MUMBAI: Indian equity benchmarks closed higher on Wednesday, extending gains for the third consecutive session, driven by buying in metal and PSU bank stocks. The BSE Sensex settled at 83,734.25, up 283.29 points or 0.34 per cent, while the NSE Nifty 50 ended at 25,819.35, a gain of 93.95 points or 0.37 per cent [citation:5][citation:9].
Sectoral trends
Barring the IT sector, all major sectoral indices ended in positive territory. The Nifty Metal index was the top performer, rising 1.33 per cent to 11,985.75 [citation:3][citation:10]. Nifty PSU Bank index gained 1.31 per cent, while Nifty FMCG advanced 1.21 per cent [citation:9]. Nifty Bank closed 0.61 per cent higher at 61,551 [citation:4].
The Nifty IT index was the sole loser, dropping 1.23 per cent to 32,668.30, weighed down by selling in Infosys, Tech Mahindra, and HCL Tech [citation:3][citation:8].
| Sectoral Index | Closing Level | Change (%) |
|---|---|---|
| Nifty Metal | 11,985.75 | +1.33% |
| Nifty PSU Bank | 6,621.45 | +1.31% |
| Nifty FMCG | 58,342.60 | +1.21% |
| Nifty Bank | 61,551.00 | +0.61% |
| Nifty IT | 32,668.30 | -1.23% |
Metal stocks rally
Metal stocks witnessed strong buying interest. Hindustan Copper jumped 3.63 per cent, Lloyds Metals & Energy gained 3.04 per cent, and Tata Steel advanced 2.93 per cent [citation:3][citation:5]. Jindal Stainless, Vedanta, and Hindalco also ended with gains.
PSU banks extend rally
PSU banking stocks continued their upward move. SBI, PNB, and Canara Bank were among the top gainers, with the index rising over 1 per cent [citation:4][citation:5]. Improved asset quality and credit growth expectations supported the sentiment.
IT stocks under pressure
IT stocks faced selling pressure amid ongoing concerns about AI-related disruptions and global uncertainty. Infosys fell nearly 3 per cent, while Tech Mahindra and HCL Tech declined over 1 per cent [citation:5][citation:8].
- Sensex: 83,734.25 (+283.29 pts / +0.34%)
- Nifty: 25,819.35 (+93.95 pts / +0.37%)
- Top gainers (Nifty): Tata Steel (+2.9%), ITC (+2.2%), Axis Bank (+1.5%) [citation:1]
- Top losers (Nifty): Infosys (-2.8%), Tech Mahindra (-2.4%), HCL Tech (-1.9%) [citation:1][citation:8]
- Broader market: Midcap +0.50%, Smallcap +0.54% [citation:5][citation:9]
- Market breadth: 2,241 advances / 1,957 declines on BSE [citation:5]
- FII/DII activity (Feb 17): FII net buyers of ₹995 crore, DII net buyers of ₹187 crore [citation:6][citation:8]
- India VIX: cooled 3.55% to 12.22
Broader markets outperform
The broader indices outperformed the benchmarks. The BSE MidCap index gained 0.50 per cent, while the BSE SmallCap index advanced 0.54 per cent [citation:5]. Market breadth was positive, with 2,241 stocks advancing against 1,957 declines on the BSE [citation:5].
Expert observation
Analysts noted that domestic institutional investors (DIIs) continue to provide structural support. FIIs were net buyers of ₹995 crore on February 17, marking their eighth buying session in the last 13 trading days [citation:6][citation:8].
Stocks in focus
Dilip Buildcon rose 3.71% after emerging as L1 bidder for a ₹702 crore flood protection project in Gujarat [citation:1][citation:5]. E2E Networks surged 12.9% after announcing a partnership with NVIDIA to build an AI cluster [citation:5]. Netweb Technologies gained 8.8% on launching AI supercomputing systems powered by NVIDIA [citation:5].
February 18 closing: key points
- Third day of gains: Sensex and Nifty extended winning streak for third consecutive session [citation:1][citation:4]
- Sectoral divergence: Metal (+1.33%) and PSU Bank (+1.31%) led; IT (-1.23%) lagged [citation:9]
- Recovery from day's low: Sensex recovered nearly 600 points from intraday low of 83,206 [citation:4][citation:9]
- Volatility eases: India VIX dropped 3.55% to 12.22, indicating reduced near-term uncertainty [citation:5]
- FII flows positive: Foreign investors net buyers in eight of last 13 sessions [citation:8]
Rupee, gold and oil
The Indian rupee closed at 90.66 against the US dollar, slightly weaker by 2 paise [citation:9]. Gold prices on MCX traded 0.9% higher at ₹152,901 per 10 grams, while silver gained 3% to ₹237,167 per kg [citation:1]. Brent crude oil futures were little changed around $67.40 a barrel [citation:6][citation:8].
Disclaimer: This report is based on provisional closing data. Market conditions are subject to change. Please consult your financial advisor before making investment decisions.