At 13:28 IST, the barometer index, the S&P BSE Sensex, tanked 693.11 points or 0.88% to 82,995.55. The Nifty 50 index fell 196.30 points or 0.76% to 25,626.05.
In the broader market, the BSE 150 MidCap Index slipped 0.71% and the BSE 250 SmallCap Index fell 0.50%.
The market breadth was weak. On the BSE, 1,457 shares rose and 2,528 shares fell. A total of 198 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 7.40% to 13.13.
India AI Impact Summit 2026
Prime Minister Narendra Modi announced the MANAV Vision for AI, where MANAV stands for: M ' Moral and Ethical System, A ' Accountable Governance, N ' National Sovereignty (right to data), A ' Accessible and Inclusive, and V ' Valid and Legitimate.
Apart from PM Modi, key business and tech leaders such as Mukesh Ambani, Sam Altman, and Sundar Pichai also delivered keynote addresses. French President Emmanuel Macron also spoke at the Delhi AI Summit.
Tata Sons Chairperson N. Chandrasekaran stated, 'I want to thank the vision of our Prime Minister, which has made it possible for us to make a serious foray into chips and semiconductors. Our next step is to build chips that are highly domain-centric and fully AI-optimized for every industry. We will first focus on developing and launching them for the automotive sector.'
Gainers & Losers:
Oil & Natural Gas Corporation (India) (up 2.80%), Hindalco Industries (up 1.63%), Infosys (up 0.98%), Dr. Reddy's Laboratories (up 0.72%) and Tata Consultancy Services (up 0.37%) were the major Nifty50 gainers.
Kwality Wall's (down 3.24%), Trent (down 2.91%), Mahindra & Mahindra (down 2.56%), InterGlobe Aviation (down 2.02%) and Adani Enterprises (down 1.92%) were the major Nifty50 losers.
Dr. Reddy's Laboratories rose 0.72%. The company said that it has entered into a definitive agreement with Mercury Pharma Group (MPGL) to acquire its trademarks, Progynova and Cyclo Progynova and related assets for India.
Tata Consultancy Services rose 0.37%. The company announced a multi-dimensional strategic partnership with OpenAI to drive AI-powered innovation across enterprise, consumer, and social sectors.
Stocks in Spotlight:
Multi Commodity Exchange of India (MCX) gained 2.80% after the exchange announced withdrawal of additional margins imposed on gold and silver futures contracts with effect from 19 February 2026.
B. L. Kashyap and Sons jumped 3.25% after it secured a contract worth Rs 300 crore from CRC Greens for a group housing project in Greater Noida, Uttar Pradesh.
Rail Vikas Nigam (RVNL) rose 0.16%. The company received a letter of acceptance (LoA) from Northern Railway for a project worth Rs 1,201.35 crore.
Dhabriya Polywood zoomed 3.30% after it has announced that its wholly owned subsidiary, Dynasty Modular Furnitures, has received letters of intent (LOIs) from the Godrej Group aggregating to Rs 25.30 crore.
Atishay rose 1.49% after it has secured a domestic work order from the State Health Assurance Society (SHAS), Government of Maharashtra.
Global Markets:
European markets traded in mixed on Thursday as investors weighed earnings from major companies including Airbus, Nestle, and Rio Tinto.
Asian stocks traded higher, supported by gains in technology giants on Wall Street, while lingering U.S.-Iran tensions kept oil prices elevated.
In Malaysia, headline inflation rose 1.6% year-on-year in January 2026, with the consumer price index (CPI) increasing to 135.7 from 133.6 in the same month last year, according to the Department of Statistics Malaysia (DOSM).
Hong Kong and mainland China markets remained closed for the Lunar New Year break.
Meanwhile, Indonesian and U.S. companies signed deals worth $38.4 billion ahead of Indonesian President Prabowo Subianto's meeting with U.S. President Donald Trump, covering mining, energy, agribusiness, textiles, furniture, and technology sectors.
In Australia, the unemployment rate steadied at 4.1% in January, as per data from the Australian Bureau of Statistics (ABS).
Oil prices edged higher as investors digested the latest developments between the U.S. and Iran. Vice President JD Vance reportedly said Tuesday that Iran failed to address U.S. red lines in this week's nuclear talks and that military action is still a possibility.
Overnight in the U.S., the S&P 500 moved higher, supported by gains in key technology names, as traders weighed the release of the minutes from the Federal Reserve's most recent policy meeting.
The broad-based index climbed 0.56% to end at 6,881.31, while the Nasdaq Composite added 0.78% to settle at 22,753.63. The Dow Jones Industrial Average added 0.26% to close at 49,662.66.
Investors mulled over the minutes from the Fed's January meeting, which revealed that participants largely approved of the central bank's decision to leave its key interest rate unchanged at a range of 3.5% to 3.75%. However, officials were divided on the direction of monetary policy thereafter.
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