, metals.
• 52-Week Lows: Nearly 350 stocks hit 52-week lows, predominantly IT sector stocks facing continued pressure.
• Gaudium IVF IPO: Opened for subscription on Feb 23; issue to close on Feb 25; priced at ₹95-104 per share.
• Gold Prices: Rose to more than three-week high as dollar fell after Supreme Court curtailed Trump’s tariffs; spot gold rallied 1.2% to $5,163.60 per ounce.
• Silver Prices: MCX silver jumped over 5% to above ₹2.66 lakh/kg amid tariff uncertainty and dollar weakness.
• Bitcoin: Prices fell to lowest since Feb 6 amid nervousness over Trump tariff status.

8. TECHNICAL LEVELS

Nifty 50

• Support: 25,500 – 25,600 (immediate); 25,400 (stronger support, retested multiple times)
• Resistance: 25,700 – 25,800 (immediate hurdle); 25,750 – 26,000 (supply zone)

Technical Note: Nifty reclaimed its key 20-, 50-, and 100-day EMAs, signaling improving short-term strength. Index held above 200DMA. Daily RSI remained indecisive despite positive crossover.

Sensex

• Support: 82,800 – 83,000 (immediate zone)
• Resistance: 83,500 – 84,000 (near-term hurdle)

Technical Note: Index opened with a gap-up start, slipped back below 50DMA due to lack of buying interest at higher levels, but recovered in final hours to close with gains.

9. SUMMARY

Indian equity markets ended the February 23 session on a strong note, with the Sensex climbing 480 points (0.57%) to settle at 83,294.66 and the Nifty 50 advancing 142 points (0.55%) to finish above 25,700. The rally was broadly driven by positive sentiment following the US Supreme Court’s ruling that struck down President Trump’s emergency tariff authority, which reduced immediate trade policy uncertainty for India. Financial services, FMCG, auto, and PSU bank stocks were the primary beneficiaries, with HDFC Bank, Axis Bank, Kotak Mahindra Bank, and HUL among the key gainers. However, the IT index faced continued pressure, declining 1.33% amid persistent concerns over AI-driven disruption, with Infosys, Wipro, and Tech Mahindra among the losers. A notable 90 stocks touched their 52-week highs, largely from PSU banks and power sectors, while nearly 350 stocks hit 52-week lows, predominantly IT names facing ongoing headwinds. Market breadth was positive, with 26 stocks advancing and 24 declining on the Nifty 50. FII flows were robust at ₹3,483.70 crore net buying, while DIIs were net sellers of ₹1,292.24 crore, taking profits after the rally. The IDFC First Bank fraud incident emerged as a key talking point, with shares hitting the 10% lower circuit after the ₹590 crore Chandigarh branch fraud was disclosed, though management assured it was isolated. Gold and silver prices surged to multi-week highs on dollar weakness. Looking ahead, market participants remain cautious given lingering uncertainty around global trade negotiations and the continued AI disruption narrative affecting the IT sector.

Details for information purposes only. Don’t treat this as financial advice.