Equity Benchmarks End Flat in Choppy Trade, Missing Out on Global Rally

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

By Dehuti Jani

February 26, 2026 at 11:36 AM IST

Indian equity benchmarks ended little changed on Thursday in a volatile session marked by subdued risk appetite, as domestic markets failed to participate in a broad global rally that lifted indices from Japan to Europe, where the benchmark hit a record high. The Nifty50 edged up just 0.06% to 25,496.55, while the BSE Sensex slipped 0.03% to 82,248.61, as swings through the session reflected cautious positioning among investors unwilling to take on fresh risk.

Broader markets ended on a mixed note, with the Nifty Midcap 100 outperforming to close 0.66% higher while the Nifty SmallCap 100 was barely flat, dipping just 0.01%. Healthcare and pharma stocks were the standout sectoral performers, with Nifty Healthcare and Nifty Pharma gaining 1.24% and 1.08% respectively, as investors rotated into defensives. On the downside, Nifty Media declined 0.68% and Nifty FMCG shed 0.16%, while PSU bank stocks also provided pockets of support through the session.

Top Movers of the Day

Defence stocks rallied sharply on reports of a potential India-Israel defence deal, with Data Patterns surging 5.13% to ₹3,228, HAL gaining 0.41% to ₹4,001.20, Bharat Electronics rising 1.26% to ₹444.80 and Bharat Dynamics climbing 1.62% to ₹1,260.90.

Rail Vikas Nigam secured an order worth ₹6.45 billion from NMDCfor the construction of residential towers and a shopping complex in Bacheli, Chhattisgarh, though the share price reaction was not immediately available.

Graphite India hit an over four-year high of ₹736.45, gaining 2% on the BSE amid heavy volumes, its strongest level since August 2021.

Tata Motors and Tata Motors Passenger Vehicles each gained 3% on the NSE amid heavy volumes, with both Tata group automobile stocks drawing strong buying interest through the session.

Cholamandalam Investment and Finance tumbled more than 7% following reports that promoter Vellayan Subbiah plans to divest his stake in the company and consolidate his holdings in Tube Investments of India and CG Power and Industrial Solutions.

E2E Networks rose 3.88% to an intraday high of ₹2,660 on the NSE after the company fixed a floor price of ₹2,630.60 per share for a fresh issue, with an option to offer up to a 5% discount.

Xtglobal Infotech hit the 20% upper circuit, surging 19.9% to ₹33.63, after its subsidiary won an AI-enabled project from a US state transportation agency.

Home First Finance dropped over 6%, snapping a four-day winning streak that had seen the stock gain 7.8%, following two large block trades in the session.

KSB jumped 10.5% to an intraday high of ₹794.10 after reporting an 11% year-on-year rise in consolidated net profit to ₹810 million for the latest quarter.

Tejas Networks surged as much as 8% after securing a contract to supply 5G Massive MIMO Radios to NEC Corporation, reinforcing its position in the domestic telecom infrastructure space.

Shaily Engineering Plastics rose over 4% after winning a ₹4.23 billion order from an undisclosed domestic pharmaceutical company to supply pen injectors over a four-year period.

Sanofi India slipped 4.5% to an intraday low of ₹3,951.30 after reporting a 32% year-on-year decline in consolidated net profit to ₹617 million for the latest quarter.

Futures & Options
Nifty March 2026 futures closed at 25,637, a premium of 140.45 points over the spot Nifty, which rose just 14.05 points or 0.06% to settle at 25,496.55 in the cash market. The wide premium continued to reflect the roll of positions into the March series following last week's February expiry. India VIX declined 3.15% to 13.06, its third consecutive session of easing, pointing to a gradual normalisation of near-term volatility expectations after the recent period of heightened anxiety. HDFC Bank, Eternal and Cholamandalam Investment and Finance Company were the most actively traded stock futures contracts in the F&O segment on the NSE.

Bonds
The Indian government bond yields rose further on Thursday, with the benchmark 6.48% 2035 bond yield ended at 6.6871%, up from 6.6777% in the previous session, as robust demand at a state government debt auction helped allay concerns over a persistent demand-supply mismatch in the market. Buying interest from insurers, pension funds, corporates and possibly the RBI provided additional support to prices, according to market participants. Traders are now turning their attention to an upcoming central government auction of the 10-year benchmark bond worth ₹320 billion, which is expected to influence yield movements heading into March.

Forex
The Indian rupee closed marginally firmer on Thursday at 90.9050 per dollar, edging up from 90.9475 in the previous session, as strength across regional currencies lent support. Gains were kept in check, however, by elevated dollar demand at the daily reference rate, driven by maturing contracts in the non-deliverable forwards market, though decent selling interest from interbank participants helped absorb the pressure and prevented a sharper reversal.

Crypto
Crypto markets staged a broad-based recovery on Thursday, with Bitcoin surging nearly 5% to $68,655 after briefly touching $70,000 in early trading, triggering over $400 million in short liquidations and reigniting bullish momentum across digital assets. Altcoins followed Bitcoin's lead emphatically, with Ethereum climbing 8.82% to $2,076.49, while Solana, Dogecoin and Cardano each gained over 8%, marking one of the stronger single-session recoveries for the asset class in recent weeks.

US Stock Futures
US stock futures slipped today as investors digested earnings results from Nvidia and Salesforce. Dow Jones Industrial Average futures fell 0.1%, while S&P 500 and Nasdaq 100 futures were nearly flat. Nvidia shares edged modestly higher in after-hours trading after the chipmaker posted a fourth-quarter earnings and revenue beat, though the broader mood was tempered by a sharp drop in Salesforce, which tumbled more than 4% after projecting disappointing fiscal year 2027 revenue estimates.

US Treasury Notes
US Treasury yields stabilised around 4.05% for the benchmark 10-year note on Thursday, as markets remained sensitive to shifting US trade policy and Federal Reserve expectations. Yields had softened earlier in the week as investors sought the safety of government debt following the announcement of a 10% blanket tariff on imports but have since steadied as markets braced for potential escalations to 15% for certain nations.

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