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Indian equities ended sharply lower on Tuesday, February 24, 2026, in a broad risk-off move led by heavy pressure in technology shares. The Sensex closed down 1,068.74 points, and the Nifty 50 closed lower by 288.35 points. The Nifty IT index fell about 5% in the same session, extending the weakness seen through the month.
Even in this selloff, some defensive stocks closed higher. NTPC, HUL and PowerGrid finished in the green. The move signalled sector rotation rather than uniform selling. Demand shifted to power and large FMCG names while high-beta technology stocks stayed under pressure.
Business and sector read-through
The session showed that money was still rotating within the market despite sharp index losses. Power utilities and selected consumption names acted as defensive pockets while the broader market remained weak. Businesses with regulated or relatively stable earnings visibility usually draw interest in this type of risk-off session.
Participation quality was stronger in power than in FMCG. NTPC traded 20,574,849 shares against an average of 9,369,711, and PowerGrid traded 15,606,447 against an average of 12,084,552. HUL also gained, but traded 1,526,877 shares against an average of 1,815,894. This indicates stronger flow confirmation in power even though all three names outperformed the index move.
What The Market Is Missing
- Insight claim: February 24 reflected narrow defensive rotation, not broad safety buying. NTPC gained 2.40% and PowerGrid gained 0.48% with traded volume above average, while HUL gained 0.67% with traded volume below average, during a session when the Sensex fell 1,068.74 points and IT saw steep pressure.
- Counter-view: The move may still be short-term hedge rebalancing after a sharp IT unwind, rather than a durable leadership shift across sectors.
- Invalidation condition: This interpretation is wrong if, by February 27, 2026, NTPC closes below 363.06 and PowerGrid closes below 285.51, while Nifty IT outperforms Nifty 50 over the same window.
Price and technical snapshot
Closing prices are from February 24, 2026, and indicator readings are from February 23, 2026, one trading day earlier.
- NTPC closed at 384.15, up 2.40%. Traded volume was 20,574,849 against an average of 9,369,711. RSI (14) was 65.45. MACD line was 7.1959 and MACD signal was 7.0808. The 20-day moving average was 363.06 and the 50-day moving average was 346.40. The price was above both moving averages.
- HUL closed at 2361.00, up 0.67%. Traded volume was 1,526,877 against an average of 1,815,894. RSI (14) was 48.11. MACD line was -13.8604 and MACD signal was -5.4980. The 20-day moving average was 2364.12 and the 50-day moving average was 2352.01. Price action was mixed versus the two moving averages.
- PowerGrid closed at 304.80, up 0.48%. Traded volume was 15,606,447 against an average of 12,084,552. RSI (14) was 68.17. MACD line was 9.4580 and MACD signal was 8.4679. The 20-day moving average was 285.51 and the 50-day moving average was 271.04. The price was above both moving averages.
Context and limitations
This report covers one trading session and focuses on close-level positioning. It captures relative moves in NTPC, HUL and PowerGrid against a weak index backdrop, not the full breadth of defensive stocks.
The technical set is a snapshot and does not include intraday position changes, derivatives positioning, or stock-specific corporate updates beyond this session context.