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last wk.

Indian Stocks Slide as IT Rout Erases Relief Rally

Tariff uncertainty combined with AI disruption fears reversed the prior day’s relief rally.

Snow falls outside the New York Stock Exchange, Monday, Feb. 23, 2026, in New York. (AP Photo/Seth Wenig)
A pedestrian walks outside the New York Stock Exchange during a snow storm, Monday, Feb. 23, 2026, in New York. (AP Photo/Seth Wenig)
A visitor stands next to an electronic screen displaying Japan's Nikkei stock prices quotation board as the average surged past an all-time record high scaled in December 1989, inside a building in Tokyo, Japan February 22, 2024. REUTERS/Issei Kato
Snow falls outside the New York Stock Exchange, Monday, Feb. 23, 2026, in New York. (AP Photo/Seth Wenig)

Overview

  • India’s Sensex fell 1,068.74 points to 82,225.92 and the Nifty50 dropped 288.35 points to 25,424.65, after sinking more than 1,000 points intraday.
  • Losses were led by export-focused IT and telecom shares, with Tech Mahindra down 6.6%, HCLTech 5.8%, Infosys 3.9% and TCS 3.8%, while realty also weakened on spillover concerns.
  • Wall Street’s Feb 23 slump—over 1% across major indexes—set the tone as investors reassessed AI disruption risks and recoiled from renewed US trade-policy uncertainty.
  • President Trump announced a temporary 10% global tariff and later cited 15% with timing unclear, as US Customs moved to stop collecting the reciprocal tariffs struck down by the Supreme Court.
  • The selloff unwound Feb 23 gains sparked by the court ruling, when FPIs bought about Rs 3,483.7 crore and DIIs sold, with traders now watching the State of the Union and Nvidia’s earnings for direction.