Weekly Market Wrap – An Uneven Recovery

24 Feb 2026 , 02:10 PM

Last week, the market recovered partially from an AI-driven slump in IT stocks. While IT continued to be a drag (-2.1%), many other sectors witnessed a bounce-back. The NIFTY 50 inched up 0.39%, signalling a tentative recovery, while the NIFTY BANK rose 1.64% on sustained buying in PSU and private lenders.

Among the top gainers were NIFTY ENERGY (rose 2.44%), driven by strength in oil and power stocks, and NIFTY FMCG (gained 1.71%), reflecting likely sector rotation. NIFTY PHARMA also advanced 1.16%, continuing its recovery trend. On the downside, cyclical segments remained mixed, with NIFTY AUTO slipping 1.37% and NIFTY REALTY edging lower by 0.35%, highlighting uneven participation across the market.

NIFTY 50 – A Modest Recovery, Kept in Check by IT Drag

Weekly Performance: 0.4%

Date	Open	High	Low	Close
2026-02-13	25571.2	25630.3	25444.3	25471.1
2026-02-16	25423.6	25697.0	25372.7	25682.8
2026-02-17	25638.0	25764.4	25570.3	25725.4
2026-02-18	25752.7	25828.0	25645.2	25819.3
2026-02-19	25873.3	25885.3	25388.8	25454.3
2026-02-20	25406.5	25663.5	25379.8	25571.2

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY 50 rose 0.39% in the week ended 20 February 2026, recovering from last week’s decline. The recovery, however, was uneven. Gains were primarily supported by strong moves in select heavyweights. Larsen & Toubro and ITC, along with support from HDFC Bank, Axis Bank, and Power Grid, helped lift the index. However, the upside was partly capped by weakness in ICICI Bank and M&M. The IT pack continued to be the key drag on AI worries. Overall, market breadth remained positive, with 28 stocks advancing against 20 declining.

NIFTY MIDCAP SELECT – Losses Extend on Heavyweight Drag

Weekly Performance: -1.1%

Date	Open	High	Low	Close
2026-02-13	13750.5	13763.2	13580.6	13628.4
2026-02-16	13536.2	13657.5	13444.2	13641.8
2026-02-17	13648.9	13700.5	13597.2	13664.4
2026-02-18	13693.0	13746.5	13654.5	13729.5
2026-02-19	13740.0	13750.4	13400.1	13442.5
2026-02-20	13407.5	13526.0	13382.9	13476.0

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY MIDCAP SELECT fell 1.12% in the week ended 20 February 2026, extending the mild decline seen in the previous week. BSE (-9.45%) was a notable drag as tighter capital market lending rules impacted stock exchanges. Also, weakness in Persistent Systems, SRF, Dixon Technologies, and Hindustan Petroleum weighed on the index. However, the downside was partly cushioned by strong gains in Cummins India (+7.29%), along with advances in Max Healthcare, Marico, Colgate-Palmolive, and Polycab, which provided some support to the index. Market breadth remained positive but limited, with 15 stocks advancing against 10 declining. Overall, the index underperformed the large caps significantly.

NIFTY IT – Continued Downtrend on AI worries

Weekly Performance: -2.1%

Date	Open	High	Low	Close
2026-02-13	31487.4	32932.8	31422.6	32681.5
2026-02-16	32693.0	32809.4	32299.6	32738.1
2026-02-17	32793.8	33703.1	32650.4	33075.1
2026-02-18	33133.9	33169.3	32169.2	32668.3
2026-02-19	32875.1	33167.6	32195.9	32319.4
2026-02-20	32098.9	32339.8	31804.8	32004.1

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY IT declined 2.07% in the week ended 20 February 2026, extending its five-week losing streak and reflecting sustained weakness across the sector. The fall was led by sharp declines in Persistent Systems (-6.96%), Tech Mahindra (-5.05%), and LTIM (-4.42%), while losses in Wipro (-1.98%) and Mphasis (-3.44%) further dragged the index lower. The only mild gain came from OFS Software (+0.05%), which posted a marginal gain but failed to offset the broader selloff. Market breadth stayed extremely weak, with just 1 stock advancing against 9 declining.

NIFTY BANK – Broad-Based Buying Keeps Uptrend Intact

Weekly Performance: 1.6%

Date	Open	High	Low	Close
2026-02-13	60504.4	60621.9	60073.6	60186.6
2026-02-16	59947.8	61011.3	59861.1	60949.1
2026-02-17	60821.1	61241.6	60560.0	61174.0
2026-02-18	61255.4	61596.9	61100.9	61550.8
2026-02-19	61660.9	61678.8	60592.9	60739.6
2026-02-20	60627.9	61360.5	60562.4	61172.0

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY BANK gained 1.64% in the week ended 20 February 2026, continuing its upward momentum and highlighting sustained strength in the banking sector. The rise was largely fuelled by sharp gains in Punjab National Bank (+9.12%), Canara Bank (+8.73%), and Bank of Baroda (+7.51%), which emerged as the key drivers of the index. Support also came from advances in Axis Bank (+2.70%) and a steady move in heavyweight HDFC Bank (+0.88%). On the downside, ICICI Bank (-1.42%) acted as the primary drag, while Kotak Mahindra Bank (-0.13%) edged lower and limited part of the upside. Market breadth remained firmly positive, with 9 stocks advancing against only 2 declining.

NIFTY ENERGY – Oil & Power Stocks Drive Strong Weekly Rebound

Weekly Performance: 2.4%

Date	Open	High	Low	Close
2026-02-13	36154.0	36168.6	35678.1	35709.9
2026-02-16	35699.4	36430.5	35589.4	36386.8
2026-02-17	36370.9	36412.8	36172.4	36388.4
2026-02-18	36377.7	36576.4	36203.6	36517.1
2026-02-19	36598.7	36670.8	35990.1	36088.0
2026-02-20	36092.0	36670.9	36089.4	36581.1

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY ENERGY advanced 2.44% in the week ended 20 February 2026, recovering from the previous week’s decline and showing renewed strength across the energy pack. The rally was mainly supported by ONGC, which rose over 4%, along with firm gains in Coal India and GAIL, which posted strong gains, while Power Grid and CG Power also moved higher, collectively pushing the index upward. However, the rise was partially offset by weakness in renewable stocks, with Inox Wind falling over 9% and Suzlon also acting as a drag. Market breadth remained positive, with 25 stocks advancing compared with 15 declining.

NIFTY FMCG – ITC and Staples Lead Sector Rebound

Weekly Performance: 1.7%

Date	Open	High	Low	Close
2026-02-13	51690.1	51690.1	50811.9	50902.1
2026-02-16	50809.6	51371.9	50680.1	51318.9
2026-02-17	51246.2	51824.1	51237.6	51778.3
2026-02-18	51860.6	52428.9	51759.4	52406.5
2026-02-19	52548.6	52548.6	51381.4	51483.6
2026-02-20	51443.9	51969.2	51401.4	51772.7

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY FMCG rose 1.71% in the week ended 20 February 2026, rebounding from the previous week’s decline and reflecting renewed buying interest in consumer staples. The advance was led by ITC (+4.22%), while Marico (+3.69%), Colgate-Palmolive India (+3.57%), Tata Consumer Products (+2.12%), and Britannia Industries (+1.97%) also moved higher and collectively supported the index. On the other hand, Radico Khaitan (-3.05%) slipped, and mild weakness in Unit Disp, Emami, United Breweries, and Dabur India limited the overall rise. Market breadth remained positive, with 10 stocks advancing against 5 declining.

NIFTY AUTO – Slides on Sector Rotation & Profit Booking

Weekly Performance: -1.4%

Date	Open	High	Low	Close
2026-02-13	28305.6	28503.2	28161.2	28234.3
2026-02-16	28204.2	28308.1	27928.3	28028.2
2026-02-17	27991.3	28197.9	27866.6	28174.6
2026-02-18	28202.7	28376.8	28085.6	28327.6
2026-02-19	28348.8	28496.8	27670.4	27734.0
2026-02-20	27734.7	27933.8	27617.4	27846.8

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY AUTO fell 1.37% in the week ended 20 February 2026, reversing the gains seen in the previous two weeks. Sector rotation and profit booking likely impacted its performance. The decline was led by Mahindra & Mahindra (-3.41%), while Maruti Suzuki (-0.25%) and Hero MotoCorp (-0.11%) also weighed on the index. On the positive side, Tata Motors (+3.49%) provided the biggest support, with additional gains in Bharat Forge, Ashok Leyland, and Bajaj Auto offering some cushioning to the fall. However, market breadth remained weak, with only 4 stocks advancing against 10 declining.

NIFTY PHARMA – Broad-Based Buying Extends Sector Recovery

Weekly Performance: 1.2%

Date	Open	High	Low	Close
2026-02-13	22325.9	22408.5	22134.0	22194.9
2026-02-16	22184.6	22457.6	22121.7	22403.2
2026-02-17	22390.9	22512.8	22318.4	22494.9
2026-02-18	22529.5	22584.9	22417.3	22541.9
2026-02-19	22578.9	22657.9	22375.8	22429.1
2026-02-20	22400.4	22515.0	22320.2	22452.4

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY PHARMA rose 1.16% in the week ended 20 February 2026, marking its third consecutive week of gains and signalling continued recovery in the sector. The rise was supported by advances in Sun Pharma (+1.58%), Divi’s Laboratories, Torrent Pharma, and Dr Reddy’s Laboratories (+0.97%), while J B Chemicals & Pharmaceuticals (+5.85%) also delivered a strong move and added to the upside. However, the gains were partly offset by declines in Mankind Pharma (-1.76%) and Ipca Laboratories (-2.40%). Market breadth remained healthy, with 15 stocks advancing against 5 declining.

NIFTY REALTY – Slight Pullback Continues as Breadth Dims

Weekly Performance: -0.4%

Date	Open	High	Low	Close
2026-02-13	831.3	831.3	811.2	823.6
2026-02-16	819.3	838.2	817.2	836.7
2026-02-17	834.5	838.5	829.6	834.1
2026-02-18	834.5	842.5	826.8	839.3
2026-02-19	838.1	839.6	814.6	817.9
2026-02-20	814.1	824.1	812.0	820.7

Source: NSE

Figure: Recent performance

Source: NSE

The NIFTY REALTY slipped 0.35% in the week ended 20 February 2026, extending its recent decline and indicating continued softness in the sector after the late-January rally. The downside was led by Prestige Estates (-2.11%), Brigade Enterprises (-2.92%), and Oberoi Realty (-1.58%), which together weighed on the index. On the positive side, Godrej Properties (+1.06%) provided the main support, while DLF (+0.46%) and Anant Raj (+2.94%) also posted gains and helped limit the fall. However, market breadth remained weak, with 4 stocks advancing against 6 declining.