Indian equity markets are expected to open Thursday, February 12, 2026 on a cautious and largely steady note, with investors showing little appetite for aggressive positions after the recent rally.
Early signals from overnight futures and global cues suggest a flat to mildly positive start, but the broader tone points to consolidation rather than a clear directional move.
Markets have risen steadily over the past few sessions, driven by a mix of domestic optimism and selective foreign inflows. That advance has pushed benchmark indices close to important resistance levels, encouraging traders to pause and reassess valuations. As a result, Thursday’s trade is likely to be characterised by range-bound movement, with gains capped unless fresh triggers emerge during the session.
Corporate earnings will be a key focus. Several heavyweight companies are scheduled to report quarterly results, and stock-specific reactions could shape intraday sentiment even if the headline indices remain subdued. Investors are expected to closely scrutinise management commentary for signals on demand trends, margins and capital spending, particularly in sectors exposed to global commodity prices and domestic consumption.
From a technical perspective, the market appears to be at an inflection point. The benchmarks are holding above key support levels, which keeps the broader trend intact, but resistance near recent highs remains stiff. A decisive break above these levels could revive momentum, while failure to do so may invite mild profit-taking, especially in stocks that have run up sharply in recent weeks.
Analysts expect the markets to trade flat to mildly positive today.
“Optimism surrounding the India-US Interim trade framework continues to underpin sentiment, while stability in the rupee eased currency-related concerns and strengthened foreign investor confidence,” says market expert and Enrich Money CEO R Ponmudi.
“Investors will also watch closely the release of January consumer price inflation data, which will be compiled using a revised 2024 base year,” he added.
Global cues are mixed and are unlikely to offer strong guidance. Asian markets are trading with modest gains, but uncertainty around global growth, interest rates and geopolitical developments continues to temper risk appetite. This backdrop reinforces the likelihood of a measured approach by domestic investors rather than an outright risk-on move.
Institutional flows will remain an important variable. Foreign investors have shown signs of returning after a prolonged period of selling, lending some stability to the market. However, these flows are still selective, and any reversal could quickly affect sentiment. Domestic institutional investors are expected to provide a counterbalance, but their buying is also likely to be stock-specific rather than broad-based.
Thursday’s session is expected to reflect a market in digestion mode. While the medium-term outlook remains constructive, supported by expectations of steady growth and policy continuity, the near-term focus is firmly on earnings outcomes and confirmation of a technical breakout. Until then, investors are likely to stay selective, with the indices moving in a narrow range and volatility remaining contained.