💹 The Week That Was: Feb 2 – Feb 6, 2026
(When the market panicked on Budget Day… then remembered how to smile again 😅📊)
“Don’t Panic — Read Till Friday.”
Indian equities had a classic Monday blues → Friday redemption arc. After a sharp sell-off around Budget Day (Feb 1/2), markets dusted themselves off, checked global cues, took a deep breath — and bounced back 💪.
By Friday (Feb 6), the Sensex climbed ~266 points to ~83,580, while the Nifty 50 rose to ~25,693, notching up its second straight weekly gain — the best stretch since mid-November 2025. Not bad for a week that started with sweaty palms and nervous coffee refills ☕😬.
🏦 RBI Enters: Calm Music Plays 🎶
One big reason nerves settled?
The RBI chose “steady as she goes.”
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Repo rate unchanged at 5.25%
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Stance stayed neutral
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Bonus: proposal to allow banks to lend to REITs, giving real estate finance a gentle confidence boost 🏢✨
Translation: no surprise punches, no hawkish shockers — just policy stability, which markets really like when emotions are running high.
💱 Rupee to the Rescue 🇮🇳💪
Adding to the cheer was a stronger rupee, which logged its best weekly performance in over three years.
That helped soothe inflation fears, lifted sentiment, and encouraged selective buying across Dalal Street.
When the currency behaves, equities usually breathe easier 😌.
🌍 Global Mood: Nervous… Then Euphoric 🎢
Globally, it was a week of mood swings:
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Early days: tech stress, AI anxiety, and cautious positioning 😬
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Friday glow-up:
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Dow Jones crossed 50,000 (yes, that happened 🤯)
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S&P 500 had its strongest day since May
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Nasdaq bounced as tech stocks found their footing
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Even MSCI’s global equity index jumped ~1.5% on Friday, helping flip the switch from “risk-off” to “okay, maybe risk-on.”
Emerging markets — including India — happily took the cue.
🔝 Top Gainers: The Sensible Crowd Wins 🧠📈
While chaos brewed elsewhere, defensives and banks played grown-ups:
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ITC 🚬➡️🍪 jumped ~5%+, leading the pack
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Kotak Mahindra Bank rose ~3%
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HUL gained ~2%
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Bharti Airtel, Axis Bank, Bajaj Finance chipped in with steady gains
Sector-wise, FMCG and banks quietly stole the show — proving once again that boring can be beautiful 😌.
🔻 Top Losers: IT Has an Existential Crisis 🤖📉
Not everyone enjoyed the party.
The IT sector had a brutal week, with the Nifty IT index plunging ~6–7%, its worst showing in months.
Names like:
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Infosys
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TCS
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HCL Tech
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Wipro
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Tech Mahindra
…were hit as investors wrestled with AI disruption fears and global tech uncertainty. Rough estimates suggest over $22 billion was wiped off Indian IT valuations this week alone. Ouch.
Elsewhere:
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HDFC Life slipped ~3%
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Adani Ports and Asian Paints underperformed
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Mid- and small-caps stayed mixed — not terrible, but not thrilling either.
🧭 Big Themes of the Week
1️⃣ RBI Calm > Market Panic
Policy stability helped markets recover from early jitters.
2️⃣ Defensives Rule, Growth Sulks
Banks & FMCG found love; IT felt ignored (and a little insecure).
3️⃣ Global Friday Rally Saved the Week
Without that U.S. surge, this story would’ve read very differently.
4️⃣ Rupee Strength Matters
A strong currency quietly supported confidence behind the scenes.
📝 Final Takeaway
The week ended positively, despite a shaky start and clear sectoral fractures.
A steady RBI, defensive buying, a stronger rupee, and a global risk-on turn late in the week helped Indian markets bounce back — even as structural concerns in IT refuse to go away.
In short:
📉 Early panic
📊 Mid-week thinking
📈 Friday optimism
Markets reminded us — again — that patience is a strategy too 😉
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