Indian equity benchmark -- Nifty – witnessed heavy selling pressure on Thursday, snapping three-day winning streak amid concerns that the U.S. may take military action against Iran and broad-based selling across sectors. After making a slightly positive start, soon index turned negative, as traders opted to profit booking at higher level. Traders overlooked foreign institutional investors (FIIs), who were net buyers of shares worth Rs 1,154.34 crore on Wednesday. Selling pressure intensified in the afternoon session, dragging the index sharply lower, as traders were cautious with Crisil’s report stated that the Consumer Price Index (CPI) inflation or retail inflation is likely to rise to around 4.3% in fiscal year 2026-27 (FY27) from an estimated 2.5% for FY26. Finally, market ended with significant losses, declining by around 1.4%.

All the sectorial indices ended in red. The top gainers from the F&O segment were Oil India, Oil & Natural Gas Corporation and RBL Bank. On the other hand, the top losers were Hindustan Petroleum Corporation, Kaynes Technology India and One 97 Communications. In the index option segment, maximum OI continues to be seen in the 26900 - 27100 calls and 24900 - 25100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 10.12% and reached 13.46. The 50 share Nifty down by 365.00 point or 1.41% to settle at 25,454.35.

Nifty February 2026 futures closed at 25410.00 (LTP) on Thursday, at a discount of 44.35 points over spot closing of 25454.35, while Nifty March 2026 futures ended at 25563.50 (LTP), at a premium of 109.15 points over spot closing. Nifty February futures saw an addition of 5,871 units, taking the total outstanding open interest (Contracts) to 2,37,884 units. The near month derivatives contract will expire on February 24, 2026. (Provisional) 

From the most active contracts, HDFC Bank February 2026 futures traded at a premium of 0.70 points at 915.00 (LTP) compared with spot closing of 914.30. The numbers of contracts traded were 1,24,441. (Provisional) 

Infosys February 2026 futures traded at a discount of 1.40 points at 1365.10 (LTP) compared with spot closing of 1366.50. The numbers of contracts traded were 70,902. (Provisional) 

Tata Consultancy Services February 2026 futures traded flat at 2675.00 (LTP) compared with spot closing of 2675.00. The numbers of contracts traded were 57,380. (Provisional) 

Reliance Industries February 2026 futures traded at a discount of 2.30 points at 1404.90 (LTP) compared with spot closing of 1407.20. The numbers of contracts traded were 49,460. (Provisional) 

Bajaj Finance February 2026 futures traded at a discount of 359.25 points at 1007.25 (LTP) compared with spot closing of 1,366.50. The numbers of contracts traded were 42,709. (Provisional) 

Among, Nifty calls, 25800 SP from the February month expiry was the most active call with an addition of 1,31,557 units open interests. Among Nifty puts, 25400 SP from the February month expiry was the most active put with an addition of 13,247 units open interests. The maximum OI outstanding for Calls was at 27000 SP (2,88,296 units) and that for Puts was at 25000 SP (1,53,934 units). The respective Support and Resistance levels of Nifty are: Resistance 25,763.52 -- Pivot Point 25,576.13 -- Support 25,266.97.

The Nifty Put Call Ratio (PCR) finally stood at (0.57) for February month contract. The top five scrips with highest PCR on Apl Apollo Tubes (1.65), Dalmia Bharat (1.43), KEI Industries (1.35), Lodha Developers (1.28), and 360 One Wam (1.26).

Among most active underlying, HDFC Bank witnessed an addition of 33,473 units of Open Interest in the February month future, Infosys witnessed a contraction of 15,375 units of Open Interest in the February month future, ICICI Bank witnessed an addition of 6,008 units of Open Interest in the February month futures, Reliance Industries witnessed an addition of 12,756 units of Open Interest in the February month futures, and Kotak Mahindra Bank witnessed an addition of 22,675 units of Open Interest in the February month futures. (Provisional).