Equity benchmark indices Sensex and Nifty closed higher on Monday (February 23, 2026), tracking gains in PSU bank, auto and financial stocks, as investors' sentiments improved after the U.S. Supreme Court struck down the Trump administration's sweeping tariffs.The 30-share BSE Sensex climbed 479.95 points, or 0.58%, to settle at 83,294.66. During the session, the benchmark jumped 671.44 points, or 0.81%, to hit an intraday high of 83,486.15.Also Read | Tariffs in trouble: On the U.S. Supreme Court and Donal ...

Group 1: IDFC First Bank Fraud Incident - IDFC First Bank Ltd reported a potential fraud involving unauthorized activities amounting to ₹590 crore linked to Haryana Government accounts [1] - The issue was identified following a request for account closure from a Haryana Government department, revealing discrepancies between reported balances and actual funds [1] - The Haryana Government has barred IDFC First Bank and AU Small Finance Bank from handling government business until further notice due to the alleged fraud [2] Group 2: Telecom and IT Sector Developments - Zscaler Inc and Bharti Airtel launched the AI & Cyber Threat Research Centre in India to enhance national cyber resilience and protect critical sectors [3] Group 3: Healthcare Sector Innovations - Take Solutions Ltd integrated advanced AI capabilities powered by Anthropic's Claude to enhance its healthcare platforms, aiming for a shift from reactive to preventive care [4] Group 4: Real Estate Sector Agreements - Prestige Group signed a Definitive Agreement with Bangalore Metro Rail Corporation to co-brand Bellandur Metro Station, investing ₹115 crore for station upgrades [5] - Lodha Developers partnered with Sahana Group to develop projects on over 10 acres in Mumbai [6] Group 5: Infrastructure Projects - Hazoor Multi Projects received a Work Order from Tata Steel for the design and construction of employee housing at TSSIJ, Bileipada [7] - Adani Ports signed a strategic MoU with NMDC Limited and Vale S.A. to enhance cooperation in the India-Brazil business context [8][9] - RPP Infra Projects secured a work order from the Sports Development Authority of Tamil Nadu for establishing a Global Sports City in Chennai valued at ₹205.89 crore [9] Group 6: Energy and Solar Sector Agreements - NHPC approved an investment proposal for the Uri-I Stage-II HE Project in Jammu & Kashmir at an estimated cost of ₹2,708.95 crore [12] - Vikram Solar entered a procurement agreement worth ₹2,000 crore for high-efficiency solar cells [13] Group 7: Corporate Developments - UPL Corporation's credit rating was maintained at 'BB/Stable' post-reorganisation, which transfers its crop protection businesses to a new entity [14] - Himalaya Food International secured product registration with US Foods, enhancing its market presence in North America [15] - R & B Denims Ltd received confirmed sales orders worth approximately ₹215.88 crore for denim fabric products [16] - Pine Labs acquired a 100% stake in Agya Technologies for ₹13.9 crore, enhancing its financial services capabilities [19]

Financial Institutions - IDFC First Bank reported fraudulent activities involving Rs 590 crore from accounts linked to the Haryana government, with four employees suspended pending investigation [1] - YES Bank expects to close the financial year with a return on assets of 1%, reporting a net profit of Rs 952 crore for the December quarter, a growth of 55% year-on-year and 45% quarter-on-quarter [6] - State Bank of India aims to increase green advances to 7.5-10% by 2030, with 25% of these advances funded through green lines of credit, while the current green advances portfolio stands at 1.56% of total advances as of March 2025 [4][11] Energy Sector - Adani Group Chairman Gautam Adani reviewed power investments exceeding Rs 40,000 crore in Jharkhand and Bihar, highlighting the group's expanding presence in eastern India [5][11] - Coal India's Gevra mine is projected to become the world's top coal-producing mine next year, achieving an output of 63 million tonnes, surpassing US mines [8][11] Electric Vehicle Industry - Ola Electric plans to reduce its physical store count to about 550 by March-end, following a significant decline in market share and operational challenges, just a year after expanding to 4,000 stores [7][11] Cybersecurity - Zscaler, in partnership with Bharti Airtel, launched the AI and Cyber Threat Research Center to enhance national cyber resilience, focusing on critical sectors such as telecommunications, banking, and energy [10][11] Financing Activities - Vedanta Resources raised $350 million from global banks to refinance upcoming maturities and interest payouts, with participation from Middle Eastern lenders and major global banks [9][11]

Core Insights - The market capitalization of six out of the ten most-valued companies increased by Rs 63,478.46 crore last week, driven primarily by strong performances from Larsen & Toubro and State Bank of India [4] - The broader market saw a modest increase, with the BSE Sensex rising by 187.95 points, or 0.22% during the week [4] Company Performance - Larsen & Toubro led the weekly gains, adding Rs 28,523.31 crore to reach a market valuation of Rs 6,02,552.24 crore [4] - State Bank of India experienced a significant rise, with its market capitalization increasing by Rs 16,015.12 crore to Rs 11,22,581.56 crore [4] - HDFC Bank's valuation rose by Rs 9,617.56 crore, bringing its total to Rs 14,03,239.48 crore [4] - Life Insurance Corporation of India (LIC) added Rs 5,977.12 crore, pushing its market worth to Rs 5,52,203.92 crore [4] - Bajaj Finance's market capitalization climbed by Rs 3,142.36 crore to Rs 6,40,387 crore [4] - Reliance Industries saw a marginal increase of Rs 202.99 crore, taking its total valuation to Rs 19,21,678.78 crore [4] Declines in Market Value - Bharti Airtel recorded the largest decline, with its market capitalization dropping by Rs 15,338.66 crore to Rs 11,27,705.37 crore [4] - ICICI Bank followed with a decrease of Rs 14,632.10 crore, bringing its valuation to Rs 9,97,346.67 crore [4] - Infosys lost Rs 6,791.58 crore in market value, resulting in a total of Rs 5,48,496.14 crore [3][4] - Tata Consultancy Services (TCS) slipped by Rs 1,989.95 crore to a market valuation of Rs 9,72,053.48 crore [3][4]

Market Overview - The 30-share BSE Sensex increased by 187.95 points, or 0.22 percent, over the past week [1] Company Valuations - The market valuation of Larsen & Toubro rose by Rs 28,523.31 crore to Rs 6,02,552.24 crore [2][6] - State Bank of India (SBI) added Rs 16,015.12 crore to reach Rs 11,22,581.56 crore [2][6] - HDFC Bank's valuation climbed by Rs 9,617.56 crore to Rs 14,03,239.48 crore [2][6] - Life Insurance Corporation of India (LIC) increased by Rs 5,977.12 crore to Rs 5,52,203.92 crore [2][6] - Bajaj Finance's market capitalisation advanced by Rs 3,142.36 crore to Rs 6,40,387 crore [4][6] - Reliance Industries' valuation went up by Rs 202.99 crore to Rs 19,21,678.78 crore [4][6] Declines in Valuation - Bharti Airtel's market capitalisation fell by Rs 15,338.66 crore to Rs 11,27,705.37 crore [5][6] - ICICI Bank's valuation decreased by Rs 14,632.10 crore to Rs 9,97,346.67 crore [6] - Infosys' market capitalisation declined by Rs 6,791.58 crore to Rs 5,48,496.14 crore [6] - Tata Consultancy Services (TCS) dipped by Rs 1,989.95 crore to Rs 9,72,053.48 crore [6] Top Valued Firms - Reliance Industries remains the most-valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India, and Infosys [6]

Core Insights - The combined market valuation of six of the top-10 valued firms increased by ₹63,478.46 crore last week, with Larsen & Toubro and State Bank of India being the primary contributors [1][2]. Group 1: Gainers - Larsen & Toubro's market valuation rose by ₹28,523.31 crore, reaching ₹6,02,552.24 crore [2]. - State Bank of India's valuation increased by ₹16,015.12 crore, totaling ₹11,22,581.56 crore [2]. - HDFC Bank's market capitalization climbed by ₹9,617.56 crore to ₹14,03,239.48 crore [3]. - Life Insurance Corporation of India's valuation edged up by ₹5,977.12 crore, reaching ₹5,52,203.92 crore [3]. - Bajaj Finance's market cap advanced by ₹3,142.36 crore to ₹6,40,387 crore [3]. - Reliance Industries' valuation increased by ₹202.99 crore, totaling ₹19,21,678.78 crore [3]. Group 2: Losers - Bharti Airtel's market capitalization fell by ₹15,338.66 crore to ₹11,27,705.37 crore [3]. - ICICI Bank's valuation decreased by ₹14,632.10 crore, bringing it down to ₹9,97,346.67 crore [3]. - Infosys' market cap declined by ₹6,791.58 crore to ₹5,48,496.14 crore [4]. - Tata Consultancy Services' valuation dipped by ₹1,989.95 crore, totaling ₹9,72,053.48 crore [4]. Group 3: Market Overview - The BSE Sensex rose by 187.95 points, or 0.22 percent, over the past week [1]. - Reliance Industries remains the most-valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, Tata Consultancy Services, Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India, and Infosys [4].

Core Insights - Zscaler, Inc. and Bharti Airtel have launched the AI & Cyber Threat Research Centre in India to enhance cyber resilience and promote trusted AI adoption across the digital ecosystem [1][2][3] Group 1: Objectives and Scope - The centre aims to protect critical sectors such as telecommunications, banking, and energy, which are vital for India's economic and national security [2] - It will serve as a national collaboration platform involving private sector, public sector, academia, and government agencies to strengthen cyber defenses and develop a future-ready talent pipeline [3] Group 2: Technological Approach - Zscaler emphasizes the need for a modern Zero Trust architecture to secure India's digital systems, as traditional security models are inadequate for the current threat landscape [4] - The partnership will leverage Zscaler's Zero Trust Exchange platform, processing over 500 billion daily transactions to extract threat intelligence [5] Group 3: Collaboration and Commitment - Airtel will enhance network monitoring and develop solutions for faster threat detection, contributing to a safer digital environment for citizens and enterprises [6] - The centre plans to invite additional members from both public and private sectors to expand collaboration and strengthen national cyber resilience [7]

Market Overview - Markets opened cautiously on February 20, with benchmark indices trading in a narrow range after a significant sell-off that resulted in a loss of nearly ₹6.79 lakh crore in market capitalization [1] - The Sensex opened at 82,272.49 and was trading at 82,591.30, up ₹93.16 or 0.11% [2] - The Nifty 50 opened around 25,400 and was trading at 25,503.60, up 49.25 points or 0.19% [2] Sector Performance - The sell-off on Thursday was broad-based, with reality and media indices losing nearly 2% each, marking the steepest sectoral declines [2] - Banking, auto, FMCG, metals, and aviation stocks were also significantly impacted [3] - Information technology stocks continued to drag the market, with Tech Mahindra falling 1.39% and Infosys dropping 1.34% [11] Investor Activity - Both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) turned net sellers, offloading ₹459.90 crore and ₹1,082.15 crore, respectively, in the cash market [3] - Analysts suggest that investors optimistic about a potential deal can use the current market weakness to buy fairly valued high-quality stocks in various sectors [12] Geopolitical Influences - The primary trigger for the risk-off mood was escalating US–Iran geopolitical tensions, with President Trump warning of potential consequences if a deal is not reached [4] - Crude oil prices surged above $66 per barrel, climbing more than 7% over two days due to concerns over potential disruptions in the Strait of Hormuz [4] Global Market Impact - Wall Street closed lower, with the Dow Jones falling 267 points, the Nasdaq down 70 points, and the S&P 500 dipping 19 points [5] - The US Dollar Index rose to near 97.80, impacting emerging market assets, while gold remained above $5,000 per troy ounce due to safe-haven demand [9] Technical Analysis - The Nifty has slipped below its 20-, 50-, and 100-day exponential moving averages, indicating a bearish trend [12] - Immediate support for the Nifty lies at 25,400–25,300, with resistance at 25,600 [12] - The Bank Nifty is hovering above the crucial support zone of 60,500–60,300, with a breach below this level potentially dragging the index toward 60,000–59,800 [12]

Market Performance - Stock markets closed higher for the second consecutive session, with the BSE Sensex rising by 173.81 points, or 0.21%, to close at 83,450.96, and the NSE Nifty advancing by 42.65 points, or 0.17%, to settle at 25,725.40 [1][4] Sector Performance - Major gainers among the Sensex constituents included ITC, Bharat Electronics Ltd., Larsen & Toubro, Infosys, Asian Paints, Titan, Adani Ports, HCL Technologies, Sun Pharmaceuticals, Maruti Suzuki India, IndiGo, State Bank of India, and Tech Mahindra [2] - Conversely, stocks that ended with losses included Eternal, Tata Steel, Trent, Reliance Industries, Mahindra & Mahindra, Bajaj Finserv, Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and Hindustan Unilever [2] Broader Market Indices - Broader indices also showed positive movement, with the BSE Smallcap Select Index rising by 0.49% and the Midcap Select Index gaining 0.26% [3] Foreign and Domestic Investment - Foreign institutional investors sold equities worth ₹972.13 crore, while domestic institutional investors purchased stocks worth ₹1,666.98 crore [4] Commodity Prices - Brent crude, the global oil benchmark, fell by 0.79% to $68.13 per barrel [4]

Core Viewpoint - State Bank of India (SBI) has experienced a significant re-rating, with its price-to-book (P/B) multiple rising to 2.41, reflecting improved fundamentals and strong earnings visibility, positioning it favorably among public sector banks [1][10]. Valuation Metrics - SBI's current P/B multiple of 2.41 is lower than HDFC Bank's 2.69 and ICICI Bank's 2.92, indicating a valuation gap despite comparable return ratios [1][10]. - A year ago, SBI's P/B stood at 1.35, showcasing a substantial increase in valuation over the past year [10]. Earnings Performance - SBI reported a 24% year-on-year growth in standalone net profit, amounting to Rs 21,028 crore in the third quarter, while net interest income (NII) increased by 9% year-on-year to Rs 45,190 crore [12][16]. - The bank's return on equity (ROE) is projected at 16-17%, and return on assets (ROA) is above 1%, both of which are higher than SBI's historical averages [5][12]. Market Position - SBI has recently surpassed Tata Consultancy Services (TCS) to become India's fourth-largest company by market capitalization, with a valuation exceeding Rs 11 lakh crore [6]. - Within the Nifty Bank index, SBI has outperformed most large-cap peers, with only AU Small Finance Bank and Canara Bank delivering higher one-year returns [8][16]. Analyst Insights - Kranthi Bathini from WealthMills Securities considers SBI fairly valued and a preferred pick in the PSU banking space, expecting continued investor interest in government-owned banks [2][11]. - Abhinav Tiwari from Bonanza highlights SBI's favorable near-term risk-reward profile, citing its valuation comfort and earnings visibility as key factors [4][12]. - Dr. Ravi Singh from Master Capital Services notes that while SBI is no longer deeply undervalued, it is trading above long-term averages, with future returns likely driven by stronger ROE rather than further multiple expansion [9][16]. Growth Outlook - Analysts expect a potential upside of 10-20% for SBI over the next 12 months, with gradual price growth anticipated rather than sharp increases [11][16]. - Loan growth guidance for SBI is set at 13-15% on a substantial Rs 38 lakh crore book, indicating strong earnings visibility moving forward [5][12].