Indian markets extended gains to close at fresh highs on February 24, 2026, as relief from a US court ruling invalidating key tariffs boosted sentiment. PSU banks and healthcare led the rally, while positive wage outlook and an ambitious PSU IPO pipeline added to the bullish undertone, despite heightened banking scrutiny.
Sensex jumps 480 points to 83,295; Nifty tops 25,700 on US Supreme Court tariff verdict relief
Indian equity benchmarks posted their strongest single-day gain in two weeks as the US Supreme Court struck down President Trump’s broad reciprocal tariffs imposed under emergency powers, removing a major overhang on global trade. The Sensex surged 480 points or 0.58% to close at 83,295, while the Nifty 50 advanced 152 points or 0.60% to settle above 25,700 for the first time since early February.
Volume on the NSE was 15% higher than the 30-day average, signalling broad-based participation. PSU banks led the charge with a 1.8% sectoral gain, followed by healthcare (1.4%) and automobiles (1.1%), while IT lagged with a marginal 0.2% decline. Foreign institutional investors remained net sellers to the tune of ₹1,240 crore, yet domestic institutional investors countered with robust buying of ₹3,850 crore.
Analysts noted that the verdict significantly lowers the risk of retaliatory tariffs on Indian pharmaceuticals, textiles, and gems & jewellery exports, which collectively account for over 18% of India’s total outbound shipments to the US. The development also brightens prospects for India’s $450 billion services export industry. Market participants expect sustained FII inflows in the coming sessions if global risk appetite improves further. The immediate implication is stronger support for export-oriented manufacturing and infrastructure sectors, with many brokerages raising their near-term targets for Nifty to 26,200–26,500 levels.
Business Standard - https://www.business-standard.com/markets/news/stock-market-live-updates-february-23-nse-bse-sensex-today-nifty-gift-nifty-trump-tariffs-ipo-126022300035_1.html
IDFC First Bank shares plunge 16% after disclosing ₹590 crore suspected fraud
IDFC First Bank’s stock crashed 16.4% to its lowest level in 14 months after the lender disclosed suspected fraudulent transactions worth ₹590 crore at its Chandigarh branch. The irregularities involved unauthorised issuance of pay orders and forged cheques allegedly linked to certain Haryana government accounts, with four employees placed under suspension pending investigation.
The bank has engaged KPMG for a detailed forensic audit and expects to recover up to ₹350 crore through insurance. Haryana government promptly de-empanelled IDFC First Bank from handling state-related accounts. The Reserve Bank of India stated it is closely monitoring the situation and confirmed there are no systemic stability concerns at this stage.
The episode has triggered renewed focus on internal controls and third-party risk management across mid-sized private banks that aggressively pursued government and quasi-government deposit business in recent years. Other private lenders such as Federal Bank and RBL Bank witnessed 3–5% intraday declines on sympathy selling. Market experts believe the incident could slow deposit mobilisation for private banks in the near term and may prompt regulators to tighten norms around government-linked accounts. Despite the sharp fall, the stock still trades at 1.1 times March 2027 adjusted book value, prompting selective bottom-fishing by value investors.
Reuters - https://www.reuters.com/world/india/idfc-first-bank-slips-15-suspected-65-mln-fraud-2026-02-23/
India targets $19.7 billion from state-run firm IPOs by FY30 under asset monetisation push
The Department of Investment and Public Asset Management unveiled an ambitious roadmap to raise ₹1.79 trillion ($19.7 billion) through IPOs and follow-on offers of central public sector enterprises between FY26 and FY30. The plan prioritises seven railway entities, multiple Coal India subsidiaries, power transmission assets, petroleum marketing companies, and airport joint ventures.
NITI Aayog’s updated National Monetisation Pipeline now targets cumulative proceeds of $183.7 billion over the next four years, addressing the shortfall of the previous pipeline. Key transactions expected in FY26–27 include the listing of Rail Vikas Nigam Ltd’s subsidiaries, Container Corporation of India stake sale, and minority stake divestment in select airports developed under the PPP model.
Finance Ministry officials indicated that proceeds would primarily fund greenfield infrastructure projects and help contain the fiscal deficit below 4.5% of GDP. The announcement boosted sentiment in PSU stocks, with the Nifty PSU Bank index and Nifty CPSE index both closing 1.2–1.5% higher. Investment bankers expect improved valuations and stronger retail participation once the first few transactions hit the market.
US stocks tumble with Dow shedding over 800 points on tariff uncertainty and AI fears
Wall Street witnessed a sharp reversal as the Dow Jones Industrial Average plunged 812 points or 1.7%, the S&P 500 fell 1.0%, and the Nasdaq Composite dropped 1.1%. Although the Supreme Court ruling provided some relief on existing tariffs, fresh comments from the Trump administration signalling 10–15% additional global tariffs under alternative legal provisions reignited trade-war concerns.
Technology and cybersecurity stocks bore the brunt of selling amid escalating worries about AI-driven disruption to traditional business models. Chipmakers and software firms with high China exposure declined 2–4%. The 10-year US Treasury yield rose 8 basis points to 4.42%, reflecting expectations of stickier inflation if tariffs are implemented.
The sell-off was mirrored in European and Asian markets earlier, setting a cautious tone for global risk assets. Indian ADRs of major IT firms such as Infosys and TCS also closed 1.5–2% lower in New York trading. Strategists believe any escalation in US protectionism could delay the anticipated Fed rate cuts and weigh on emerging-market currencies including the rupee.
CNN - https://www.cnn.com/2026/02/23/investing/us-stocks-trump-tariffs
EY projects 9.1% average salary hike for Corporate India in 2026
Ernst & Young’s annual Future of Pay report, based on a survey of over 1,200 Indian companies, projects an average salary increment of 9.1% for calendar year 2026 — the highest in four years. Global Capability Centres are expected to lead with 10.4% hikes, driven by acute demand for AI, data science, and cloud professionals.
Financial services and e-commerce verticals are projected to offer 9.8–10.2% increases, while traditional manufacturing and retail sectors remain at 8.2–8.7%. The report highlights that variable pay as a percentage of total compensation is rising to 22% from 18% last year, reflecting a shift towards performance-linked rewards. Attrition is forecast to moderate to 16.4%, the lowest since 2022.
HR leaders cited sustained GDP growth above 7%, buoyant services exports, and healthy corporate balance sheets as key enablers. The positive wage outlook is expected to support consumption demand in urban India and provide tailwinds to sectors such as automobiles, real estate, and consumer durables in the second half of 2026.
NDTV - https://www.ndtv.com/india-news/corporate-india-to-see-9-1-salary-hike-in-2026-report-11123832
Brookfield-backed Clean Max launches ₹3,100 crore IPO; subscribed 33% on day one
Clean Max Enviro Energy Solutions, one of India’s largest corporate renewable energy platform with 2.8 GW operational capacity, opened its ₹3,100 crore IPO with a price band of ₹1,000–1,053 per share. The issue, primarily an offer-for-sale by promoters and investors including Brookfield, witnessed 33% subscription on day one, led by strong demand from qualified institutional buyers.
Proceeds will be used for debt repayment and funding 1.2 GW of new solar and wind capacity. The company has secured long-term power purchase agreements with marquee corporates including data centre operators and manufacturing giants, benefiting from the surging demand for round-the-clock green power.
Renewable energy analysts expect the listing to act as a benchmark for the sector, which has seen muted primary market activity in the past 12 months. Successful completion would likely open the door for similar offerings by other clean energy developers and reinforce India’s target of 500 GW non-fossil capacity by 2030.
Trump signals higher tariffs despite Supreme Court setback
President Trump indicated that the administration would pursue 10–15% across-the-board tariffs on imports using alternative statutes after the Supreme Court curtailed powers under the International Emergency Economic Powers Act. Senior White House officials confirmed that new measures could be announced within the next 30 days, targeting countries with large trade surpluses with the US.
The remarks tempered initial market relief from the court verdict and kept volatility elevated in currency and commodity markets. The Indian rupee weakened 0.3% to 87.45 against the dollar in early Asian trade on Monday. Trade experts believe India may accelerate negotiations for a bilateral trade agreement to secure exemptions, especially for labour-intensive sectors.
Global supply-chain analysts warned that renewed tariff threats could raise input costs for Indian manufacturers and delay capex decisions in the auto and electronics sectors.
Adani Ports surges nearly 3% on major iron ore logistics MoU
Adani Ports and Special Economic Zone gained 2.9% after signing a strategic memorandum of understanding with NMDC Ltd and Brazil’s Vale for integrated iron ore logistics and port handling solutions. The partnership envisages enhanced throughput at Mundra and Vizhinjam ports and development of new bulk-handling facilities.
The collaboration is expected to increase India’s iron ore export capacity by 15–20 million tonnes annually over the next three years. Shares of Adani Ports have now risen 18% year-to-date, outperforming the broader market on the back of robust cargo volume growth and margin expansion.
Brokerages raised target prices by 8–12%, citing improved visibility on dry-bulk cargo and potential synergies with the group’s mining vertical. The development underscores the continued strength in India’s commodity infrastructure theme amid global supply diversification efforts.
The Hindu BusinessLine - https://www.thehindubusinessline.com/markets/share-market-nifty-sensex-live-updates-23rd-february-2026/article70662952.ece
Olectra Greentech bags ₹1,800 crore electric bus order from Telangana
Olectra Greentech Ltd received letters of award worth approximately ₹1,800 crore from the Telangana State Road Transport Corporation for supply, operation, and maintenance of 1,085 electric buses over a 12-year period. The order includes 800 standard and 285 articulated buses, to be deployed across Hyderabad and other major cities.
This is one of the largest single-state e-bus orders in India and strengthens Olectra’s position as the market leader in the electric bus segment with over 35% share. The company’s order book now exceeds ₹4,200 crore, providing revenue visibility for the next 24–30 months. Shares jumped 4.8% on the announcement, taking the year-to-date gain to 28%.
Analysts expect the order to improve utilisation of the company’s new manufacturing facility in Telangana and support margin expansion as localisation levels rise. The development aligns with the Centre’s FAME-III scheme and state-level green mobility targets.
The Hindu BusinessLine - https://www.thehindubusinessline.com/markets/share-market-nifty-sensex-live-updates-23rd-february-2026/article70662952.ece
Jefferies downgrades select Indian IT stocks on AI disruption risks
Jefferies India downgraded HCL Technologies to “Underperform” and cut price targets on TCS, Infosys, and Wipro by 6–11%, citing accelerating AI-led disruption and slower large-deal wins in the near term. The brokerage highlighted that traditional IT services revenue growth could moderate to 4–6% in FY27 while AI-related capex by clients may not translate into immediate services revenue.
The sector underperformed the Nifty by 180 basis points on the day. HCL Tech fell 3.2%, the sharpest decline among large-cap IT names. Domestic brokerages maintained a more constructive stance, arguing that Indian IT firms are well-positioned to capture the AI implementation wave over the next 24 months.
The divergent views underscore the uncertainty surrounding the pace of technology spending recovery in the US and Europe. Market participants will closely watch the upcoming quarterly results season for fresh guidance on deal pipelines and margin trajectories.
Economic Times - https://economictimes.indiatimes.com/markets/stocks/news/jefferies-downgrades-hcl-tech-cuts-target-on-it-stocks/articleshow/118923456.cms
This briefing captures the most material developments shaping investor decisions and policy direction on February 23, 2026.