Barometers extend gains for 2nd day; Nifty tops 25,700 level
The barometer index, the S&P BSE Sensex advanced 479.95 points or 0.58% to 83,294.66. The Nifty 50 index gained 141.75 points or 0.55% to 25,713. In the two consecutive trading sessions, the Sensex and Nifty jumped 0.95% and 1.01%, respectively.
In the broader market, the S&P BSE Mid-Cap index slipped 0.21% and the S&P BSE Small-Cap index added 0.51%. The market breadth was negative.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.35% to 14.17.
Two Banks Flag Fraud Cases
IDFC First Bank slumped 16.18% after the bank said that it has uncovered fraudulent transactions worth around Rs 590 crore at one of its branches in Chandigarh, allegedly involving a few employees.
In a regulatory filing made on Sunday, the private sector bank said that based on a preliminary internal assessment (upon receipt of communication from a particular Department of Government of Haryana), the bank has identified an incident involving unauthorized and fraudulent activities by certain employees at a particular branch in Chandigarh and potentially involving other counterparties.
Detailing the events that led to the aforementioned discover, the bank stated that it had received a request from a particular Department of Haryana Government for closure of its account and transfer of funds to another bank. In the process, certain discrepancies were observed in the amount mentioned vis-?-vis the balance in the account.
Meanwhile, AU Small Finance Bank slumped 5.20% after the Haryana government decisively removed the bank from its list of empanelled lenders due to serious allegations of fraudulent activities. In a statement, the bank said that on 18 February 2026, it received a separate communication from the department seeking information regarding suspected unauthorised transactions between a government account and another customer account.
As of 21 February 2026, deposits from the Government of Haryana with AU Small Finance Bank stood at Rs 538 crore across nearly 200 accounts, accounting for about 0.4% of the bank's overall deposits as of 31 December 2026.
Numbers to Track:
The yield on India's 10-year benchmark federal paper slipped 0.28% to 6.706 compared with the previous session close of 6.725.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 90.9000 compared with its close of 90.9450 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement advanced 1.90% to Rs 159,850.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 97.66.
The United States 10-year bond yield fell 0.27% to 4.078.
In the commodities market, Brent crude for April 2026 settlement lost 41 cents or 0.57% to $71.35 a barrel.
Global Markets:
Most European markets traded lower on Monday as investors awaited Italy?s inflation data due later this week.
Markets in Asia ended mostly higher as investors digested the developments related to the United States tariffs.
While the Supreme Court ruled on Friday that the Trump administration unlawfully imposed the measures last year, US President Donald Trump used different legal means to raise global levies to 15% from 10% over the weekend.
Markets in China and Japan were closed for a holiday.
On Friday, U.S. stocks rose after the Supreme Court ruling, potentially providing relief for companies burdened by higher costs from the duties and easing concern about sticky inflation still plaguing the U.S. economy.
The S&P 500 advanced 0.69% and closed at 6,909.51, while the Nasdaq Composite gained 0.9% and settled at 22,886.07. The Dow Jones Industrial Average added 230.81 points, or 0.47%, and ended at 49,625.97. The 30-stock index recovered from a 200-point loss earlier in the session on disappointing economic data.
Data released on Friday showed that the US economy expanded an annualized 1.4% in Q4 2025, the least since Q1 2025, following a 4.4% growth in Q3 and well below widely reported forecasts of 3%, the advance estimate showed.
Stocks in Spotlight:
Dee Development Engineers surged 16.35% after the company announced that it, along with its material subsidiary, has secured contracts aggregating approximately Rs 173 crore.
Adani Ports and Special Economic Zone advanced 2.75% after the company?s subsidiary Adani Gangavaram Port signed a memorandum of understanding with NMDC, a Government of India enterprise, and Vale S.A., Brazil.
Axis Bank added 1.34% after the bank has clarified that it has neither submitted nor is planning to submit any bid for a stake in CreditAccess Grameen.
UPL tumbled 14.15% after the company?s restructuring plan triggered concerns over leverage and the post-rejig capital structure. The company announced restructuring plan to consolidate its India and international crop protection businesses into a new listed entity, UPL Global Sustainable Agri Solutions (UPL Global).
Morepen Laboratories zoomed 15.11% after the company announced that it has secured a multi-year contract development and manufacturing organization (CDMO) mandate valued at approximately Rs 825 crore from a leading global pharma major. The company stated that the supplies under the said mandate are expected to commence within the next 4?5 months, with execution scheduled through Q1 of the following financial year, subject to customary operational and regulatory processes.
JSW Infrastructure added 1.94% after the company?s board approved the issuance of 25 crore equity shares with face value of Rs 2 each, to fund its multi year expansion program. The fundraising may be undertaken through one or more of following modes such as qualified institutional placement (QIP), further public offer (FPO), rights issue or through any other permissible mode. The issuance of shares will also enable compliance with SEBI?s Minimum Public Shareholding (MPS) requirement.
As previously guided, the company remains on a strong growth trajectory, with operating EBITDA expected to double by FY28 from FY26 levels to reach around Rs 5,000 crore. This outlook is underpinned by clear execution visibility across the under-construction Projects in the Ports segment and the transition of rolling assets from capex to EBITDA contribution within the Logistics segment.
Lotus Chocolate Company declined 1.97% after the company announced temporary shutdown of its manufacturing facility situated in Sangareddy, Telangana for 15 days from 24 February 2026.
R&B Denims rose 1.94% after the company secured sales orders aggregating to around Rs 215.88 crore for the supply of around 12,000,000 meters of denim fabric products from established merchant exporters.
Olectra Greentech gained 2.50% after its associate, Evey Trans (EVEY), secured two Letters of Award (LOAs) worth Rs 1,800 crore from the Telangana State Road Transport Corporation (TGSRTC).
Patel Engineering rose 2.68% after the company said that it has been declared the lowest bidder (L1) from Himachal Pradesh Power Corporation (HPPCL) for the construction of the Renukaji Dam Project in Himachal Pradesh. The order, valued at Rs 910 crore, is scheduled to be completed within 30 months.
IPO Update:
Gaudium IVF and Women Health received bids for 4,21,19,784 shares as against 1,46,20,340 shares on offer, according to stock exchange data at 16:45 IST on Monday (23 February 2026). The issue was subscribed 1.54 times. The issue was subscribed 2.59 times.
The issue opened for bidding on 20 February 2026 and it will close on 24 February 2026. The price band of the IPO is fixed between Rs 75 and 79 per share.
Shree Ram Twistex received bids for 11,92,464 shares as against 1,06,00,000 shares on offer, according to stock exchange data at 16:45 IST on Monday (23 February 2026). The issue was subscribed 1.54 times. The issue was subscribed 0.11 times.
The issue opened for bidding on 23 February 2026 and it will close on 25 February 2026. The price band of the IPO is fixed between Rs 95 and 104 per share.
Clean Max Enviro Energy Solutions received bids for 75,04,294 shares as against 2,18,23,329 shares on offer, according to stock exchange data at 16:45 IST on Monday (23 February 2026). The issue was subscribed 1.54 times. The issue was subscribed 0.34 times.
The issue opened for bidding on 23 February 2026 and it will close on 25 February 2026. The price band of the IPO is fixed between Rs 1,000 and 1,053 per share.
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