Market Brief: Broader Market Fragility Amid Benchmark Recovery The Indian equity market concluded the week ending **February 20, 2026**, with a stark contrast between headline indices and the broader small-cap universe. While the **BSE Sensex** managed a marginal five-day gain of **0.23%** (roughly **188 points**) to settle at **82,814.71**, underlying sentiment remains heavy. A sharp **1,236-point** plunge during the Thursday session erased much of the week’s early progress, driven by escalating geopolitical tensions in the Middle East and rising crude oil prices. Although the **Nifty 50** recovered to close above the **25,550** mark on Friday, the recovery was highly selective, favoring large-cap defensives over smaller entities. Small-Cap Segment Under Pressure The broader market continues to exhibit significant weakness. Data from the **BSE Smallcap** segment reveals that **63 stocks** declined consistently across all five trading sessions this week. Selling pressure was particularly aggressive in specific pockets, with **12 small-cap companies** recording cumulative losses exceeding **15%**. This sustained sell-off highlights a "risk-off" mood among retail and HNIs, even as institutional buying stabilized the larger benchmarks. Sectoral Winners and Laggards Market leadership shifted toward domestic-facing sectors. **Power**, **Metals**, and **Capital Goods** indices saw gains of **1% to 2%** in the final session, led by stocks like **Hindalco** and **NTPC**. In contrast, the **IT sector** faced a challenging week. Despite a strategic AI partnership between **TCS** and **OpenAI**, the Nifty IT index remained under pressure due to global growth concerns. Furthermore, the **BSE 250 SmallCap Index** slipped **0.46%** even as the Sensex rose, emphasizing a deepening "breadth imbalance." Critical Indicators to Watch Market volatility, measured by the **India VIX**, climbed to **14.35**, a **6.5%** jump that signals rising nervousness among traders. Economic data provided a mixed backdrop; while the **HSBC India Composite PMI** hit a multi-month high of **59.3**, input costs reached a **15-month peak**, threatening corporate margins. Technical support for the Nifty is currently pegged at **25,400–25,500**, while the Sensex faces immediate resistance at the **83,200** level. Investors are closely monitoring foreign institutional flows, which have turned cautious amid the holiday season in key Asian markets.