Benchmarks closed higher on Monday after the U.S. Supreme Court struck down President Donald Trump’s reciprocal tariff framework, though fresh 15 per cent import tariffs announced under executive powers kept markets on edge.
The Sensex gained 479.95 points, or 0.58 per cent, to close at 83,294.66, while the Nifty rose 141.75 points, or 0.55 per cent, to settle at 25,713.
The rally, however, was tempered. Markets opened with an upside gap, the Nifty hitting an intraday high of 25,771, before profit booking pulled it lower as traders digested the announcement of a flat 15 per cent import tariff that Trump retained under executive powers.
The index shed nearly 500 points from the day’s highs before stabilising. Of the 4,497 stocks traded on the BSE, 1,926 advanced, 2,389 declined, and 182 remained unchanged.
Sectorally, PSU Banks were the standout performers, with the index rising 1.35 per cent. Pharma, oil & gas, infrastructure, FMCG, and auto sectors posted gains of around 0.5 per cent each. The Nifty Financial Services index gained 0.87 per cent, closing at 28,455.
On the losing side, the IT index shed over 1.5 per cent, its fourth consecutive session of decline, on concerns over AI-led disruption and global uncertainty. Metals fell 0.2 per cent.
Among Nifty 50 top gainers, Adani Ports led with a 2.81 per cent rise to ₹1,554, followed by Kotak Bank at ₹430.80, up 2.24 per cent. HDFC Life gained 1.97 per cent to close at ₹743, Dr. Reddy’s rose 1.93 per cent to ₹1,305.10, and UltraTech Cement added 1.60 per cent to close at ₹12,970.
On the losing side, Hindalco fell 2.23 per cent to ₹914.85, Wipro shed 1.89 per cent to ₹205.90, Infosys dropped 1.86 per cent to ₹1,328, Tech Mahindra declined 1.35 per cent to ₹1,437.20, and Cipla lost 1.05 per cent to ₹1,327.
Broader markets were mixed. The Nifty Midcap 100 slipped 0.43 per cent to 59,255.65, while the Nifty Smallcap 100 edged up 0.29 per cent to 17,051.95. The Nifty Next 50 gained 0.39 per cent to 69,723.10. On the BSE, 124 stocks hit 52-week highs while 238 hit 52-week lows, with 208 stocks in upper circuit and 188 in lower circuit.
On commodities, gold remained firm. Jateen Trivedi, VP Research Analyst at LKP Securities, noted: …”Gold has formed a short-term base near ₹1,55,000 on MCX and $2,900 on CME, and the ongoing tariff adjustments continue to keep economic outlooks fluid. As long as trade policy remains unpredictable, allocation toward gold is likely to stay firm”… with immediate support at ₹1,55,000 and resistance around ₹1,62,000.
Ajit Mishra, SVP Research at Religare Broking, said: …”the ongoing tussle in the index reflects prevailing uncertainty on the global front, while domestic cues remain largely muted”… and advised participants to focus on banking, auto, and energy counters for long positions, while flagging the IT sector as “still vulnerable to further downside.”
Technically, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, flagged 25,800–25,830 as the immediate hurdle for Nifty. …”Any sustainable move above 25,830 will lead to a sharp upside rally up to the 26,000 level”… he said, adding that 25,600–25,570 would act as crucial support. For Bank Nifty, which closed at 61,264.25, up just 0.15 per cent, the 61,500–61,600 zone remains the key resistance, with a breakout potentially driving the index toward 62,200–62,600.
Shrikant Chouhan of Kotak Securities noted the 20-day SMA at 25,600 as the immediate reference point: …”As long as the market is trading above this level, the bullish momentum is likely to continue”… A breakout above 25,800 could push markets toward 25,950–26,000, while a fall below 25,600 risks a retest of 25,450–25,500.
Looking ahead, market direction will hinge on clarity around U.S. trade policy renegotiations and whether Nifty can decisively break above the 25,800–25,900 resistance zone. A sustained move above 25,900 could open the path to 26,200–26,300 in the coming weeks, while a breach below 25,372, last week’s low, would expose the index to further downside near the 200-day EMA around 25,100–25,200.
Published on February 23, 2026