Tech Stocks Pulls Equity Indices Amid AI Uncertainty

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

India Stocks fall

By Dehuti Jani

February 24, 2026 at 11:35 AM IST

Indian equity benchmarks experienced a significant decline on Tuesday, primarily driven by sharp losses in information technology stocks. The sector is currently facing its worst month since April 2003, as persistent fears regarding AI-driven disruption continue to weigh on investor sentiment. The Nifty50 index dropped by 1.12% to close at 25,424.65, while the BSE Sensex fell 1.28% to 82,225.92. IT stocks were particularly hard hit, falling 4.7% and reaching their lowest point in the past 30 months.

The current session marked the worst performance for India's benchmark equity indices in four days, with major stocks such as HDFC Bank, Larsen & Toubro, and IT sector shares contributing to the downward trend. Additionally, the threat of renewed tariffs from US President Donald Trump negatively influenced market sentiment. Over the weekend, President Trump announced a new set of temporary global tariffs at a rate of 15%, cautioning countries against withdrawing from recently negotiated trade agreements. This move came despite a ruling by the US Supreme Court declaring Trump's tariffs unlawful.

Top Movers of the Day

Waaree Energies rose 4% to an intraday high of ₹3,040 on the NSE after announcing an order win and a strategic collaboration in the green hydrogen segment.

Brahmaputra Infrastructure hit the 5% upper circuit at ₹167 on the BSE after securing a ₹397 crore order from the New Delhi government.

Pace Digitek advanced 4.3% to ₹186.50 after its subsidiary bagged a ₹159 crore purchase order from Reliance Industries for Li-ion battery packs.

One Mobikwik Systems surged 12.7% to ₹227.40 on the NSE following regulatory approval to commence its broking business.

Bharti Airtel declined 2.67% to ₹1,944, marking its steepest intraday fall in three months amid profit booking.

BPCL rose 0.75% to trade near ₹375 after improved refining margin outlook and buying interest in OMCs supported the stock.

HPCL gained 2.05% to around ₹447, tracking strength across oil marketing companies.

IDFC First Bank added about 1% to trade near ₹71 after reports indicated recovery of ₹556 crore linked to earlier discrepancies, improving sentiment around the lender.

Coal India climbed roughly 2% to around ₹431 as investors accumulated PSU energy names amid defensive positioning.

LTIMindtree declined nearly 6.43% to around ₹4,521 extending weakness in IT stocks amid global tech volatility.

Coforge slipped about 5% to near ₹1,221 as AI-related uncertainty continued to weigh on mid-cap IT counters.

Bharat Electronics declined around 1% to approximately ₹435 due to a combination of broad market volatility, profit-taking after recent highs, and a, sharp, widespread sell-off in technology stocks.

Adani Energy Solutions rose about 3% to around ₹1,040, benefitting from renewed buying in power and transmission plays.

Tata Power gained about 0.2% to near ₹380, supported by strength in renewable and utility counters.

Futures & Options
Nifty March 2026 futures settled at 25,613.80, trading at a premium of 189.15 points over the spot Nifty close of 25,424.65, indicating continued rollover positioning despite weakness in the cash market. The Nifty 50 declined 288.35 points, or 1.12%, during the session. The NSE India VIX edged marginally lower by 0.12% to 14.15, suggesting volatility expectations remained elevated but stable. HDFC Bank, Infosys and Tata Consultancy Services were the most actively traded stock futures in the F&O segment. The March 2026 derivatives series will expire on 30 March 2026.

Bonds
The Indian government bond yields edged lower on Tuesday, with the benchmark 6.48% 2035 bond yield closing at 6.6769%, down from 6.6970% in the previous session, as softer US Treasury yields offered some support. Trading remained range-bound through the session, however, as investors held back from committing to purchases at higher prices due to heavy state government borrowing, keeping any meaningful rally in check.

Forex
The Indian rupee ended Tuesday modestly weaker at 90.95 per dollar, down 0.1% on the day, as declines in domestic equities and strong dollar demand from the non-deliverable forwards market weighed on the currency. Losses were capped by likely intervention from the Reserve Bank of India, preventing a sharper move. Traders noted broad interbank dollar demand and flagged that pressure could persist into month-end, with NDF contracts worth at least $7 billion maturing this week.

Crypto
Crypto markets came under sharp pressure as fresh US regulatory developments and President Trump’s 15% tariff announcement triggered a wave of risk-off sentiment across global assets. Bitcoin dropped to around $63,308, retreating toward the $63,000 mark amid heavy liquidation flows. Over $438 million in leveraged positions were liquidated in the past 24 hours, underscoring the role of forced unwinding in accelerating the decline. Ethereum fell 1.55% to approximately $1,828, while most major altcoins traded firmly in the red.

US Stock Futures
US stock futures were near flat on Tuesday morning after a turbulent start to the final week of February's trading. Dow Jones Industrial Average futures added 33 points or nearly 0.1%, S&P 500 futures were broadly unchanged, and Nasdaq 100 futures edged 0.1% higher, as markets attempted to stabilise following the previous session's declines. The regular session had been weighed down by renewed fears over AI disruption across industries, while President Trump's threat to raise global tariffs to 15% and lingering US-Iran tensions continued to keep traders on edge.

US Treasury Notes
US Treasury yields edged higher on Tuesday as markets stabilised following a period of risk-off sentiment, with the benchmark 10-year note yield rising to approximately 4.04% as investors weighed geopolitical tensions and shifting domestic policy. The move higher was largely driven by uncertainty surrounding President Trump's updated tariff strategy following the Supreme Court's striking down of his earlier emergency levies, as well as anticipation ahead of his upcoming State of the Union address. The 2-year note yield climbed to around 3.46% as traders recalibrated Federal Reserve policy expectations, particularly after Fed Governor Christopher Waller signalled that rates could remain on hold in March should labour market data stay robust.

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