Weekly Musings – Index Performance for the week ended 20 Feb, 2026

24 Feb 2026 , 01:52 PM

Last week saw markets trade with a mixed tone, as sectoral rotation and selective buying helped benchmarks remain resilient despite continued weakness in IT stocks. Sentiment stayed cautious amid AI-related concerns in the technology space, with FIIs remaining net sellers during the week and recording outflows of about INR 638 cr, while domestic buying offered support. VIX rose to around 14.36, indicating elevated volatility. Strength in banking, FMCG, and select cyclical sectors helped balance losses in IT, keeping the overall market bias guarded.

BSE SENSEX 30 INDEX – IT Weakness Caps Gains Despite Support from Financials

Weekly Performance: 0.23%

Date	Open	High	Low	Close
20 Feb, 2026	82272.5	83132.1	82206.2	82814.7
19 Feb, 2026	83969.8	83979.4	82264.2	82498.1
18 Feb, 2026	83553.6	83770.0	83163.6	83734.2
17 Feb, 2026	83197.7	83598.0	82987.4	83451.0
16 Feb, 2026	82480.4	83333.5	82277.0	83277.1
13 Feb, 2026	82902.7	83079.7	82534.5	82626.8

Source: BSE

The BSE SENSEX 30 index rose 0.23% during the week ended 20 February 2026, supported by sectoral rotation and buying in power and capital goods stocks. The week remained volatile, with IT heavyweights witnessing selling pressure amid cautious global cues, while strength in financials and infrastructure-linked names helped the benchmark recover from mid-week declines. Institutional activity remained mixed, with domestic inflows cushioning foreign selling, limiting downside risk. The index hit a high of 83,979.4 and a low of 82,206.2 during the week. It closed at 82,814.7 on 20 Feb, recording a weekly gain of 188.0 pts.

NIFTY 50 INDEX – Metal Strength Offsets IT Weakness

Weekly Performance: 0.39%

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

Source: NSE

The NIFTY 50 rose 0.39% during the week ended 20 February 2026, supported by gains in metals, infrastructure, and PSU stocks, while persistent IT weakness amid global tech uncertainty and AI disruption fears capped upside. Mixed institutional flows kept sentiment cautious, though selective domestic buying helped the index stay positive despite profit booking. Overall, the index hit a high of 25,885.3 and a low of 25,372.7 during the week. It closed at 25,571.2 on 20 Feb, recording a weekly gain of 100.2 pts.

NIFTY MIDCAP 100 INDEX – Underperforms Large Caps

Weekly Performance: 0.13%

Date	Open	High	Low	Close
20 Feb, 2026	59087.8	59690.5	58989.8	59513.9
19 Feb, 2026	60278.4	60341.7	59038.8	59227.7
18 Feb, 2026	59984.3	60227.3	59807.3	60183.2
17 Feb, 2026	59713.6	59951.4	59543.7	59881.7
16 Feb, 2026	59166.8	59770.4	58917.3	59723.0
13 Feb, 2026	59978.4	59981.0	59194.2	59438.0

Source: NSE

The NIFTY MIDCAP 100 rose 0.13% during the week ended 20 February 2026 and underperformed large caps. Sharp declines in a few stocks acted as a key drag. For instance, BSE was down ~10% on tighter regulation in capital market lending. IT stocks continued to decline on AI concerns. Early weakness was offset by strength in capital goods, defence-linked, and domestic cyclical sectors such as power, metals, and PSU banks, helping the index remain in positive territory despite cautious sentiment. Overall, the index hit a high of 60,341.7 and a low of 58,917.3 during the week. It closed at 59,513.9 on 20 Feb, recording a weekly gain of 75.9 pts.

NIFTY SMALLCAP 100 INDEX – AI Concerns and Volatility Weigh on Small Caps

Weekly Performance: -0.18%

Date	Open	High	Low	Close
20 Feb, 2026	16995.5	17087.6	16937.5	17002.2
19 Feb, 2026	17294.6	17308.3	16971.0	17020.3
18 Feb, 2026	17184.1	17257.6	17133.5	17239.2
17 Feb, 2026	17051.0	17166.2	17011.5	17146.7
16 Feb, 2026	16927.0	17062.8	16822.2	17050.9
13 Feb, 2026	17193.7	17196.3	16951.9	17032.9

Source: NSE

The NIFTY SMALLCAP 100 declined 0.18% during the week ended 20 February 2026, pressured by AI-related concerns, cautious sentiment, and elevated volatility. Intermittent selling across cyclical stocks kept the segment subdued, while limited stock-specific support helped restrict sharper losses. Overall, the index hit a high of 17,308.3 and a low of 16,822.2 during the week. It closed at 17,002.2 on 20 Feb, recording a weekly loss of 30.8 pts.

NIFTY BANK INDEX – PSU Bank Strength Lifts Index

Weekly Performance: 1.64%

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

Source: NSE

The NIFTY BANK rose 1.64% during the week ended 20 February 2026, supported by strong gains in PSU banking stocks and continued sectoral rotation into financials. The index remained resilient despite broader market volatility, with institutional support and sustained buying helping it hold near record levels. Overall, the index hit a high of 61,678.8 and a low of 59,861.1 during the week. It closed at 61,172.0 on 20 Feb, recording a weekly gain of 985.4 pts.

NIFTY IT INDEX – Tech Stocks Slip Amid FII Outflows

Weekly Performance: -2.07%

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

Source: NSE

The NIFTY IT declined 2.07% during the week ended 20 February 2026, pressured by continued FII outflows and renewed concerns around AI-led disruption in the sector. Heavyweight stocks witnessed persistent selling, keeping sentiment weak, while sectoral rotation toward domestic cyclicals limited recovery attempts. Although a stable earnings outlook and valuations provided some support, the index remained under pressure through the week. The index hit a high of 33,703.1 and a low of 31,422.6 during the week. It closed at 32,004.1 on 20 Feb, recording a weekly loss of 677.4 pts.

NIFTY OIL & GAS INDEX – Energy Heavyweights Lift the Index

Weekly Performance: 0.97%

Date	Open	High	Low	Close
20 Feb, 2026	12033.8	12120.8	12015.0	12092.3
19 Feb, 2026	12191.9	12208.5	11989.0	12036.1
18 Feb, 2026	12083.2	12167.9	12038.5	12160.0
17 Feb, 2026	12074.5	12080.0	11945.0	12071.2
16 Feb, 2026	11964.0	12095.0	11932.2	12084.6
13 Feb, 2026	12120.8	12132.8	11958.1	11976.5

Source: NSE

The NIFTY OIL & GAS advanced 0.97% during the week ended 20 February 2026, supported by gains in heavyweight energy stocks and buying in upstream and integrated players despite mixed crude trends. Overall, the index hit a high of 12,208.6 and a low of 11,932.2 during the week. It closed at 12,092.3 on 20 Feb, recording a weekly gain of 115.8 pts.

NIFTY FMCG INDEX – Defensive Buying Supports FMCG

Weekly Performance: 1.71%

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

Source: NSE

The NIFTY FMCG advanced 1.71% during the week ended 20 February 2026, supported by selective buying in consumer staples and defensive positioning amid broader market volatility. Resilient domestic demand cues and steady institutional interest helped the sector outperform benchmarks through the week. Overall, the index hit a high of 52,548.6 and a low of 50,680.1 during the week. It closed at 51,772.7 on 20 Feb, recording a weekly gain of 870.6 pts.