It was another range-bound session for the Indian stock market, as the key averages remained largely unchanged in Thursday’s trade, February 26, with investors assessing the impact of rising crude oil prices amid mounting tensions in the Middle East, even as confidence in global tech stocks improved.
Though the key benchmark indices closed flat, they recovered the majority of the early losses, with the Nifty 50 eventually settling at the 25,500 level, 0.07% higher, while the S&P BSE Sensex also finished the session flat at the 82,267 level.
The broader markets closed mixed, with the Nifty Midcap 100 rallying 0.60%, while the Nifty Smallcap 100 index finished with a modest drop of 0.08%. Sectoral performance was mixed, with the Nifty Pharma, Nifty Chemicals, Nifty Oil and Gas, Nifty PSU Bank, and Nifty Auto indices rallying between 0.80% and 1.10%.
On the lower side, the Nifty Media index lost 0.67% of its value, and the Nifty FMCG index shed 0.23%. The recent laggard, Nifty IT, closed flat.
The US stock market rallied overnight as chip major Nvidia delivered strong fiscal fourth-quarter results, fueled by a 75% surge in revenue from its core data center segment.
The key Asian markets also closed higher during the session amid improved sentiment, with Japan’s Nikkei 225 crossing the 59,000 level, led by software-related shares, as investor fears over disruption from artificial intelligence eased and expectations of looser monetary policy strengthened.
Tejas Networks surges on NEC deal; banks, capital goods, and auto stocks shine
Tejas Networks led the gainers’ list, as the stock rallied 17% to ₹381.40 apiece, marking its biggest intraday jump since April last year, after the company said it had inked an agreement with NEC Corporation to manufacture and supply 5G massive MIMO radios.
The rally also turned the stock’s month-to-date returns positive, reaching 9%. Jammu & Kashmir Bank shares remained higher for the fifth straight session, closing 8% higher at ₹121 apiece. In reaction to its strong December quarter performance, KSB shares rallied 7.7% to ₹772 apiece.
Finolex Cables, too, finished the session higher by 6% at ₹873 apiece, while Transformers & Rectifiers regained strength, surging 5.3% to ₹311.90 apiece. After a three-day slide, Brainbees Solutions stock rebounded 4.7% to ₹220 apiece.
Meanwhile, mid- and small-cap IT stocks such as Oracle Financial Services, Newgen Software Technologies, and Birlasoft gained 3.7%, 3.6%, and 3.2%, respectively. In the auto and auto auxiliary pack, Tube Investments of India, Eicher Motors, and Tata Motors DVR rallied 4%, 2.7%, and 2.5%, respectively.
