Indices edge lower in early trade; breadth positive

by Hansraj Agrawal | Feb 17, 2026 | Share Market

The key equity benchmarks traded with modest losses in early trade. The Nifty traded tad below the 25,600 level. Metal, realty, and private bank shares declined, while IT and PSU bank stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 220.42 points or 0.26% to 83,056.73. The Nifty 50 index fell 91.80 points or 0.36% to 25,591.50.

In the broader market, the BSE 150 MidCap Index fell 0.21% and the BSE 250 SmallCap Index rose 0.18%.

The market breadth was positive. On the BSE, 1,690 shares rose and 1,242 shares fell. A total of 161 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 972.13 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,666.98 crore in the Indian equity market on 16 February 2026, provisional data showed.

Stocks in Spotlight:

Texmaco Rail & Engineering rose 3.87% after the company announced that it has secured a Rs 219 crore contract from Mumbai Railway Vikas Corporation for construction work in the Mumbai suburban railway network.

NTPC rose 0.12%. The company announced that its joint venture NTPC-SAIL Power Company has commenced operations of an additional 5 MW at its Bhilai Solar Project, taking the groups total commercial capacity to 86,729 MW.

Cochin Shipyard jumped 6.63% after the company said that it has emerged as the L1 (lowest) bidder for a Rs 5,000 crore order from the Ministry of Defence to manufacture five survey vessels for the Indian Navy.

Numbers to Track:

The yield on India’s 10-year benchmark federal paper rose 0.07% to 6.673 compared with the previous session close of 6.668.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.7450 compared with its close of 90.7400 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement shed 0.54% to Rs 153,920.

The US Dollar Index (DXY), which tracks the greenback’s value against a basket of currencies, was up 0.04% to 97.13.

The United States 10-year bond yield shed 0.59% to 4.028.

In the commodities market, Brent crude for April 2026 settlement rose 59 cents or 0.87% to $68.34 a barrel.

Global Markets:

Asian markets treaded carefully on Tuesday.

The Mainland Chinese, Hong Kong, Singapore, Taiwan, and South Korean markets were closed on Tuesday for Lunar New Year holidays. U.S. markets were shut on Monday for Presidents Day.

Japans weakening economy remained in focus on Tuesday, one day after much softer than expected GDP numbers.

The country on Monday reported its economy grew an annualized 0.2% in the fourth quarter, far below the widely reported gain forecast of 1.6% as government spending dragged on activity. In today’s session, the Japanese yen strengthened 0.15% against the greenback to 153.28 per dollar.

The weak figures highlight the challenges ahead for Prime Minister Sanae Takaichi and should support her push for more aggressive fiscal stimulus, media reports said.

The Bank of Japan next meets on rates in March, with traders forecasting only a slim chance for a hike. Widely reported polls in the media suggest that investors expect the central bank to wait until July before tightening policy again.

Meanwhile, oil saw some price gains as investors looked ahead to the U.S. and Iran nuclear negotiations that are scheduled to begin in Geneva later in the day.

The higher volatility in crude was triggered by the latest drill that was reportedly held by Irans Revolutionary Guards in the Hormuz Strait on Monday. The passage accounts for about 20% of global oil shipments.

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Nabard raises ₹6,779 crore via three-year bond at 7.01% cut-off yield

by Hansraj Agrawal | Feb 16, 2026 | Share Market

National Bank for Agriculture and Rural Development (Nabard) on Tuesday raised Rs 6,779 crore through a three-year bond at a cut-off yield of 7.01 per cent, dealers said. Market participants termed the pricing favourable for the issuer, citing steady demand for AAA-rated paper in the shorter segment of the curve despite elevated sovereign yields.

Meanwhile, REC Ltd will tap the bond market on Wednesday to raise up to Rs 3,000 crore. The issue has a base size of Rs 500 crore and a green-shoe option of Rs 2,500 crore. The bonds have a tenor of one year, 11 months and 29 days.

Separately, IIFL Finance has opened its public issue of secured NCDs to raise up to Rs 2,000 crore, comprising a base issue of Rs 500 crore and a green-shoe option of Rs 1,500 crore. The issue, which opens on Tuesday, will close on March 4. It offers nine series with maturities of two, three and five years and coupon rates ranging from 8.7 per cent to 9 per cent. The proceeds will be used for lending, refinancing and general corporate purposes.

Last week, major state-owned issuers tapped the market for over Rs 20,000 crore.

Fundraising through the corporate bond market has remained relatively subdued in FY26, as elevated yields driven by persistent geopolitical tensions have dampened issuer appetite. During the first nine months of 2025-26 (April–December period), funds raised through this route declined 6 per cent year-on-year to Rs 6.76 trillion, compared with Rs 7.19 trillion in the year-ago period.

In calendar year 2025, corporate bond issuances stood at Rs 10.08 trillion, against Rs 10.09 trillion in 2024.

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Delhi High Court rejects plea against Sebi's approval for NSE IPO

by Hansraj Agrawal | Feb 16, 2026 | Share Market

The Delhi High Court on Monday declined to entertain a petition challenging the no-objection certificate (NOC) granted by the Securities and Exchange Board of India to the National Stock Exchange for its initial public offering (IPO), effectively clearing the way for the exchange’s long-pending listing.

Justice Jasmeet Singh dismissed the writ petition filed by former judicial officer K. C. Aggarwal, observing that the plea appeared to have been instituted only to stall the IPO of the country’s largest stock exchange.

The petition challenged Sebi’s January 30 communication allowing NSE to restart the IPO process, nearly a decade after its first attempt at listing. The NOC enables the exchange to initiate preparatory steps towards going public.

Following Sebi’s approval, NSE has reconstituted its IPO committee and appointed Rothschild & Co as an independent adviser for the process.

The proposed IPO will be a pure offer for sale, with no fresh issue of shares.

Aggarwal’s challenge centred on Sebi’s corporate action adjustment framework, which seeks to ensure economic neutrality in derivatives positions during events such as bonus issues, stock splits and special dividends.

He alleged that NSE failed to implement the framework correctly in certain instances by adjusting only contract prices without modifying quantities, and by directly debiting dividend-equivalent amounts from derivatives traders’ accounts, including his own.

He argued that dividends accrue solely to shareholders under the Securities Contracts (Regulation) Act and that recoveries from derivatives participants lacked statutory backing. He also contended that his representations to NSE were disposed of without a hearing and that Sebi endorsed the exchange’s stance without an independent examination. Requests under the Right to Information Act seeking details of the debits were rejected, which he said undermined transparency.

Citing concerns around investor protection and market integrity, Aggarwal sought directions restraining Sebi from granting any clearance for the IPO until a detailed inquiry was conducted.

The court, however, declined to intervene, removing a potential judicial hurdle to the listing process.

NSE’s efforts to go public date back to October 2016, when it first filed draft IPO papers with Sebi. The plan was subsequently stalled due to governance concerns, including the co-location case involving preferential server access, as well as issues relating to technology systems and internal controls.

Over the past year, the exchange has revived its listing efforts after several legal matters were resolved either before the Securities Appellate Tribunal or through settlements. NSE has filed two settlement applications with Sebi in the co-location and dark fibre cases, for which it has made provisions of around ₹1,300 crore.

The NOC granted last month signalled the regulator’s in-principle satisfaction with the remedial steps taken by NSE on governance, allowing it to move ahead with the IPO process.

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TCS expands partnership with AMD

by Hansraj Agrawal | Feb 16, 2026 | Share Market

Last Updated : Feb 16 2026 | 7:16 PM IST

To co-develop rack-scale AI infrastructure based on AMD “Helios” platform

Tata Consultancy Services and AMD (NASDAQ: AMD), a leader in high-performance and AI computing, have expanded their strategic collaboration. TCS, through its subsidiary HyperVault AI Data Center (HyperVault), and AMD will co-develop a rack-scale AI infrastructure design based on the AMD Helios platform in support of India’s national AI initiatives.

Powered by AMD Instinct MI455X GPUs, next-generation AMD EPYC Venice CPUs, AMD Pensando Vulcano NICs and the open ROCm software ecosystem, Helios is purpose-built to deliver a rack-scale AI platform supporting sovereign AI factories. Helios, combined with TCS’ enterprise expertise and scale, will accelerate deployment and enhance operational efficiencies for enterprises. As part of this strategic collaboration, both companies will offer an AI-ready data center blueprint supporting up to 200 MW of capacity and will work with hyperscalers and AI companies to accelerate data center build-outs in India.

TCS established HyperVault in 2025 with the vision of delivering GW-scale, secure, and reliable AI-ready infrastructure for hyperscalers, AI companies, and global enterprises. This announcement builds on the recent strategic collaboration between TCS and AMD to help enterprises scale AI adoption and modernize hybrid environments.

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First Published: Feb 16 2026 | 7:16 PM IST

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Bargain buying lifts markets as Sensex, Nifty rebound 0.8% after sharp fall

by Hansraj Agrawal | Feb 16, 2026 | Share Market

After declining two per cent in the preceding two trading sessions, benchmark indices Sensex and Nifty rebounded on Monday, led by bargain buying in index heavyweight HDFC Bank.

The Sensex, which had slipped nearly 350 points intraday, staged a strong recovery to close at 83,277, up 650 points, or 0.8 per cent. The Nifty ended the session at 25,683, also gaining 212 points, or 0.8 per cent. Total market capitalisation of BSE-listed companies rose by ₹3.1 trillion to ₹469 trillion.

Most of the Sensex’s gains were driven by HDFC Bank, which climbed 2.2 per cent after falling 5 per cent over the previous seven sessions. Reliance Industries, up 1.2 per cent, was the second-largest contributor to the index’s rise.

Market participants attributed Monday’s rebound to bargain hunting, particularly as investors rotated funds out of IT stocks, which saw heavy selling last week amid concerns over artificial intelligence-led disruption. The Nifty IT index had declined 8.2 per cent last week — its steepest weekly fall since April 4, 2025. On Monday, the index was largely flat, edging up 0.2 per cent.

Shares of capital market intermediaries, however, came under pressure after the Reserve Bank of India tightened norms for capital market lending. However, the impact was not felt on the benchmark indices due to their lack of presence.

“With the results season ending on a strong note, the gradual upmove may continue, leading to selective bottom-up opportunities in the market,” said Siddhartha Khemka, head of research (wealth management) at Motilal Oswal Financial Services.

“The upcoming Infosys AI-focused investor meet and the ongoing AI Impact Summit in Delhi are expected to provide direction for IT and IT services companies. Updates on enterprise AI adoption, monetisation, deal pipelines and the regulatory outlook will be closely tracked,” he added.

Going ahead, investors are also expected to track further developments related to the India–US trade agreement for market cues.

“Market sentiment remained fragile as continued selling in technology stocks weighed on confidence. However, strength in banking and select heavyweight stocks helped absorb the pressure and triggered a rebound,” said Ajit Mishra, senior vice-president (research) at Religare Broking.

“We maintain a cautious stance due to ongoing choppiness and mixed cues. The weekly expiry could lead to heightened volatility on Tuesday,” he added.

Market breadth remained negative, with 2,565 stocks declining and 1,747 advancing. Axis Bank, ITC and Bharti Airtel were among the other major contributors to Sensex gains.

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India's unemployment rate rises slightly to 5% in Jan-26

by Hansraj Agrawal | Feb 16, 2026 | Share Market

The Periodic Labour Force Survey (PLFS) data showed that India’s Labour Force Participation Rate (LFPR) shows steady trend. The overall LFPR among persons of age 15 years and above reported as 55.9% in January, 2026. Rural LFPR was 58.7% in January, 2026 compared to 59.0% in December, 2025. Urban LFPR observed as 50.3% in January, 2026, against 50.2% in December, 2025. Female Labour Force Participation Rate (LFPR) in January, 2026 reported as 35.1%. Rural female LFPR was found as 39.7% in January, 2026, while urban female LFPR reached to 25.5% during the month.

The overall Worker Population Ratio (WPR) in the age group 15 years and above exhibited a broad stability in January, 2026. Following a gradual increase in rural WPR since June, 2025 (53.3%) to December, 2025 (56.7%), it declined marginally to 56.2% in January, 2026. In rural areas, the male and female WPR stood at 75.7% and 38.0%, respectively, in January, 2026, compared to 76.0% and 38.6% in December, 2025. Urban WPR, on the other hand, remained stable across genders and was recorded as 70.5% for male, 23.0% for female and 46.8% at the person level in January, 2026.

Data showed that Unemployment Rate (UR) marked a modest increase. The UR among persons of age 15 years and above rose slightly to 5.0% in January, 2026 from 4.8% in December, 2025. The rural UR edged up from 3.9% to 4.2%, while urban UR increased from 6.7% to 7.0% during December, 2025 to January, 2026. Among male aged 15 years and above, the UR continued to remain stable in January, 2026. In contrast, the female UR in the same age group was comparatively higher in January, 2026 than in December, 2025. However, the female UR remains within the range observed during the period April to December, 2025.

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