Global equity markets were strong over the past week, while the Indian markets underperformed over this period.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, 13 February 2026: Global equity markets were strong over the past week, while the Indian markets underperformed over this period. BSE Sensex and Nifty 50 indices ended the week in the negative territory. However, the midcap and the smallcap indices outperformed the larger peers. BSE 250 smallcap index saw gains of ~1%. Amongst sectors, the trend remained mixed with BSE Healthcare, BSE Auto and BSE Capital Goods indices posting gains. On the other hand, the BSE IT index underperformed with sharp weekly correction as increasing concerns from progress in AI weighed on IT services companies.
India witnessed a strong Q3FY26 earnings season, with aggregate earnings largely ahead of expectations. After a sharp sell-off in January 2026 and CY26, FPI flows has turned positive this month and for February 2026 (till date). With Q3FY26 results season coming towards the end, the market direction will be determined by global new flow and domestic macros.
Amol Athawale, VP Technical Research, Kotak Securities, reports:
In the last week, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 0.87 percent lower, while the Sensex was down by 950 points. Among sectors, the IT index lost the most, shedding over 8 percent, whereas the Media index outperformed, rallying over 5 percent. During the week, the market consistently faced selling pressure near the 26,000/84500 level. Technically, after a promising uptrend, the market has formed a reversal pattern near the 26,000/84500 level, and it also formed a bearish candle on the weekly chart, which is largely negative.
We believe that the intraday market texture is still on the weak side, but a fresh selloff is possible only if the market dismisses the 20-day SMA (Simple Moving Average) or 25,400/82500. Below this level, the market could extend the correction to 25,300/82200. Further downside may continue, potentially dragging the index to 25150-25100/81700-81500. On the upside, 25,600/83100 would act as an immediate resistance for the bulls. Above this, a pullback could continue towards the 50-day SMA, around 25,800–25,900/83700-84000.
For Bank Nifty, as long as it is trading below 60,500, weak sentiment is likely to persist. On the downside, it could slip to the 50-day SMA, around 59,500–59,200. On the upside, above 60,500, it could move up to 61,000–61,300.
