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Indian Stock Market: Key Stocks in Focus on Monday
Market Overview Indian equity benchmarks surged on Monday, February 23, 2026, as domestic investors cheered a landmark U.S. Supreme Court ruling that struck down sweeping trade tariffs. The decision fueled a relief rally across Asian markets, providing a tailwind for Indian indices. The **BSE Sensex** climbed **480 points** to settle at **83,294.66**, while the **NSE Nifty 50** advanced **141.75 points** to close at **25,713**. Buying interest was concentrated in banking, power, and FMCG sectors, even as the IT index faced pressure from ongoing AI-driven disruption concerns. Banking Sector Turbulence Despite the broader rally, the banking sector witnessed significant localized volatility. **IDFC First Bank** shares plummeted **16.1%** to end at **70.08** following reports of a **590 crore** fraud at its Chandigarh branch. The fallout led to the suspension of four employees and the appointment of KPMG for a forensic audit. The situation worsened for the lender as the **Haryana Government** de-empanelled both **IDFC First Bank** and **AU Small Finance Bank** for state business. Consequently, **AU Small Finance Bank** shares dropped over **5%** to close at **976.40**, as investors reacted to the loss of government deposits and transactions. Corporate Restructuring and Defence **UPL Limited** saw a sharp sell-off, with its stock crashing **14.3%** to close at **645.05**. The decline followed the announcement of a complex group restructuring plan aimed at separating its Indian and overseas crop protection businesses. While the move targets transparency, analysts flagged concerns over unresolved debt levels. In the defence space, **Hindustan Aeronautics Limited (HAL)** experienced selling pressure, with shares falling **7.2%** to close at **4,025**. This move came despite recent strong quarterly earnings, as the stock faced profit-booking amid broader sectoral rotations. Strategic Gainers **Adani Ports** emerged as the top gainer on the Sensex, rising nearly **3%** to reach **1,549**. The stock saw a massive surge in derivatives open interest, jumping over **11%**, signaling high conviction among traders for further upside. The company is currently trading just **2%** below its 52-week high. In the small-cap segment, **Kitex Garments** outperformed the market significantly, surging nearly **10%** to hit an intraday high of **205.45**. The textile player saw robust buying momentum, reversing a four-day losing streak and outpacing the general garments sector by over **6%**.
Nithin Kamath Outlines Impact of Secondary Trading Costs on Brokerage Savings
Market performance in the final week of February 2026 reflects a growing focus on the structural costs of trading. While indices like the **SENSEX** trade near **82,815** and the **NIFTY 50** hovers around **25,571**, the actual net returns for retail investors are increasingly dictated by backend fees rather than just market movements. Depository Participant (DP) charges have emerged as a critical variable in this cost equation. These fees are triggered every time an investor sells shares from a demat account. Unlike brokerage fees, which are often marketed as "zero" or "flat," DP charges are frequently tucked away in the account ledger rather than the contract note. Cost Structures and Variations The financial impact depends heavily on whether a broker uses a flat fee or a percentage-based model. In the current market, major discount players typically charge a flat fee. For example, Zerodha applies a charge of **ā¹13.50** plus **18% GST** per transaction. Other platforms like Groww and IIFL range between **ā¹20.00** and **ā¹25.00** plus taxes. The risk for larger traders lies in percentage-based levies. Some firms charge a rate of **0.04%** on the sell value. On a transaction of **ā¹10,00,000**, this translates to a **ā¹400** DP fee. This is significantly higher than the flat rates used by competitors, effectively eroding the advantage of low-cost brokerage. Frequency and Cumulative Impact The method of application further differentiates the cost burden for active participants. While some brokers apply the fee once per stock per day, others levy it on every individual sell transaction. For instance, selling shares of a single company four times in one session could result in four separate charges under specific fee structures. Investors utilizing the Margin Trading Facility (MTF) face additional layers of complexity. While MTF interest rates are a primary focus, the associated pledge and unpledge feesāoften ranging from **ā¹15** to **ā¹25** per scripācan raise the breakeven point of a trade. Regulatory and Institutional Context These charges are a combination of fees from the depositoriesā**CDSL** or **NSDL**āand the facilitation fee added by the broker. As of February 2026, the base depository fee is generally between **ā¹3.50** and **ā¹5.50**. Brokers act as intermediaries, bearing the settlement risk and operational costs of share delivery. However, the rise in retail participation and leveraged products has magnified the visibility of these small, recurring costs. For the modern investor, the total cost of a trade is no longer just the headline brokerage. It is the sum of the transaction fee, the **18% GST**, and the specific DP tariff of the platform. Understanding these nuances is essential for protecting long-term portfolio returns in a volatile market environment.
US Market Braces for Big Tech Earnings Amid AI Concerns and Tariff Uncertainty
Market Outlook: AI Resilience Amid Sector Rotation Global markets enter a defining week as tech heavyweights prepare to report, with the focus squarely on the sustainability of the AI investment cycle. While the **S&P 500** and **Dow Jones** maintain an upward bias, a significant internal rotation is underway. Investors are increasingly pivoting toward "real economy" sectors, with **Energy** and **Industrials** outperforming the broader market by a wide margin in early 2026. The Nvidia Benchmark Nvidia remains the primary barometer for the AI trade. The market anticipates its fourth-quarter fiscal 2026 results on **February 25**, with revenue expectations set at **$65.68 billion**. This follows a record-breaking third quarter where the company hit **$57 billion** in revenue, marking a **62%** year-on-year increase. Key metrics for investors: * **Earnings Per Share (EPS):** Consensus estimates sit at **$1.46**. * **Gross Margins:** Projected to climb toward **74.97%**. * **Data Center Revenue:** Expected to reach **$59.9 billion**, driven by the Blackwell chip ramp-up. Trade Policy and Global Shifts Recent shifts in U.S. trade policy are beginning to reshape capital flows. A landmark bilateral trade agreement between the U.S. and India, announced in early February, has reduced reciprocal tariffs on Indian exports from **25%** to **18%**. This "reset" is designed to stabilize trade relations but also introduces new purchase commitments for India in the energy and technology sectors. While policy clarity has improved, tech stocks remain sensitive to export control updates. Nvidia recently flagged a potential **$8 billion** revenue loss for the upcoming quarter due to tighter licensing requirements on high-end AI hardware shipments to specific regions. Indian IT Facing Structural Headwinds The Indian IT sector is navigating a period of intense volatility. While the **BSE Sensex** has shown modest gains of **0.4%** recently, major IT players like **Wipro** and **L&T Technology Services** have seen year-to-date declines between **22%** and **35%**. Traditional service models are under pressure as AI disrupts core functions like testing and coding. Analysts have downgraded several large-cap firms, forecasting a modest **6%** earnings growth through 2028. However, specific AI-centric companies are bucking the trend: * **Netweb Technologies** reported a **141%** year-on-year revenue surge. * **TCS** has secured an annualized AI service revenue of **$1.8 billion**. * India's total IT industry is still on track to reach **$350 billion** by the end of 2026. The Rise of "Real Economy" Stocks A distinct market rotation is favoring sectors that provide essential services and physical infrastructure. **Energy stocks** have surged more than **22%** since the start of the year, supported by rising oil prices and geopolitical tensions. **Industrials** are also leading, with companies like Caterpillar and GE Vernova benefiting from the massive data center buildout required to support global AI demand. This shift indicates that while the "AI trade" is narrowing, the infrastructure behind it remains a powerful growth engine for the broader economy.
HAL Shares Fall 5% Amid Conflicting Reports of Tejas Aircraft Incident
HAL Market Update: Resilience Amid Technical Scrutiny Hindustan Aeronautics Limited (HAL) shares experienced a volatile trading session on **February 23, 2026**, closing down approximately **4.23%** at **Rs 3,993.80**. During intraday trading, the stock touched a low of **Rs 3,975.80** as markets reacted to reports concerning the LCA Tejas fighter jet program. Clarification on Tejas Incident The company issued a formal regulatory filing to address media reports of an aircraft crash. HAL clarified that no crash occurred; instead, a "minor technical incident on ground" took place involving a Tejas jet overshooting a runway due to a suspected brake failure. While the pilot ejected safely as a precaution, the airframe sustained structural damage. HAL emphasized that the Tejas maintains one of the highest safety records globally among contemporary fighter aircraft. The incident is currently being analyzed in coordination with the Indian Air Force (IAF) to ensure a speedy resolution. Performance and Valuation Metrics Despite recent price pressure, HALās financial fundamentals remain robust. The company recently reported its **Q3 FY26** results, highlighting significant growth across key indicators: * **Net Profit:** **Rs 1,866.68 crore**, marking a **29.65%** year-on-year increase. * **Revenue:** **Rs 7,698.80 crore**, up **10.66%** from the previous year. * **Operating Margin:** Stable at **24.30%**, reflecting consistent operational efficiency. * **Order Book:** Currently valued at approximately **Rs 1,90,000 crore**, providing revenue visibility through **2032**. The stock is currently trading nearly **22%** below its 52-week high of **Rs 5,166.00**. Analysts note that at a price-to-earnings (P/E) ratio of roughly **30x**, HAL remains one of the more attractively valued entities within the Indian defense sector compared to peers. Sector Trends and Headwinds The broader defense sector has faced a "reset" following the **2026 Union Budget**, which allocated **Rs 7.85 lakh crore** to defense. While this represents a **15%** year-on-year increase, the market had priced in even more aggressive capital expenditure, leading to a period of profit-taking across the industry. Ongoing execution risks remain a point of focus for investors. Deliveries of the **Tejas Mk-1A** variant have faced delays, primarily due to global supply chain constraints regarding aero engines. However, new contractsāincluding **Rs 62,370 crore** for additional jets and **Rs 25,000 crore** for Su-30MKI enginesācontinue to bolster the long-term pipeline. Strategic shifts into civilian MRO (Maintenance, Repair, and Overhaul) and commercial space manufacturing are expected to diversify revenue streams, reducing the company's historical dependency on pure military procurement cycles.
Carlsberg Reportedly Initiates $700 Million IPO for Indian Subsidiary
Danish brewing giant Carlsberg A/S has officially signaled its intent to explore a public listing for its Indian operations. The group recently appointed Kotak Mahindra Capital, JPMorgan Chase, and Citigroup as lead advisors to manage the potential share sale. The IPO is expected to be a significant market event, with reports suggesting a capital raise of up to **$700 million**. Market analysts estimate the valuation of Carlsbergās Indian unit at approximately **INR 30,000 crore to INR 35,000 crore** (roughly **$3.6 billion to $4.2 billion**). A draft red herring prospectus could be filed as early as May 2024. The offering is anticipated to consist primarily of a secondary share sale by the parent company. This move follows a broader trend of multinational corporations, such as Hyundai and LG, tapping into Indiaās deep domestic investor base to capture higher local valuations. India has been elevated to Carlsbergās primary global growth engine, surpassing China in strategic importance. The company reported high single-digit volume growth in India for the fiscal year ending **2025**. This performance was bolstered by a strong shift toward premiumization, with the "Carlsberg Elephant" and "Tuborg Strong" brands maintaining dominant positions. The brewer currently holds a market share of approximately **17% to 21%**, securing its spot as the second-largest player in the country. To support this trajectory, the company recently committed to an investment of **INR 1,250 crore** over the next three years. This includes a recent **INR 100 crore** expansion of its Mysuru brewery to boost canning capacity. The broader Indian beer market, valued at **$9.09 billion** in 2025, is projected to grow at a compound annual rate of nearly **10%** through 2032. Growth is being driven by a massive demographic shift, with an estimated **13 million** adults reaching the legal drinking age every year. Regulatory tailwinds are also shaping the sector. The India-UK Free Trade Agreement is expected to halve import duties on luxury spirits, further accelerating the "premiumization" trend that benefits established international brands. Carlsberg's potential listing aims to unlock significant shareholder value while providing the financial flexibility needed to compete against rivals like United Breweries and AB InBev. With beer currently accounting for only a small fraction of India's total alcohol consumption compared to the regional average, the long-term runway for expansion remains exceptionally high.
Indian Rupee Appreciates 7 Paise to 90.87 per US Dollar
Market Brief: Rupee Rebounds Amid Global Shifts The Indian rupee appreciated by **7 paise** on Monday, February 23, 2026, to settle at **90.87** against the US dollar. This recovery follows a sharp **26-paise** drop in the previous session, where the local unit had touched **90.94**. Market sentiment was bolstered by a significant retreat in the US Dollar Index (**DXY**), which fell **0.32%** to **97.47**. The greenback faced pressure following a US Supreme Court ruling that struck down emergency tariff measures, easing immediate fears of aggressive trade barriers. Energy and Trade Dynamics Global crude oil prices provided much-needed relief to the rupee. Brent crude, the global benchmark, dropped **1.22%** to trade near **$70.89** per barrel. This decline is largely attributed to emerging prospects of a diplomatic breakthrough in US-Iran nuclear negotiations. Lower energy costs directly benefit Indiaās current account, reducing the demand for dollars by oil importers. Despite this, the market remained cautious as the US administration signaled potential alternative tariffs of **15%**, keeping trade-related uncertainties alive. Institutional and Reserve Data Indiaās external position remains shielded by record-high foreign exchange reserves. According to latest RBI data, reserves surged by **$8.663 billion** to reach an all-time peak of **$725.727 billion** for the week ended February 13. However, the rupee's gains were capped by persistent foreign fund outflows. Foreign Institutional Investors (**FIIs**) offloaded equities worth **ā¹934.61 crore** in recent sessions. This capital exit was partially offset by strong domestic equity performance, with the Sensex rising **479.95 points** to close at **83,294.66**. Monetary Outlook The Reserve Bank of India maintains a neutral stance, recently holding the repo rate at **5.25%**. With headline inflation projected at **3.2%** for the current quarter, the central bank has focused on stability amidst geopolitical friction. Forex traders expect the rupee to trade within a range of **90.60 to 91.00** in the near term. While the US Supreme Court verdict provided a tactical bounce, the underlying demand for dollars from importers and FIIs continues to provide a floor for the exchange rate.
Six PSU Bank Stocks Reach 52-Week Highs Following Monthly Gains of Up to 19%
Market Outlook: February 23, 2026 Global financial markets are navigating a landscape defined by heightened geopolitical friction and shifting economic momentum. Risk aversion has intensified following the sudden implementation of a **15% global tariff** on U.S. imports. This policy shift, combined with escalating tensions between the U.S. and Iran, has led to increased volatility across major indices. Equities and Benchmarks U.S. equity futures retreated this morning as investors weighed the impact of trade uncertainty and potential military developments in the Middle East. This follows a volatile start to the month where the **S&P 500** recorded consecutive weekly losses. While the index saw a brief **0.69%** gain last Friday after legal challenges to emergency duties, the long-term outlook remains cautious. Technology stocks continue to face scrutiny. The **Nasdaq 100** has underperformed recently, dropping for five straight weeks as market leadership shifts toward more defensive, cyclical sectors. All eyes are now on upcoming earnings reports, particularly from the semiconductor industry, which are expected to serve as a bellwether for AI-related capital expenditure and broader sector health. In Europe and Asia, performance is mixed. European markets rose approximately **3.2%** in January, supported by better-than-expected economic data and approved national budgets. Conversely, Asian markets traded lower today, influenced by negative cues from Wall Street and the Lunar New Year holiday break. Commodities and Energy Geopolitical risk premiums have pushed energy prices to six-month highs. **Brent crude** futures reached **$71.99**, while **WTI crude** rose to **$67.05**. Supply concerns are growing due to naval drills in the Strait of Hormuzāa transit point for roughly **20%** of global oilāand ongoing disruptions in Russian refining infrastructure. Precious metals remain elevated as investors seek "safe haven" assets. **Gold** is trading near **$5,600** per ounce, reflecting a significant **19%** increase since the end of 2025. Silver has also experienced a sharp **9%** bounce recently, often seen as a precursor to broader moves in the metals complex. Inflation and Central Bank Policy U.S. inflation data remains a focal point for the Federal Reserve. The Consumer Price Index (**CPI**) rose **2.4%** over the last 12 months, with shelter costs and food prices acting as primary drivers. While energy costs fell **1.5%** in January, the Fed has paused its rate-cutting cycle, keeping the target range at **3.50%ā3.75%**. Central banks in Japan and Australia are moving in the opposite direction, with both signaling potential rate hikes to combat persistent price pressures. In contrast, the European Central Bank maintains a more accommodative stance with its deposit rate at **2.0%**, as the region seeks to balance growth with easing inflation. Economic Indicators U.S. **GDP growth** slowed to an annualized rate of **1.4%** in the final quarter of 2025, significantly below previous estimates. Meanwhile, the manufacturing sector shows signs of resilience, with global output matching its highest levels since mid-2024. Investors are now focused on upcoming consumer confidence and producer price data to gauge the likelihood of a mid-year economic recovery.
Shree Ram Twistex IPO Opens with 0.82x Retail Subscription and GMP Monitoring
Shree Ram Twistex officially launched its **110.24 crore** Initial Public Offering today, February 23, 2026. The issue consists entirely of a fresh issuance of **1.06 crore** equity shares, with no offer-for-sale component. Small investors have taken the lead in early bidding. The retail portion saw a subscription of **82%** within the first few hours of the window opening. Overall, the total subscription stands at **9%** as institutional and non-institutional buyers typically pace their entries toward the final days. The price band for the issue is fixed between **95** and **104** per share. Investors are required to bid for a minimum lot of **144 shares**, which translates to an entry-level investment of **14,976** at the upper price cap. The grey market currently signals a premium of **5** per share. This indicates a potential listing price of **109**, reflecting a modest gain of approximately **4.81%** to **6%** over the issue price. The company intends to deploy the capital raised for strategic infrastructure and financial stability. Key allocations include **39 crore** for a 4.2 MW wind power plant and **7.85 crore** for a 6.1 MW solar power plant to reduce operational energy costs. Additionally, **44 crore** is earmarked for working capital and **14.89 crore** for debt repayment. Shree Ram Twistex operates a B2B model in the textile sector, manufacturing compact ring-spun and value-added yarns like Eli Twist and Lycra-blends. The company reported a total income of **256 crore** in FY25, with a net profit of **8 crore**, representing steady year-on-year growth. The subscription window remains open until February 25. Share allotment is expected to be finalized on February 26, followed by the initiation of refunds and credit to demat accounts by February 27. The stock is scheduled to debut on both the BSE and NSE on March 2, 2026. While the company shows strong earnings momentum, market analysts have noted that the current valuation of **29xā30x P/E** aligns closely with its growth potential, suggesting a fully priced entry for new investors.
SEBI Implementing Real-Time AI Monitoring for Financial Influencers and Insider Trading
SEBI Markets Brief: AI-Driven Oversight and Growth The Securities and Exchange Board of India (SEBI) is accelerating the deployment of **Artificial Intelligence** and **Machine Learning** to safeguard market integrity. SEBI Chairman Tuhin Kanta Pandey recently confirmed that the regulator is now using AI tools for real-time monitoring of misconduct, specifically targeting insider trading and the rise of unregistered investment advice. Market surveillance has moved into a proactive phase. The regulator is actively scanning social media and digital platforms to identify "finfluencers" and advisors who cross the line into illegal investment tips. New rules effective this month require social media platforms to label all **AI-generated content** with permanent metadata to prevent the spread of synthetic misinformation. Sector Performance and Growth The scale of Indiaās capital markets continues to expand, necessitating this technological shift. The Portfolio Management Services (PMS) industry has seen assets under management surge to **ā¹10.5 lakh crore** as of January 2026, a significant leap from **ā¹5 lakh crore** in 2021. The number of PMS clients has grown by nearly **50%** since 2022, reaching approximately **2.15 lakh** investors. This rapid expansion in high-stakes portfolio management has prompted SEBI to mandate stricter internal controls and digital-first transparency norms for firms managing concentrated wealth. Daily Market Snapshot: February 23, 2026 Domestic indices showed resilience during Mondayās session despite global volatility. The **Nifty 50** closed at **25,647.90**, marking a gain of **0.30%** or **76.65 points**. The index continues to reflect a strong long-term trajectory with a one-year return of **12.52%**. The **Nifty Financial Services** index outperformed the broader market, rising **0.91%** to reach **28,468.60**. Gains were led by major private lenders and insurance providers, with some stocks seeing price increases of over **2%**. Regulatory Enforcement and Compliance The regulator has tightened the noose on misleading financial promotions. Regulated entities, including brokers and mutual funds, are now strictly prohibited from associating with any unregistered financial influencers for marketing purposes. To further protect retail investors, SEBI has moved to ban the use of **live market data** for investor education. Educators are now permitted to use only historical data to ensure that "learning" sessions do not turn into real-time, unregulated trading signals. Current enforcement actions include high-value recovery proceedings and the attachment of bank accounts in suspected insider trading cases, signaling a zero-tolerance approach to market manipulation as India's market capitalization exceeds **ā¹470 trillion**.
SEBI Chairman Proposes Regulatory Overhaul for Portfolio Management Services
The Securities and Exchange Board of India (SEBI) is executing a comprehensive overhaul of the Portfolio Managers Regulations to align the industry with rapid market shifts. As of late February 2026, SEBI Chairman Tuhin Kanta Pandey has confirmed that the regulator is targeting **June 2026** for a formal review, preceded by the release of a public consultation paper. The Portfolio Management Services (PMS) industry has reached a significant scale, with assets under management (AUM) nearly doubling over the last five years. Excluding EPFO and provident fund contributions, the sectorās AUM has surged from **ā¹5 lakh crore** in 2021 to approximately **ā¹10.50 lakh crore** as of January 31, 2026. This represents a compound annual growth rate (CAGR) of roughly **17%**. Investor participation is also at record levels. The total number of PMS clients has increased to about **2.15 lakh** as of early 2026. This growth is being driven by high-net-worth individuals (HNIs) seeking customized equity and debt strategies, often outperforming the Nifty benchmark by **5% to 10%** annually through high-conviction, focused stock selection. A central pillar of the new regulatory review is the strengthening of governance and investor protection. Recent guidelines already mandate a minimum investment ticket size of **ā¹50 lakh** and have raised the minimum net worth for providers to **ā¹5 crore**. These thresholds are designed to ensure only serious, well-capitalized players operate in the high-stakes PMS space. New transparency rules now require managers to report performance data net of all costs, fees, and taxes, moving away from the older practice of showing gross figures. Additionally, investment in the securities of "related parties" or associates is now capped at **30%** of a client's total portfolio, with prior explicit consent required to prevent conflicts of interest. The regulator is also prioritizing the "Ease of Doing Business." SEBI recently introduced streamlined processes for the transfer of a PMS business during mergers or acquisitions. Such transfers must now be completed within a maximum of **two months** following regulatory approval, ensuring continuity of service for investors during corporate restructurings. To maintain market integrity, the 2026 regulatory environment includes stricter oversight of non-discretionary portfolios and mandates that managers avoid below-investment-grade or unrated securities of related parties. These reforms transition the sector toward a preventive compliance model, shifting away from reactive enforcement. With India's real GDP estimated to grow at **7.4%** for the 2026 fiscal year, the PMS industry is expected to remain a critical engine for capital formation. The upcoming June review will likely address further digital integration and disclosure gaps to ensure the framework remains robust for an increasingly sophisticated investor base.
European Equities Slide Amid Uncertainty Over US Trade Policy
European markets are experiencing a volatile start to the week as investors process a dramatic shift in U.S. trade policy. After a brief period of relief, a fresh wave of uncertainty has hit global exchanges following President Donald Trumpās announcement of a new 15% global tariff rate. The pan-European STOXX 600 index slipped 0.3% to 628.62 points in early Monday trading. This pullback follows a record-high close last Friday, which was driven by a U.S. Supreme Court ruling that struck down previous trade measures. However, that optimism evaporated over the weekend as the White House moved to re-establish trade barriers using alternative legal authorities. Germanyās DAX has been the most affected major index, dropping 0.7% as industrial heavyweights face renewed pressure. The technology sector led the broader market decline with a 1.3% loss. Within the German market, automotive and manufacturing stocks saw immediate selling pressure: BMW shares fell 1.4%, Daimler Truck dropped 1.1%, and Airbus lost 1.0%. The sudden policy shift centers on Section 122 of the Trade Act of 1974. Initially, the administration proposed a 10% levy, which was quickly raised to 15% on Saturday. This new rate is the maximum allowed under the statute without congressional approval and is currently set for a 150-day duration. The European Commission has signaled it will not immediately adjust its own trade stances, leading to concerns about a prolonged standoff. Analysts note that previous "reciprocal" trade deals, including those negotiated with the EU and the UK, are now in a state of ambiguity. It remains unclear whether these specific agreements will be honored or if the 15% blanket tariff will supersede them. While most sectors remain in the red, some domestic-focused industries have shown resilience. European banks emerged as top gainers, and Italyās Enel rose 3.4% following a positive update on its three-year capital expenditure plan. Conversely, individual corporate news added to the downward pressure in specific pockets, such as Johnson Matthey, which plunged 14% after a significant price cut on a business unit sale. In the currency and commodity markets, the euro climbed 0.3% against the dollar to 1.1818, while safe-haven assets gained favor. Gold prices jumped 0.6% to reach a three-week high of $5,135 per ounce as traders sought protection against the escalating trade friction. This environment marks a return to high-stakes "trade war" dynamics. Investors are now closely monitoring the February 24 implementation date for the new tariffs, as well as potential retaliatory measures from the European Union. [Trump's 15% Tariff announcement](https://www.youtube.com/watch?v=kuxT_nB5mcM) This video provides critical context on the initial market reaction and the geopolitical friction following the President's latest tariff threats. http://googleusercontent.com/youtube_content/0
BPTP and Landowner Partner for 11-Acre Residential Development in Faridabad
BPTP Ltd has officially entered a joint development agreement to launch a premium residential project in Sector 39, Surajkund. This expansion involves an 11-acre land parcel secured through its subsidiary, Urban Realtech Pvt Ltd. The project is designed to deliver a massive developable area exceeding 2 million square feet. This move aligns with a broader trend of developers adopting asset-light models to scale operations without the heavy capital expenditure of outright land purchases. **Market Context & Connectivity** Faridabad is currently undergoing a structural transformation. The most significant catalyst is the proposed GurugramāFaridabadāNoida Namo Bharat RRTS corridor. This ā¹15,000 crore infrastructure project is expected to slash travel times across the NCR, repositioning Faridabad as a primary residential hub rather than just an affordable alternative. Property values in the region are already responding to these upgrades. Recent data indicates that plot prices in certain Greater Faridabad sectors have appreciated by nearly 400% over the last five years. **Key Figures & Sector Data** - Surajkund project size: 11 acres - Total developable area: 2 million+ sq. ft. - Average property rates in growth sectors: ā¹5,000 ā ā¹8,000 per sq. ft. - Recent price appreciation in key pockets: Up to 33% annually - Infrastructure investment: ā¹15,000 crore for regional rapid transit **Rising Demand for Luxury** The Faridabad market is shifting from mid-segment housing toward lifestyle-oriented communities. While affordable housing starts have slowed due to rising construction costs (up 25%ā30%), demand for premium 3 BHK and 4 BHK units remains high, currently making up 54% of buyer inquiries. Surajkund is positioned as a differentiated micro-market. Its proximity to the Delhi border and the scenic Aravalli ecosystem makes it a preferred choice for high-net-worth individuals and professionals seeking larger homes with better natural integration. **Operational Updates** The Haryana government is further supporting this real estate surge with digital reforms. A pilot for faceless property registration is scheduled to launch in Faridabad by March 2026, aiming to streamline transactions and improve transparency for investors. This latest development by BPTP Ltd strengthens its existing NCR portfolio, which already includes massive townships and LEED-certified commercial hubs. The project is expected to set new benchmarks for density and luxury in the Surajkund corridor.
US Markets Stable Following Supreme Court Ruling on Presidential Tariff Authority
Market Brief: Global Trade Policy Shifts **February 23, 2026** The global trade landscape has entered a period of intense volatility following a landmark **6-3 Supreme Court ruling** on February 20. The Court struck down broad "reciprocal" tariffs previously imposed under the International Emergency Economic Powers Act (IEEPA), ruling the executive branch exceeded its authority. The decision has immediate fiscal implications, with an estimated **$175 billion to $284 billion** in collected duties now potentially subject to corporate refunds. Major US refiners and retailers are already initiating litigation to recover these payments. Immediate Policy Response In a direct pivot to bypass the judicial setback, a new **15% global baseline tariff** has been announced. This measure utilizes **Section 122 of the Trade Act of 1974**, a different legal framework designed to address balance-of-payment deficits. This new levy is currently set for a **150-day window**. Extension beyond this period will require congressional approval, setting the stage for a significant legislative battle by late summer 2026. Market and Sector Reactions Financial markets reacted with a "Sell America" narrative over the weekend. The **US Dollar Index shed 0.2%**, while **S&P 500 and Nasdaq 100 futures dropped by 0.7% and 0.9%** respectively during Mondayās Asia session. Gold prices have surged, testing resistance at **$5,170 per ounce** as investors seek safety. In the logistics sector, the **Drewry World Container Index** showed a slight decline to **$1,919 per 40-foot container**, reflecting a "shippers' market" characterized by soft demand and excess capacity despite the policy turbulence. Regional Impact: China and South Korea South Korean exports demonstrated resilience despite the uncertainty. Data for the first 20 days of February shows outbound shipments jumped **23.5% to $43.52 billion**. This growth was propelled by a **134% surge in semiconductor exports**, totaling **$15.12 billion**. While South Korea maintains a trade surplus of **$4.95 billion**, the automotive sector remains a weak point, with shipments dipping **26.6%** amid the tariff shifts. Exports to China notably rose nearly **31%**, while shipments to the US increased **22%** in the same period. Stability of Existing Deals US trade officials have moved to reassure partners that the approximately **20 bilateral framework deals** struck over the last year remain in force. This includes specific agreements with the UK, EU, and India. The EU has expressed concern that the new **15% levy** might be layered on top of existing negotiated rates, though US representatives insist these deals are separate from the global baseline. Strategic carve-outs for industries like UK pharmaceuticals and Indian energy remain critical components of current trade stability.
Lodha Developers to Invest Rs 1,200 Crore in Construction and Launch Rs 13,000 Crore in Projects for Q4
Macrotech Developers, operating under the Lodha brand, has accelerated its expansion strategy with a significant capital commitment of 1,200 crore INR for construction activities this quarter. This investment supports a robust pipeline of 12 new housing projects with an estimated sales value of nearly 13,000 crore INR. The company is currently tracking toward an ambitious pre-sales guidance of 21,000 crore INR for the 2026 fiscal year. This momentum is evidenced by record-breaking performance in recent quarters, including a 25% year-over-year growth in sales bookings. Current market data shows the firm is successfully diversifying its footprint beyond its stronghold in the Mumbai Metropolitan Region. Operations have significantly expanded in Pune, where sales grew from 200 crore INR in 2021 to 1,800 crore INR in the latest annual cycle. Additionally, the developer has established a successful presence in Bengaluru, securing 1,200 crore INR in pre-sales during its inaugural year in that market. A pilot entry into the Gurugram and Delhi-NCR luxury markets is also underway to capture growing demand in Northern India. Financial health remains a focal point, with net debt reduced to approximately 3,990 crore INR. The company maintains a conservative leverage profile with a debt-to-equity ratio of 0.2x, well below its self-imposed ceiling of 0.5x. Profitability remains strong, with embedded EBITDA margins holding steady at approximately 33%. As of February 23, 2026, the companyās stock is trading at 1,071.15 INR on the National Stock Exchange, reflecting a market capitalization of approximately 1.07 lakh crore INR. Investor confidence is bolstered by a 13.69% return on equity and a consistent 20% annual growth target for pre-sales over the medium term. The broader Mumbai real estate market continues to show resilience, particularly in the luxury segment. While overall volumes in the region have remained stable, average selling prices in key micro-markets like Thane have seen double-digit growth. Lodhaās strategy focuses on these high-demand zones, utilizing a 600 million square foot development potential to sustain long-term revenue. The company is also diversifying into digital infrastructure and annuity-based assets. This includes a massive 400-acre data center park in Palava and premium retail spaces. These initiatives are projected to generate annual rental potential of 560 crore INR by 2031, providing a balanced mix of sales-led and recurring income streams.
Twelve Stocks Decline as Foreign Institutional Investors Reduce Holdings
Foreign Institutional Investors (FIIs) have significantly altered their positioning within the BSE 500 index over the last two quarters. Data as of late February 2026 confirms a sustained trend of stake reductions in 12 specific stocks, contributing to sharp price corrections and a shift in market sentiment. While the broader BSE 500 currently trades at a P/E ratio of 24.57, these underperforming counters have faced intensified selling pressure. Cohance Lifesciences has emerged as the most impacted, with its share price plunging approximately 75% from its 52-week high of 1,328 INR. Currently trading near 305 INR, the company has grappled with a 76% decline in net profit and a warning letter from the USFDA for its Hyderabad unit. FII holding in the firm has dropped as investors react to these regulatory and operational hurdles. Blue Jet Healthcare and Vedant Fashions (Manyavar) have similarly experienced price drops exceeding 50%. Blue Jet Healthcare, recently downgraded by major global brokerages, saw its stock slide to a 52-week low of 353 INR. Despite a robust ROCE of 39.8%, the stock has struggled with high volatility as foreign investors reduced their exposure to 1.14%. Vedant Fashions is currently trading at 424 INR, down over 50% from its yearly peak of 880 INR. The premium apparel retailer has seen its one-year return sink to -48.84% compared to a double-digit gain in the Nifty 50. High debtor days and a slowdown in sales growth have prompted institutional caution, with FIIs paring stakes amidst a wider sectoral rotation. Broader market activity in February 2026 shows FIIs as net sellers in the cash market, with outflows totaling roughly 1,374 crore INR by mid-month. This follows a heavy exit of over 41,000 crore INR in January. Domestic Institutional Investors (DIIs) have acted as a buffer, injecting 9,775 crore INR into the market this month to stabilize indices like the Sensex, which currently fluctuates around the 82,800 level. The exit from mid-cap and small-cap BSE 500 stocks is driven by a combination of high valuation premiums, global interest rate dynamics, and specific corporate earnings misses. While the structural growth narrative for India remains intact, the heavy institutional selling in these 12 stocks serves as a cautionary signal for retail participants regarding valuation sustainability in the current macro environment.
**Market Outlook: Gold Potential and Technical Indicators from LKP Securities**
Domestic gold prices have surged to a notable level of 1,60,600 INR per 10 grams as of February 23, 2026. This rally is primarily driven by intensifying global trade uncertainties and geopolitical friction. A key trigger for this upward movement is the recent announcement of a new 10% to 15% global tariff on imports following a US Supreme Court ruling on trade powers. On the Multi Commodity Exchange (MCX), gold futures for April delivery have climbed by approximately 3,010 INR, or 1.92%, reaching a trading range near 1,59,886 INR. In the international market, spot gold has reclaimed the psychologically significant 5,000 USD per ounce threshold, currently trading around 5,163 USD. This shift reflects a flight to safety as investors hedge against potential US military developments in the Middle East and stalled nuclear negotiations with Iran. LKP Securities has identified a potential upside of up to 3,400 INR for the current week. Technical indicators supporting this bullish outlook include a stabilizing MACD and the RSI holding firm. Analysts highlight that the metal is currently following a pattern of higher highs and higher lows, reinforcing a strong medium-term uptrend. Market experts recommend a buy-on-dips strategy within the 1,58,500 INR to 1,59,000 INR zone. Immediate support is established at 1,57,000 INR, while the next major resistance level is pegged at 1,60,800 INR. A decisive break above this resistance could pave the way for a move toward 1,65,000 INR in the near term. City-wise rates across India show 24K gold trading at approximately 1,59,420 INR per 10 grams in Delhi and Mumbai. Chennai continues to trade at a slight premium, with rates hovering around 1,60,720 INR. Despite a 25% retreat from January's lifetime highs of 1,81,000 INR, the current consolidation phase is viewed by bullion traders as a healthy base-building period. The broader market remains sensitive to upcoming US economic data, including the Producer Price Index and consumer confidence reports. Central bank demand also remains a core pillar of support, with emerging economies continuing to diversify reserves away from the US dollar. This structural demand, combined with tariff-related volatility, is expected to maintain upward pressure on precious metal prices throughout the quarter.
Silver Prices Increase 18% Since 2026 Low with Four Primary Drivers for Continued Growth
Silver is staging a significant recovery as February 2026 comes to a close. After a period of extreme volatility that saw prices plunge to a monthly low of **ā¹2,55,000** per kg on February 18, the metal has rebounded sharply. As of February 23, 2026, silver is trading near **ā¹2,75,000** to **ā¹3,00,000** per kg in major physical markets. The primary catalyst for this resurgence is the escalation of geopolitical tensions between the United States and Iran. A **10-day deadline** set by the U.S. for a deal with Iran, combined with new military deployments in the Middle East, has reintroduced a substantial risk premium. Investors are rotating back into silver as a defensive safe-haven asset to hedge against potential conflict. Trade policy shifts are further fueling the rally. Recent U.S. Supreme Court rulings striking down broad tariffs were followed by the administrationās executive orders imposing a new **15% global tariff**. This move has weakened the U.S. Dollar, which fell toward the **97.8** level, making dollar-denominated silver more attractive to international buyers. Industrial fundamentals remain a critical support pillar. Silver is currently facing its sixth consecutive year of a structural supply deficit, with the 2026 deficit projected to hit **135 million ounces**. Demand is being driven by the green energy transition, particularly solar photovoltaics and electric vehicle infrastructure, which are less sensitive to short-term price swings. Market liquidity is also shifting. The conclusion of the Lunar New Year holiday in China is expected to bring speculative capital back to the Shanghai Gold Exchange. Analysts note that silver ETFs recently saw surges of up to **17%** in a single session, signaling a move from "paper" liquidation back toward physical accumulation. Technical indicators suggest silver is establishing a firm floor. While the metal remains nearly **33%** below its January all-time high of **ā¹4,10,000** per kg, the successful defense of the **ā¹2,50,000** support zone has turned sentiment cautiously bullish. Major financial institutions now project an average price target of **$81** per ounce for the remainder of the year. The current market landscape is defined by a "risk-off" mood. With U.S. GDP growth slowing to **1.4%** in the recent quarter, silver is increasingly viewed not just as an industrial commodity, but as a vital monetary hedge against both inflation and geopolitical instability.
**Manishi Raychaudhuri on market valuation and tariff impacts**
Global trade policy is undergoing a period of intense volatility in early 2026. Trade growth is projected to slow to **0.6%** this year, down significantly from **2.0%** in 2025. This deceleration is largely driven by rising effective US import tariffs, which are expected to peak at approximately **14%** by year-end. In this environment, market strategist Manishi Raychaudhuri advocates for a strategic pivot toward domestic growth. He maintains a target of **91,000** for the Sensex by the end of 2026, representing a potential upside of **7.0% to 8.0%**. The focus remains on selective stock picking rather than broad market momentum. Preferred Growth Sectors Investors are increasingly favoring sectors tied to local demand and infrastructure. Industrial activity in major emerging markets like India is gaining pace, with the sector projected to grow by **6.2%** in FY26. **Basic Materials & Industrials** Infrastructure, capital goods, and defense remain top picks. Manufacturing activity in technology-linked segments has shown remarkable resilience, with computer and electronic products expanding by **34.9%**. **Consumer Discretionary** The outlook is positive for market-leading automobile companies and niche segments. Growth in motor vehicles and trailers reached **33.5%** recently, supported by strengthening rural incomes and urban demand. **Healthcare & Financials** Healthcare services, specifically hospital and diagnostic chains, are viewed as defensive growth plays. Private banks are also highlighted for potential recovery following a three-year period of underperformance. Sectors Facing Pressure Caution is advised for sectors heavily exposed to global trade barriers and technological disruption. Roughly **77%** of imported goods are now seeing tariff costs absorbed by exporters, directly squeezing profit margins. **IT Services** The sector faces structural challenges from artificial intelligence. The adoption of large language models for coding is viewed as a threat to traditional service models. Short-term sentiment remains bearish as the industry navigates this transition. **Exporters & Consumer Staples** Export-oriented companies are grappling with a more restrictive trade landscape. Consumer staples are also under watch due to potential margin compression. Higher tariff costs on raw materials are increasingly difficult to pass on to consumers without impacting demand. Global GDP growth is forecasted to reach **2.5%** in 2026, a slight dip from the previous year. With corporate insolvencies predicted to rise by **5.0%** globally, the shift toward domestic-facing assets serves as a hedge against heightening international risks.
Gurugram Outpaces Mumbai in 2025 Ultra-Luxury Real Estate Sales
Gurugram Luxury Housing Market Brief Gurugram has solidified its position as Indiaās premier luxury residential hub in 2025, officially outpacing Mumbai in the ultra-premium segment. The city recorded a historic **Rs 24,120 crore** in transactions for homes priced at **Rs 10 crore and above**. This represents a staggering six-fold increase in sales value compared to the **Rs 4,004 crore** registered in 2023. A total of **1,494 ultra-luxury units** were sold during the year, the highest volume ever recorded in a single 12-month period for the city. This surge highlights a dramatic shift in market leadership, with the ultra-luxury category now accounting for **24 percent** of Gurugramās total residential market value. Key Market Indicators The average ticket size for homes in this elite segment reached approximately **Rs 16 crore**. Buyers showed a distinct preference for scale, with the average home size standing at **5,000 square feet**. Properties exceeding **8,000 square feet** alone contributed nearly **22 percent** of the total transaction value, signaling a move toward sprawling, customized estates. Price appreciation remains aggressive in 2026. Premium corridors like the Golf Course Extension Road are witnessing annual growth rates between **15 percent and 18 percent**. Even in the broader luxury and upper mid-segment, experts forecast a steady appreciation of **8 percent to 12 percent** throughout the current year. Infrastructure and Emerging Zones Growth is increasingly decentralized, moving away from traditional premium addresses toward massive infrastructure-led corridors. The full operationalization of the **Dwarka Expressway** and the **Delhi-Mumbai Expressway** connectivity has transformed accessibility, making peripheral sectors prime targets for high-net-worth individuals (HNWIs). * **Golf Course Extension:** Prices in prime pockets have hit **Rs 18,000 per square foot**, with some high-end projects projected to reach **Rs 50,000 per square foot** by 2028. * **New Growth Spine:** Sectors **104, 113, and 54** are outperforming the broader market due to their proximity to corporate hubs and new transit links. * **Inventory Trends:** Over **28 luxury projects** were launched in early 2025 to meet demand, with many selling out immediately upon release. Buyer Profiles and Capital Flow The market is increasingly dominated by end-users and long-term investors rather than short-term speculators. Strong capital inflows from **NRIs** and high-income professionals in the tech and finance sectors are providing a resilient floor for pricing. Current trends indicate that livability, green spaces, and community-focused designs are now as critical to valuation as location. While supply has increased, the scarcity of land in established sectors ensures that the seller-favored market conditions are likely to persist through 2026.
Clean Max Enviro Energy IPO: Subscription Status, GMP, and Brokerage Analysis
CleanMax Enviro Energy Solutions launched its Rs 3,100 crore Initial Public Offering (IPO) today, February 23, 2026. The issue has seen a measured start, with an overall subscription of approximately 10% reported during the initial hours of Day 1. The price band for the offering is fixed between Rs 1,000 and Rs 1,053 per share. This public issue is a combination of a fresh issue worth Rs 1,200 crore and an offer for sale (OFS) of Rs 1,900 crore by existing promoters and investors, including Brookfield-backed entities. Market sentiment remains cautious regarding short-term gains. The Grey Market Premium (GMP) is currently hovering around Rs 3 to Rs 4, indicating a marginal listing upside of just 0.3%. Analysts suggest that the valuation is aggressive, with an Enterprise Value to EBITDA (EV/EBITDA) multiple of approximately 16x. CleanMax is currently Indiaās largest provider of renewable energy to the commercial and industrial (C&I) segment. As of late 2025, the company operates 2.80 GW of capacity with an additional 3.17 GW under execution. This scale is a key highlight for long-term investors, as the C&I renewable sector is projected to grow at a CAGR of 22-24% through 2030. The company's financial profile shows a significant turnaround. Revenue rose to Rs 1,610 crore in FY25, and the firm moved from a loss in previous years to a net profit of Rs 19.43 crore. However, high leverage remains a primary concern, with total borrowings reaching Rs 10,121 crore by September 2025. A substantial portion of the fresh issue proceeds, roughly Rs 1,123 crore, is earmarked for debt repayment. This move is expected to strengthen the balance sheet and improve interest coverage, which currently consumes nearly 43% of total income. While the listing gain prospects appear muted, the structural demand for green energy from data centers and AI-linked industries provides a strong visibility for future growth. The bidding window remains open until February 25, with the shares expected to debut on the BSE and NSE on March 2, 2026. Institutional interest was notably strong prior to the public launch. The company successfully raised Rs 921 crore from 41 anchor investors, including high-profile names such as Temasek, Nomura, and the Abu Dhabi Investment Authority. This institutional backing underscores confidence in the companyās long-term utility-scale and rooftop solar strategies.