Indian benchmark indices traded with a cautious and muted bias on Friday, February 20, 2026, following a sharp sell-off in the previous session. The market continues to navigate high volatility driven by escalating geopolitical tensions between the U.S. and Iran and concerns over global oil supply chains. The **BSE Sensex** hovered near the **82,500** mark in early trade, showing a marginal decline of approximately **10 to 15 points**. Simultaneously, the **NSE Nifty 50** remained largely flat, trading near **25,470**, struggling to regain momentum after dropping over **360 points** on Thursday. Sectoral performance remained mixed as investors adopted a defensive stance. The **IT sector**, which faced significant pressure earlier in the week, showed signs of stabilization with modest gains in heavyweights like **Infosys** and **TCS**. **Pharma** and **Auto** stocks also saw selective buying interest, providing some support to the frontline indices. In contrast, sectors such as **Realty**, **Media**, and **Consumer Durables** continued to drag the broader market. Banking stocks remained under observation as private-sector lenders faced slight selling pressure, keeping the **Nifty Bank** near the **61,200** level. Top individual gainers included **ONGC**, which rose over **2%** due to firming global crude prices, with Brent crude trading near **$72 per barrel**. **Larsen & Toubro (L&T)** and **Bharat Electronics (BEL)** also traded in the green, supported by steady order book expectations and domestic industrial demand. Market breadth remained weak on the BSE, with approximately **1,826 shares declining** against **1,146 advancing**. The **India VIX**, a key gauge of market anxiety, remains elevated near **13.50**, reflecting a **10% surge** in volatility over the last 24 hours. Institutional activity has contributed to the cautious atmosphere. Provisional data shows **Foreign Portfolio Investors (FPIs)** were net sellers of shares worth **₹880.49 crore** on February 19, while **Domestic Institutional Investors (DIIs)** also offloaded equities worth **₹596.28 crore**. The Indian Rupee remained under pressure, trading near the **₹90 mark** against the U.S. Dollar. Investors are closely monitoring the **Strait of Hormuz** for potential shipping disruptions and the **U.S. Federal Reserve's** upcoming signals on interest rate trajectories, which remain critical for foreign fund inflows.