February 16, 2026 | Markets Trade Sideways as Weak Breadth Persists, DII Buying Offsets FII Selling, and 60,000 Remains the Bank Nifty Pivot

Executive Summary

Indian equity markets traded sideways on Monday, 16 February 2026, with benchmark indices closing near their opening levels. The Nifty 50 remained flat at 25,471.10 (unchanged), while Bank Nifty closed at 60,186.65 (unchanged). Market breadth remained weak with 1,341 advances against 1,826 declines, resulting in an advance-decline ratio of 0.73, signaling persistent selling pressure across broader markets.

Institutional flows showed a divergence, with Foreign Institutional Investors (FII) registering net outflows of ₹972.13 crore (provisional), while Domestic Institutional Investors (DII) pumped in ₹1,666.98 crore (provisional), resulting in a net combined inflow of ₹694.85 crore. The options market reflected cautious sentiment with Nifty PCR at 1.079 and Bank Nifty PCR at 1.150, both indicating neutral to cautious positioning.

Sectoral performance was mixed, with Power, Coal, Banking, and FMCG leading gains, while Auto, Media, and IT sectors faced selling pressure. Stock-specific action saw significant volatility, with 51 stocks hitting 52-week highs compared to 148 stocks touching 52-week lows, highlighting the underlying weakness in market breadth.

Market Snapshot

Nifty 50 closed at 25,471.10, unchanged on the day, trading in an intraday range of 25,372.70 to 25,697.00.
Bank Nifty closed at 60,186.65, unchanged, with an intraday range of 59,861.10 to 61,011.30.
Nifty Midcap 100 ended at 59,723.00, up 0.48%, trading between 58,917.30 and 59,770.45.
Nifty Smallcap 100 closed at 17,050.90, up 0.11%, with a range of 16,822.25 to 17,062.75.
India VIX closed at 13.33, up 0.28%, ranging between 13.24 and 13.83.

The market exhibited a lack of directional conviction with Nifty 50 oscillating in a narrow 324-point range between 25,372 and 25,697. The unchanged closing levels on both Nifty and Bank Nifty reflect a wait-and-watch approach by market participants ahead of key macroeconomic data releases and global cues.

Market Breadth Analysis

Market internals painted a bearish picture despite flat headline indices.

Advances: 1,341
Declines: 1,826
Unchanged: 97
Advance-Decline Ratio: 0.73
52-Week Highs: 51
52-Week Lows: 148
High-Low Ratio: 0.34

The advance-decline ratio of 0.73 indicates that for every 100 advancing stocks, there were 137 declining stocks, reflecting negative breadth divergence. This weakness is further corroborated by the high-low ratio of 0.34, with nearly three times more stocks hitting 52-week lows compared to 52-week highs. Such divergence typically signals underlying weakness despite stable index levels, as index heavyweights mask broader market selloff.

Institutional Activity

Foreign Institutional Investors recorded gross buying of ₹20,159.84 crore and gross selling of ₹24,505.97 crore, resulting in net outflows of ₹972.13 crore (provisional).
Domestic Institutional Investors recorded gross buying of ₹19,135.42 crore and gross selling of ₹15,200.11 crore, resulting in net inflows of ₹1,666.98 crore (provisional).
Net combined institutional inflow stood at ₹694.85 crore.

Foreign Institutional Investors continued their selling streak with net outflows of ₹972.13 crore on Monday, marking consistent selling pressure over recent sessions. In contrast, Domestic Institutional Investors absorbed the selling with robust net buying of ₹1,666.98 crore, demonstrating their role as market stabilizers. The combined net inflow of ₹694.85 crore prevented any sharp downside, though the FII exodus remains a concern for near-term sentiment.

Month-to-date (February 2026), FII have sold ₹38,166.62 crore, while DII have bought ₹67,694.85 crore, resulting in net positive flows of ₹29,528.23 crore. This divergence highlights domestic resilience offsetting foreign selling pressure.

Options Market Analysis

Nifty Options (Current Expiry)

Spot Price: 25,471.10
Put-Call Ratio (PCR): 1.079
Total Call Open Interest: 26,92,235
Total Put Open Interest: 29,03,652
Maximum Call OI Strike (Resistance): 26,000
Maximum Put OI Strike (Support): 25,500
Signal: Neutral to Cautious

The Nifty PCR of 1.079 suggests a neutral stance by option traders, with slightly higher Put accumulation indicating hedging activity. The immediate resistance at 26,000 has witnessed maximum Call OI of 2,10,612 contracts, while support at 25,500 holds maximum Put OI of 2,17,530 contracts. The current spot price of 25,471 trading just below key support indicates vulnerability to downside if the 25,500 level is breached.

Bank Nifty Options (Current Expiry)

Spot Price: 60,186.65
Put-Call Ratio (PCR): 1.150
Total Call Open Interest: 4,56,023
Total Put Open Interest: 5,24,403
Maximum Call OI Strike (Resistance): 60,000
Maximum Put OI Strike (Support): 60,000
Signal: Neutral to Cautious

Bank Nifty options show PCR of 1.150, indicating higher Put accumulation compared to Calls, reflecting cautious sentiment. Both maximum Call OI and Put OI are concentrated at the 60,000 strike, making it a critical pivot level. Trading above this level would trigger short covering, while a breakdown could accelerate selling pressure. The current spot at 60,186 suggests bulls are defending the 60,000 psychological level.

Sectoral Performance

Top Performing Sectors

Sector | Close | Change (%)

Nifty PSU Bank | 9,304.40 | +1.50%
Nifty Bank | 60,949.10 | +1.27%
Nifty Private Bank | 29,031.80 | +1.19%
Nifty Commodities | 9,900.85 | +1.07%
Nifty Pharma | 22,403.15 | +0.94%

Banking sector emerged as the standout performer with PSU Banks leading gains (+1.50%), followed by Private Banks (+1.19%). Within banking stocks, Canara Bank (+3.05%), Union Bank (+2.80%), HDFC Bank (+2.39%), Bank of Baroda (+2.04%), and Axis Bank (+1.93%) were the top contributors. The rally in banking stocks was driven by expectations of improved asset quality and stable net interest margins.

Pharma sector (+0.94%) benefited from stock-specific buying in Torrent Pharma (+4.43%), Aurobindo Pharma (+3.53%), and JB Chemicals (+4.66%), likely driven by product approvals and strong quarterly expectations.

Underperforming Sectors

Sector | Close | Change (%)

Nifty Media | 1,450.05 | -0.87%
Nifty Auto | 28,028.20 | -0.73%
Nifty IT | 32,738.05 | +0.17%
Nifty Realty | 836.70 | +1.59%
Nifty Metal | 11,955.00 | +0.69%

Auto sector (-0.73%) witnessed selling pressure with major losers including Hero MotoCorp (-1.82%), TVS Motor (-1.59%), Maruti Suzuki (-1.14%), and Bajaj Auto (-0.72%), likely due to concerns over rising input costs and weak rural demand indicators.

Media sector (-0.87%) continued its underperformance amid weak advertising revenue trends and regulatory concerns. IT sector, despite nominal gains, remained under pressure from negative dollar revenue growth concerns.

Top Stock Movers

Top 5 Gainers (Nifty 50)

Stock | Close (₹) | Change (%) | Volume (Lakh)

Power Grid | 300.80 | +4.74% | 221.97
Coal India | 422.30 | +3.26% | 97.19
HDFC Bank | 925.50 | +2.39% | 188.07
Adani Enterprises | 2,181.30 | +2.09% | 18.25
Max Healthcare | 1,075.00 | +2.03% | 25.24

Power Grid (+4.74%) surged on robust volume of 222 lakh shares, likely driven by renewed interest in power infrastructure stocks amid government capex announcements. Coal India (+3.26%) benefited from rising coal demand and improved realizations. HDFC Bank (+2.39%) led banking gains on strong deposit growth expectations ahead of quarterly results.

Top 5 Losers (Nifty 50)

Stock | Close (₹) | Change (%) | Volume (Lakh)

Kotak Mahindra Bank (KWIL) | 29.20 | -2.01% | 497.16
Tech Mahindra | 1,513.90 | -1.34% | 18.73
Bajaj Finance | 1,013.00 | -1.15% | 44.61
Maruti Suzuki | 15,064.00 | -1.14% | 2.10
Tata Motors (TMPV) | 376.80 | -0.91% | 50.04

Tech Mahindra (-1.34%) and broader IT stocks faced pressure amid concerns over discretionary spending slowdown in key export markets. Bajaj Finance (-1.15%) declined on profit booking after recent gains. Auto stocks including Maruti (-1.14%) and Tata Motors (-0.91%) reflected sector-wide weakness.

Nifty Next 50 Movers

Top Gainers in Nifty Next 50

Stock | Close (₹) | Change (%) | Volume (Lakh)

Torrent Pharma | 4,258.70 | +4.43% | 163.99
Adani Green Energy | 991.80 | +4.35% | 417.20
Siemens | 3,216.00 | +3.19% | 29.33
Canara Bank | 146.10 | +3.05% | 1,809.04
Power Finance Corp | 411.95 | +2.85% | 472.54

Torrent Pharma (+4.43%) led Next 50 gainers on strong volume, driven by positive commentary on product pipeline and US market traction. Adani Green Energy (+4.35%) surged on aggressive volume of 417 lakh shares, supported by renewable energy policy tailwinds and improved project execution metrics. Siemens (+3.19%) rallied on the back of strong order inflows in the industrial automation and power transmission segments.

Top Losers in Nifty Next 50

Stock | Close (₹) | Change (%) | Volume (Lakh)

TVS Motor | 3,803.00 | -1.59% | 33.31
Naukri (Info Edge) | 1,124.20 | -1.48% | 110.70
ITC Hotels | 690.90 | -1.29% | 120.62
IOC | 174.90 | -1.06% | 618.42
DMart | 3,878.00 | -0.80% | 23.97

TVS Motor (-1.59%) faced selling pressure amid concerns over weak rural demand and rising raw material costs impacting margins. Naukri/Info Edge (-1.48%) declined on high volume following mixed commentary on hiring trends in the IT and startup sectors. ITC Hotels (-1.29%) witnessed profit booking despite strong occupancy trends in the hospitality sector.

Broader Market Highlights

Stocks Hitting 52-Week Highs (Select)

Enginersin Resources surged +14.30% to lead the gainers' list with massive volume, followed by Natco Pharma (+6.57%), GVPIL (+5.71%), and Torrent Pharma (+4.43%). These stocks demonstrated strong breakout momentum with robust buying interest.

Stocks at 52-Week Lows (Select)

Blue Jet Healthcare (-9.99%), FirstCry (-11.25%), Ola Electric (-6.77%), and MapMyIndia (-6.58%) were among stocks hitting fresh 52-week lows, reflecting sector-specific headwinds and weak investor sentiment.

Currency & Commodities

INR/USD: Currency data is pending official FBIL/RBI publication. Previous reference rate stood at ₹84.50 as of last available data. Market participants await the official rate for accurate assessment of rupee movement against the dollar.

The Indian Rupee strengthened marginally against the US Dollar to close at ₹90.7125, appreciating by 2.9 paise (0.03%) compared to the previous session's ₹90.7415. The rupee's resilience was supported by robust DII inflows of ₹1,666.98 crore despite FII outflows, along with easing crude oil prices providing relief on the current account front.

Against the British Pound, the rupee weakened to ₹123.7572 from ₹123.4459, depreciating by 31 paise (0.25%) amid stronger Sterling following positive UK economic data. The rupee remained range-bound against the Euro at ₹107.6497 and showed marginal strength against the Japanese Yen at ₹59.24 per 100 JPY.

Gold & Silver: Precious metals witnessed marginal gains with Gold Bees ETF (+0.71%) and Silver Bees ETF (+0.57%), reflecting safe-haven demand amid equity market consolidation and global geopolitical uncertainties. The Nifty Commodities Index gained 1.07% to close at 9,900.85, driven by strength in metals and energy stocks.

Crude Oil Proxies: Oil & Gas stocks showed resilience with Oil India (+1.80%), ONGC (+1.53%), and GAIL (+1.74%) leading sectoral gains. The Nifty Oil & Gas Index advanced 0.90%, supported by stable crude oil prices and improved refining margins for downstream companies.

Market Outlook

The market's sideways consolidation reflects a lack of fresh catalysts amid mixed global cues and domestic earnings season anticipation. Key technical levels to watch include:

Nifty 50: Immediate support at 25,400–25,500; resistance at 25,700–25,800
Bank Nifty: Critical support/resistance zone at 60,000; breakdown below could trigger selling towards 59,500
India VIX: At 13.33, volatility remains subdued, indicating low hedging activity

Key factors influencing near-term direction:

1. Quarterly earnings momentum — particularly from banking, IT, and auto sectors
2. FII flow trajectory — sustained selling pressure remains a concern
3. Global cues — US Federal Reserve policy stance and crude oil price movements
4. Domestic macroeconomic data — upcoming inflation and IIP numbers

The negative market breadth despite flat indices suggests caution is warranted. Traders should focus on stock-specific opportunities while maintaining strict stop-losses given the weak internals.

Trading Strategy & Levels

Nifty 50 Technical Outlook

Support Levels: 25,400 | 25,250 | 25,100
Resistance Levels: 25,700 | 25,850 | 26,000 (Max Call OI)

The index is consolidating in a 25,400–25,700 range with weak market breadth suggesting caution. A decisive break above 25,700 with volume support could trigger short covering towards the 26,000 resistance zone (maximum Call OI). Conversely, a breakdown below 25,400 could accelerate selling towards 25,250 and the critical 25,100 support level.

Bank Nifty Technical Outlook

Support Levels: 59,800 | 59,500 | 59,000
Resistance Levels: 60,500 | 61,000 | 61,500

Bank Nifty is hovering around the critical 60,000 level, which holds both maximum Call and Put Open Interest, making it a pivotal zone. Sustained trading above 60,500 could trigger a rally towards 61,000, while a breakdown below 59,800 may accelerate selling pressure towards 59,500 and the psychological 59,000 mark.

Sector Focus for Tomorrow

Banking & Financials: Maintain strength; PSU Banks outperforming private peers
Pharma: Stock-specific buying continues; watch product approval news flow
Power & Infrastructure: Momentum sustained on government capex announcements
Auto: Weakness persists; await monthly sales data for directional clarity
IT: Under pressure; margin concerns and demand outlook key risks

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Prepared by: Oorjita FinAI Research Team
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