February at a glance
The headline index barely moved in February 2026. The Nifty 50 fell 0.6% and closed at 25,178.65 on Friday 27 February. Underneath it, one sector had its worst month in our record: Nifty IT fell 19.5%.
Elsewhere it was a month of gains. Gold rose 10.0% and silver 17.4%. Foreign institutions sold a net ₹6,641 crore of Indian shares, the smallest monthly sale since October 2025, and domestic institutions bought ₹38,423 crore. The rupee firmed 0.8% against the dollar.
Every figure below compares the close on 30 January 2026 with the close on 27 February 2026, the month's last trading day.
Stocks
| Index | 30 Jan | 27 Feb | Change | P/E, 27 Feb |
|---|---|---|---|---|
| Nifty 50 | 25,320.65 | 25,178.65 | −0.6% | 22.03 |
| Nifty Next 50 | 67,839.85 | 69,710.90 | +2.8% | 19.49 |
| Nifty 500 | 23,079.50 | 23,166.85 | +0.4% | 23.50 |
| Nifty Midcap 150 | 21,490.90 | 21,847.35 | +1.7% | 32.56 |
| Nifty Smallcap 250 | 15,763.45 | 15,881.05 | +0.7% | 26.13 |
| Nifty Bank | 59,610.45 | 60,529.00 | +1.5% | 16.21 |
The Nifty 50 ended the month 4.4% below its record close of 26,328.55, set on 2 January 2026. The Midcap 150 was 3.4% below its own record of 22,606.50 from 7 January. The Smallcap 250 is further back: 14.7% below its high of 18,623.15, which dates from September 2024.
Nifty Bank went the other way. It set a record close of 61,550.80 on 18 February and finished the month 1.7% below it.
Breadth was better than the Nifty 50 suggests. Of the 121 NSE indices with a published P/E on both days, 78 rose.
| Sector index | Change |
|---|---|
| Nifty IT | −19.5% |
| Nifty Realty | −0.3% |
| Nifty FMCG | −0.1% |
| Nifty Private Bank | +0.2% |
| Nifty Metal | +3.5% |
| Nifty Auto | +5.3% |
| Nifty Energy | +5.4% |
| Nifty Pharma | +5.7% |
| Nifty PSU Bank | +8.9% |
| Nifty Consumer Durables | +9.3% |
Nifty IT went from 38,036.15 to 30,603.85. Its daily closing record in our data starts in February 2012, and no calendar month since then was as bad: the previous worst were April 2013 (−16.2%) and March 2020 (−16.1%). Its P/E fell from 27.03 to 21.74.
India VIX, the market's gauge of expected volatility, ended almost where it began, at 13.70 against 13.63. Its low for the month was 11.55 on 11 February and its high 14.36 on 20 February.
Funds: the month's category medians
Medians of each category's February return, Direct plan, Growth option, from the 30 January NAV to the 27 February NAV.
| Category | Funds | Median | Range |
|---|---|---|---|
| Large Cap | 33 | +0.56% | −1.18% to +3.00% |
| Large & Mid Cap | 31 | +1.36% | −1.45% to +4.32% |
| Mid Cap | 31 | +2.05% | −3.19% to +4.27% |
| Small Cap | 33 | +1.36% | −1.32% to +4.77% |
| Flexi Cap | 42 | +0.72% | −3.01% to +3.56% |
| Multi Cap | 32 | +1.09% | −3.22% to +3.93% |
| ELSS | 39 | +0.35% | −1.38% to +3.10% |
| Aggressive Hybrid | 28 | +0.78% | −1.26% to +2.88% |
| Balanced Advantage | 36 | +0.44% | −1.35% to +2.01% |
| Arbitrage | 36 | +0.48% | +0.38% to +0.56% |
| Technology (sectoral) | 11 | −14.45% | −16.47% to −10.41% |
The median large-cap fund beat the Nifty 50's price return by about a point, and mid-cap funds led the diversified categories. The technology funds took most of the IT fall: a median loss of 14.45% against the index's 19.5%.
Gold and silver
| 30 Jan | 27 Feb | Change | |
|---|---|---|---|
| Gold, per 10 g | ₹1,39,100 | ₹1,53,042 | +10.0% |
| Silver, per kg | ₹2,31,023 | ₹2,71,183 | +17.4% |
| Gold-silver ratio | 60.2 | 56.4 |
These are international spot prices converted to rupees at each day's exchange rate, before import duty and GST. February's gains came after a sharp one-day drop on 30 January. Gold ended the month 2.8% below its peak of ₹1,57,381 on 29 January; silver ended 19.9% below its 26 January peak of ₹3,38,545.
Institutional flows
| Bought | Sold | Net, ₹ crore | |
|---|---|---|---|
| FII / FPI | 3,39,316 | 3,45,957 | −6,641 |
| DII | 3,46,722 | 3,08,299 | +38,423 |
FIIs have now been net sellers in every month since July 2025. For 2026 so far their net sales total ₹48,076 crore, against ₹1,07,644 crore of net DII buying. These are NSE's provisional cash-market figures.
The rupee
The dollar went from about ₹91.78 to ₹91.01, a fall of 0.8%, so the rupee strengthened. The weakest close for the rupee in our series, which starts in September 2016, was ₹92.04 to the dollar on 29 January 2026.
What this does not tell you
A flat index can hide a lot. The Nifty 50 moved less than 1%, while one sector index lost a fifth of its value and another gained 9%.
Index levels are not your returns. A fund's NAV follows its own holdings, and your return depends on when you invested.
One month is a short window. Nothing here says what March holds. The flow figures are provisional, and the metal prices leave out duty and GST.
Where to go from here
The live numbers are on three pages: NSE index valuations, gold and silver prices and FII and DII data.
Every sector and theme fund is on the sectoral and thematic fund page, and our guide to sectoral funds covers why a single-sector fund can move this much in a month.
Frequently asked questions
How did the Nifty 50 do in February 2026?
The Nifty 50 fell 0.6% in February 2026, from 25,320.65 on 30 January to 25,178.65 on 27 February. On 27 February it was 4.4% below its record close of 26,328.55, set on 2 January 2026, and its P/E was 22.03.
Why did IT funds fall in February 2026?
The Nifty IT index fell 19.5% over the month, from 38,036.15 to 30,603.85, its worst calendar month in our record, which starts in 2012. The 11 technology funds we track (Direct plan, Growth option) lost a median 14.45% between their 30 January and 27 February NAVs.
Did gold go up in February 2026?
Yes. On the international spot price converted to rupees, gold rose 10.0%, from about ₹1,39,100 to ₹1,53,042 per 10 grams between 30 January and 27 February 2026. Silver rose 17.4% to about ₹2,71,183 per kg. Both figures are before import duty and GST.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
Keep reading
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