The Nifty traded below the 25,600 mark. Pharma shares extended losses for the third consecutive trading session.

At 12:28 ST, the barometer index, the S&P BSE Sensex, fell 203.83 points or 0.24% to 83,110.45. The Nifty 50 index lost 95.15 points or 0.38% to 25,595.95.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.80% and the BSE 250 SmallCap Index tanked 0.87%.

The market breadth was weak. On the BSE, 1,549 shares rose and 2,383 shares fell. A total of 195 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.62% to 11.97. The Nifty 24 February 2026 futures were trading at 25,641, at a premium of 45.05 points as compared with the spot at 25,595.95.

The Nifty option chain for the 24 February 2026 expiry showed a maximum call OI of 61 lakh contracts at the 26,000 strike price. Maximum put OI of 50.8 lakh contracts was seen at 25,000 strike price.

RBI MPC:

The Reserve Bank of India (RBI's) Monetary Policy Committee (MPC) held its first monetary policy review of the calendar year 2026. RBI governor Sanjay Malhotra kept the key policy rate - repo rate unchanged at 5.25%. Headline inflation during November and December remained below the tolerance band of the inflation target. The revised outlook for CPI inflation in Q1 and Q2 of next year, at 4% and 4.2% respectively, revise slightly upwards, said RBI governor Sanjay Malhotra. The Indian economy continues on a steady, improving trajectory, with real GDP poised to register significant higher growth of 7.4% this year, as compared to the previous year, amidst global headwinds, the governor noted. Going forward, economic activity is expected to hold up well in the next year, he added.

Buzzing Index:

The Nifty Pharma index declined 1.10% to 21,876.95. The index fell 1.45% in three consecutive trading sessions.

Glenmark Pharmaceuticals (down 2.61%), Divis Laboratories (down 2.58%), Ipca Laboratories (down 2.37%), Zydus Lifesciences (down 1.77%), Lupin (down 1.60%), Laurus Labs (down 1.43%), Biocon (down 1.39%), Mankind Pharma (down 1.23%), Torrent Pharmaceuticals (down 1.20%) and Piramal Pharma (down 1.02%) declined.

Piramal Pharma declined 1.02%. The company said that its overseas subsidiary Piramal Critical Care, Inc. (PCC) has entered into an agreement with Blue-Zone Technologies to collaborate on full lifecycle technology to capture and recycle waste anaesthetic gases.

Stocks in Spotlight:

Gland Pharma shed 0.86%. The company announced that it has received approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Zoledronic Acid Injection, 4 mg/100 mL (0.04 mg/mL), in single-dose bags.

Kriti Industries (India) rose 1.24% after the company's consolidated net loss narrowed sharply to Rs 0.47 crore in Q3 FY26 from Rs 10.89 crore in Q3 FY25. Net sales declined 35.3% YoY to Rs 135.79 crore during the quarter.

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