Trade Deal Optimism, SBI Rally Lifts Indian Equities

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

February 9, 2026 at 11:37 AM IST

Indian equities ended higher on Monday, supported by optimism around an interim framework for an India–US trade deal and a sharp rally in State Bank of India following strong quarterly earnings, while positive global cues added to the momentum. The Nifty 50 rose 0.68% to 25,867.3 and the Sensex gained 0.58% to 84,065.75, with 15 of 16 sectoral indices closing in the green. Broader markets outperformed, with the Nifty Midcap and Smallcap indices advancing 1.58% and 2.64%, respectively.

SBI emerged as the top gainer on the BSE, while Titan, UltraTech Cement, Tata Steel and Eternal also posted solid gains. Power Grid, NTPC, ICICI Bank and ITC lagged the benchmarks. Sectorally, PSU Bank, Media and Consumer Durables led the rally, each rising over 3%, as investor sentiment remained upbeat on trade deal developments and robust earnings from select heavyweights.

Top Movers of the Day

SBI shares rallied 7.5% after the bank reported healthy quarterly numbers and stronger provision buffers, with the stock outperforming its banking peers.

Sterlite Technologies surged 8% to an 18-month high of ₹143.6 on the BSE, driven by strong buying interest in telecom equipment stocks, marking its highest level since August 2025.

Venky’s (India) reported a 138.3% YoY jump in Q3 net profit, but the stock erased gains post-results amid profit booking and heavy volumes, trading 1.5% lower after swinging nearly 9% intraday.

Shipping Corporation of India rallied nearly 19% to a two-month high after its Q3FY26 net profit jumped five-fold year-on-year, boosting sentiment in PSU shipping stocks.

Hindustan Zinc rose 2.6% after the company announced the development of zinc-ion battery pouch cell prototypes for large-scale renewable energy storage, reinforcing long-term growth optimism.

KPR Mill gained about 1% after posting a 3.6% YoY rise in Q3 net profit and a 7.7% increase in total income, supported by steady demand in the textile segment.

Vodafone Idea advanced 4% on heavy volumes after promoter Kumar Mangalam Birla purchased additional shares via open market transactions, improving investor confidence.

Man Industries jumped over 9% after reporting a sharp rise in Q3FY26 net profit to ₹55 crore from ₹34 crore a year ago, aided by better execution and margins.

Atul Auto surged nearly 13% after the company delivered strong Q3FY26 earnings, triggering renewed buying interest in small-cap auto stocks.

REC slipped around 1.8%, while PFC traded flat, after PFC’s board approved the acquisition of a 52.63% stake in REC, paving the way for a holding-subsidiary structure.

IndusInd Bank extended gains after analysts raised earnings expectations on improved asset quality and pick-up in credit growth momentum.

Titan Company slipped modestly despite broader market strength, with profit-booking seen after recent rally and mixed commentary on discretionary demand.

ITC pared some earlier gains as investors rotated out of defensive names into cyclical sectors, despite firm volumes in its tobacco business.

NTPC traded lower following profit-booking in utility names, though long-term fundamentals remain stable with growth in renewables.

Asian Paints weakened as input cost concerns and market chatter on margin pressure kept buyers on the sidelines.

Futures & Options
Nifty February 2026 futures ended at 25,909, trading at a 41.7-point premium to the cash Nifty, which rose 173.60 points to close at 25,867.30, reflecting continued bullish sentiment in the derivatives segment. The India VIX edged up 2.09% to 12.19, indicating a mild uptick in near-term volatility expectations. State Bank of India (SBI), HDFC Bank and Kalyan Jewellers India were the most actively traded stock futures on the NSE F&O segment, while the February series contracts are set to expire on 24 February 2026.

Bonds
Government bond yields climbed on Monday, pressured by a heavy state debt supply and lingering disappointment over the Reserve Bank of India’s decision last week to refrain from providing additional liquidity support. The benchmark 10-year 6.48% 2035 gilt yield ended at 6.7559%, up from 6.7363% on Friday, and hovering near the one-year high touched earlier this month. Sentiment remained weighed down by supply concerns, with states set to raise around ₹486 billion this week, the largest weekly issuance of the fiscal year adding to fears of a crowded supply pipeline into year-end.

Forex
The rupee ended marginally weaker on Monday, weighed down by persistent corporate dollar demand and brief technical glitches in early trading, even as a broadly softer dollar offered limited support. The rupee closed at 90.7575 per dollar, down 0.1% from Friday’s close of 90.6550, after issues on the interbank order matching system were resolved later in the session, helping normalise trading volumes.

Crypto
Crypto prices showed a tentative recovery on Monday, with risk appetite improving after last week’s heavy liquidations. Bitcoin reclaimed the $70,000 level, last trading 1.5% higher at $70,402.5, extending its rebound from lows near $60,000 as investors repositioned ahead of key US economic data. Ethereum also edged up 0.37% to $2,086, though it remains under pressure, down roughly 31% over the past month, while most major altcoins advanced and Cardano continued to lag its large-cap peers.

US Stock Futures
US stock futures were mixed on Monday as investors braced for a heavy slate of economic data and corporate earnings, following a volatile week that saw the Dow close at a record above 50,000. Dow Jones Industrial Average futures hovered around flat, while S&P 500 futures slipped 0.3% and Nasdaq 100 futures declined 0.6%, reflecting renewed caution in technology stocks.

US Treasury Notes
US Treasury yields edged higher on Monday as reports that Chinese regulators urged domestic banks to pare US debt holdings added to market unease, while investors positioned for a heavy slate of delayed economic data. The benchmark 10-year yield rose to 4.23%, while the 2-year yield climbed to 3.51%, with attention turning to Wednesday’s January nonfarm payrolls report expected to show a modest 60,000 job gain and Friday’s CPI data for fresh cues on the interest-rate outlook.

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