The global financial landscape in February 2026 is defined by a "Great Rotation." Capital is aggressively migrating from mega-cap technology into the real economy. Investors are increasingly demanding immediate profitability over long-term AI speculation. The tech-heavy Nasdaq 100 has struggled as companies face an "AI ROI Reckoning." Massive capital expenditures, projected to reach a collective **$440 billion** for giants like Microsoft and Meta this year, are weighing heavily on margins. Consequently, the Dow Jones Industrial Average and the S&P 500 Equal Weight Index have recently touched new all-time highs. India: IT Correction and Banking Strength The Indian market reflects this global divergence. The Nifty IT index has experienced a sharp correction of nearly **30%** from its peak. This sell-off is driven by medium-term structural fears rather than immediate earnings misses. Estimates suggest Generative AI could disrupt **25% to 30%** of traditional software maintenance and testing work. In stark contrast, the banking sector remains a primary pillar of strength. The Bank Nifty recently surged to levels near **60,800**, outperforming broader benchmarks. Private and PSU lenders like SBI have seen double-digit weekly gains, supported by steady credit growth and healthy asset quality. Pharma: The GLP-1 Generics Wave A massive opportunity is emerging in the pharmaceutical sector. The patent for Semaglutide, the active ingredient in blockbuster weight-loss drugs, expires on **March 20, 2026**. This event is expected to trigger an aggressive price war in India. At least six major domestic players, including Sun Pharma and Dr. Reddy's, are preparing day-one launches. Market experts anticipate price cuts of up to **75%**, which could double the current **₹1,400 crore** market valuation within a year. Generic GLP-1 analogues are positioned to become a high-volume, global growth driver for Indian manufacturers. Real Assets and Cyclical Gains Industrials and metals are benefiting from a "return to reality" in valuations. Global copper prices have seen significant volatility, recently fluctuating around **$13,000 per ton** on the LME. In India, the Nifty Energy and Nifty Metal indices are providing a cushion against tech weakness. Defensive sectors like FMCG have also gained traction, with companies like Hindustan Unilever seeing steady inflows. * **Nifty IT:** Corrected approximately **15%** in the last month alone. * **Bank Nifty:** Gained over **1%** in recent sessions, leading the market recovery. * **Pharma:** Anticipated **60-70%** price drop in weight-loss generics post-March. The current regime change favors sectors with tangible assets and realized earnings. While IT valuations are becoming historically attractive, the immediate momentum rests with cyclicals, financials, and specialized healthcare players.