India Outperforms Cyclicals; Global Tech Wobbles on Earnings

Indian Developments

Indian equities ended the week softer. Nifty 50 fell ?1.07% WoW to 25,181.15. India VIX rose to 13.68 (+1.63% WoW), indicating a mild uptick in risk perception. Nifty Next 50 outperformed (+1.08%), Midcap 100 (?0.13%) beat Small cap 100 (?0.53%), whereas Microcap 250 underperformed (?1.96%).

Sectoral Developments

Performance was bifurcated, with cyclicals and select defensives firming even as long-duration pockets corrected

Major Laggards:

• Nifty IT ?5.21% as growth/long-duration exposures came under pressure.
• Nifty Realty ?4.54%; Nifty Media ?1.14% also softened.
• Within staples/financials, Nifty FMCG ?0.67%, Nifty Financial Services ?0.70%, and Nifty Private Bank ?0.50% trailed the broader market.

Resilient Spots:

• Metals led with Nifty Metal +3.43%; PSU Banks +3.42%; Energy complex +2.69% (Nifty Energy).
• Healthcare/Pharma outperformed (Nifty Healthcare Index +2.42%, Nifty Pharma +2.33%); Auto +1.58% also advanced.

Global Developments

Global cues remained overwhelmingly negative as investors moved toward safe-haven assets.

• US Markets: After mid-week volatility around mega-cap earnings, US equities were broadly flat for the week through with the S&P 500 at 6,908.86 (?0.01% vs Fri 20 Feb) and the Nasdaq Composite at 22,878.38 (?flat). Policy headlines also shaped sentiment: the US Supreme Court struck down IEEPA-based global tariffs (Feb 20), followed by the administration’s move to impose temporary 10% tariffs.
• Europe: The STOXX Europe 600 edged higher over the week, hovering near highs and a heavy earnings slate; closes around 629–633 from Fri 20 to Wed 25 imply a modest weekly gain.
• Asia: Japan’s Nikkei 225 continued to make new ground, Hong Kong’s Hang Seng rose ~0.8% WoW, rebounding Friday on property and consumer strength.

Other Markets

• Brent Crude: $71.41 per barrel
• Rupee ended the week at ?90.98 against the US dollar
• 10-Year Benchmark Yield: 6.68%
• Gold prices closed at Rs 1,58,588 per 10 grams.

Source: www.nseindices.com; MCX Gold Prices; Economic times, Bloomberg.

Data for week ended on February 27, 2026.

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