The Indian equity benchmark indices staged a strong rebound from their intraday lows on Tuesday, February 17, 2026. The Nifty 50 index surged by 150 points from its lowest point of the day, trading above the 25,700 mark. Additionally, the India VIX, a gauge of market volatility, eased by over 3%, dropping below the 13 level.
Among sectoral indices, both the Nifty IT and Nifty PSU Bank indices emerged as the top performers on February 17, 2026. The Nifty PSU Bank index gained 1.7%, marking a fresh all-time high. This index tracks the performance of the public sector banks and consists of 12 stocks, with the top three—State Bank of India (SBI), Bank of Baroda, and Canara Bank—holding approximately 60% of the total weight in the index.
Year-to-date (YTD), the Nifty PSU Bank index has advanced by over 11% in CY2026, outperforming the Nifty 50 index, which has declined by 1.5%. In February alone, the index is up by more than 5%, extending its rally for the sixth consecutive month, having posted gains since September 2025.
A significant driver of the Nifty PSU Bank index’s new high comes from the impressive quarterly earnings of the 12 public sector banks in Q3 FY26. These banks reported their highest-ever quarterly net profits, supported by consistent growth in net interest income, an improvement in non-interest income, controlled operating expenses, and prudent provisioning.
State Bank of India (SBI), the largest public sector lender in the country, posted its highest-ever quarterly net profit of ₹21,028 crore, marking a 24.49% year-on-year (YoY) growth. This robust performance was driven by higher operating profitability and a reduction in credit costs, which stood at 0.29%. Following its Q3FY26 results, SBI’s stock surged to a new 52-week high, pushing it to become the fourth-largest company by market capitalization, surpassing its private-sector rival, ICICI Bank.
SBI’s new digital strategy, branded as YONO, represents a fundamental redesign of its operating model. The bank plans to scale YONO from 10 crore registered users to 20 crore over the next 2 to 3 years. This expansion is expected to reduce the cost to serve, increase customer value, and improve lifetime customer value, all of which will support the bank’s operating leverage and sustainable return on assets (ROA).
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