By Dalal Street Investment Journal (DSIJ)
Indian equities extended gains on February 23, with the Nifty 50 advancing 0.55% to 25,713 and the Sensex gaining 479.95 points to 83,944.95, marking the second consecutive session of gains. The Nifty PSU Bank index emerged as the top-performing sector, hitting a fresh all-time high, while the Nifty IT index declined amid AI-related disruption concerns. Broader markets were mixed.
On Monday, February 23, India’s key equity benchmarks, the Nifty 50 and the Sensex, closed over 0.5% higher after the US Supreme Court struck down import levies imposed by President Donald Trump. However, the upside remained capped as Trump subsequently increased the global tariff rate from 10% to 15% following the court’s ruling.
On an intraday basis, the Nifty 50 touched a high of 25,771.45. Thereafter, profit booking emerged at higher levels, resulting in trimming of gains from higher levels.
At the closing bell, the Nifty 50 closed higher by 141.75 points, or 0.55%, to 25,713. The Sensex advanced by 479.95 points, or 0.58%, to 83,944.95. Following a positive close, the benchmark indices extended their Friday’s gains to the 2nd consecutive trading session. The Bank Nifty ended at 61,264, up by 0.15%, underperforming the frontline indices.
On the sectoral front, 8 out of 11 key sectoral indices ended in positive territory. Meanwhile, broader indices such as the Nifty Midcap and Nifty Smallcap 100 indices ended mixed. The Nifty Midcap ended lower by 0.43%, while the Nifty Smallcap 100 closed higher by 0.29%.
On Friday, the Nifty PSU Bank index emerged as the top gainer among the sectoral indices, ending 1.36% higher and marking a fresh all-time high. The index is up 14.30% so far in CY2026.
On the other hand, the Nifty IT index plunged by 1.42% as the pain caused by artificial intelligence-triggered disruption continued to drag the index. The index is down by over 17% in the month of February so far.
Among individual stocks,
Bucking the broader trend, IDFC First Bank tumbled 16.07% after the lender said it was investigating a suspected fraud of ₹590 by some employees involving accounts of local government entities.
AU Small Finance Bank fell 5.17% after the Haryana government de-empanelled the bank for government business following the recent disclosure of unauthorised and suspected fraudulent activities.
UPL share price tumbled as much as 14.25% to ₹625 apiece on the NSE on Monday, February 23, after the company announced a restructuring plan.
The key drivers of the index gains were:
HDFC Bank: +39.42 points
Kotak Mahindra Bank: +15.07 points
Reliance Industries: +12.73 points
On the other hand, these stocks weighed on the index:
Infosys: -19.76 points
Hindalco Industries: -6.18 points
ITC: -3.38 points
As of February 23, 2026, the market breadth was slightly tilted towards declining stocks. Out of 3,278 stocks traded on the NSE, 1,494 advanced, 1,675 declined, and 109 remained unchanged.
A total of 78 stocks touched their 52-week highs, while 169 hit their 52-week lows. Additionally, 70 stocks were locked in their upper circuits, whereas 78 stocks were locked in lower circuits.
Disclaimer: The article is for informational purposes only and not investment advice.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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