February 12, 2026 | Nifty Nears 26,000 as IPO Allotments, Low Volatility, and Stock-Specific Action Shape Pre-Market Tone

Good Morning & Market Recap

Indian markets closed marginally higher on Tuesday, with Nifty 50 settling at 25,935.15 (+0.26%) and Sensex at 84,273.92 (+0.25%), extending gains for the third consecutive session. Bank Nifty saw minor consolidation, closing at 60,626.40 (-0.07%) after a strong rally. GIFT Nifty futures at 02:30 AM today indicated a flat-to-negative opening at 25,964 (down 8.50 points), signaling cautious pre-market sentiment.

US markets delivered a mixed close overnight, with the Dow Jones extending its northbound journey to 50,188.14 (+0.1%), closing above the historic 50,000 mark for the second session. However, the S&P 500 fell 0.3% to 6,941.81 and Nasdaq declined 0.6% to 23,102.47 on profit-booking in high-value AI stocks and disappointing retail sales data. Asian cues remain neutral as global investors digest earnings and macro data.

What’s different today? The focus shifts to IPO allotments (Aye Finance) and new primary market activity (Marushika Technology opens today), while technical resistance at Nifty 26,000 remains the key near-term hurdle. With India VIX below 12, volatility remains subdued, but stock-specific action in Q3 results and midcap momentum will dictate intraday direction.

Tech Pulse

India's largest pre-silicon chip validation facility has opened at C-DAC Bengaluru, marking a significant step in the nation's semiconductor ambitions. The facility is expected to accelerate domestic chip design capabilities as Karnataka steps up efforts to capture a larger share of the country’s rapidly growing electronics and semiconductor market.

Lenskart reported a stellar 74X surge in Q3 profit driven by improved margins, with revenue jumping 38%, underscoring strong execution in the omnichannel eyewear segment.

On the global front, Samsung has announced the Galaxy S26 series launch for February 25, with pre-reservations now open in India. Meanwhile, enterprise AI adoption in India is driving a parallel surge in data leakage risks, with a new report highlighting vulnerabilities tied to rapid AI system deployments. Zoho also announced Zoho ERP targeting fast-scaling Indian enterprises, positioning for the growing demand in cloud-based business solutions.

Actionable Trigger

Watch semiconductor and electronics manufacturing stocks ahead of Karnataka's investment roadshows, and track Lenskart's expansion plans post-results. Samsung's India launch event on February 25 could drive sentiment in the consumer durables space.

Funding Radar

Indian startups raised approximately $215 million across 26 deals during the week of February 2–7, comprising three growth-stage and eighteen early-stage transactions.

Drivn, a full-stack electric mobility platform, secured financing commitments of up to $80 million. Clean-label health food brand The Whole Truth raised about $51 million in a Series D round led by Sofina and Sauce.vc, comprising primary and secondary capital. Climate-tech startup Varaha raised $20 million in the first tranche of its Series B round led by WestBridge Capital.

On the fund formation side, deeptech-focused VC firm Unicorn India Ventures closed its third fund at ₹1,200 crore, exceeding its ₹1,000 crore target. E-commerce and AI startups led deal activity with five deals each, followed by food and beverage with three deals.

Sectoral Ripple

The continued momentum in EV infrastructure, climate tech, and consumer health signals sustained investor appetite for sustainable and tech-enabled business models. Bengaluru topped the city-wise deal count with ten deals, while Delhi-NCR led in total funding at $104.5 million.

IPO Pipeline Intelligence

Aye Finance IPO subscription closed yesterday (February 11) with cautious investor response during its three-day window. The ₹1,010 crore issue (₹710 crore fresh issue plus ₹300 crore OFS) at a price band of ₹122–129 saw allotment scheduled for today (February 12), with listing set for February 16.

The NBFC, backed by CapitalG, Elevation Capital, and LGT Capital, serves over 5.8 lakh active customers with an AUM of ₹6,027.62 crore across 18 states.

Opening today, Marushika Technology Limited launches its IPO on the NSE Emerge platform with a proposed issue size of ₹26.97 crore. The company specializes in IT infrastructure, data centers, and cybersecurity solutions, positioning to benefit from India’s digital transformation and rising cybersecurity requirements.

Oorjita Pre-Emptive Read (Aye Finance)

With a minimum retail investment of ₹14,964 (116 shares at the upper band), Aye Finance’s valuation will be tested against listed NBFC peers. The company’s AI/ML-driven underwriting for micro-MSMEs addresses a critical credit gap, but asset quality metrics and credit costs remain key monitorables. Anchor allocation of ₹454.5 crore indicated institutional confidence.

Red Flags

1. NBFC sector faces regulatory scrutiny on unsecured lending
2. Micro-MSME segment carries inherent higher credit risk

Green Flags

1. Strong institutional backing from global investors
2. Tech-enabled phygital model with 568 branches
3. Underserved market with significant growth potential

Timeline: Allotment today (February 12) → Listing on February 16. Watch for GMP movement and final subscription data.

Market Movers & Watchlist

Banking stocks showed mixed action, with Bank Nifty consolidating after a sharp rally, forming a small bearish candle within the previous session’s range. Private banks continue to drive strength supported by healthy credit growth, while PSU banks participate selectively. Immediate resistance for Bank Nifty is at 60,900–61,000, with support at 60,100–60,000. A decisive break above Monday’s high of 60,876 could push the index toward 61,200 and 61,800.

Midcap and smallcap indices extended gains, with the Nifty Midcap index rising 0.49% and Smallcap gaining 0.38%, indicating steady risk appetite despite the lack of sharp directional moves. The broader market’s outperformance suggests sector rotation and stock-specific opportunities remain in play.

Actionable Watch Levels

Nifty 50 support is seen at 25,800, with the 50-day moving average at 25,790, while resistance lies at 26,000 and 26,350.
Bank Nifty support stands at 60,100–60,000, with a critical level at 59,900, while resistance is placed at 60,900–61,000.
India VIX remains below 12, down 3%, indicating a low volatility environment.

What to Watch Today

IPO activity includes Aye Finance allotment finalisation and the opening of Marushika Technology’s subscription window. Technical focus remains on a potential Nifty 26,000 breakout and Bank Nifty’s 61,000 resistance test. Market participants will track provisional FII and DII flow data from the February 11 trading session, assess the impact of US retail sales, and monitor Asian market cues. Earnings announcements, conference calls, and sector-specific action in semiconductors, electronics, and NBFCs remain in focus.

Currency & Commodities Snapshot

The INR/USD reference rate stood at 90.5675 on February 11, up 0.07% from the previous session. The rupee has weakened 0.56% over the past month and 4.22% year-on-year, with a historical high of 92.29 touched in January 2026. Brent crude traded around $68.97 per barrel, lower than the previous day’s $69.17, reflecting continued volatility. Gold held steady at ₹15,800 per 10 grams on MCX after correcting from its February 1 peak of ₹16,058, while silver remained volatile at approximately ₹2.5 lakh per kilogram on MCX.

Quote of the Day

“As we step into the IPO journey with Marushika Technology Limited, we see a company that is well positioned to benefit from India’s accelerating digital transformation, increasing investments in data centres, rising cybersecurity requirements, and government-led smart infrastructure initiatives.”
— Sanjeev Gupta, Co-Founder & Managing Director, Nexgen Financial Solution Private Limited

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