FIIs offloaded approximately ₹7,000 crore in the cash segment during the week to February 20, including a staggering ₹7,395 crore on February 13. The market endured swings, with Nifty tumbling 1.41% to 25,454 on February 19 due to weaknesses in IT, banking, and automobiles, exacerbated by international headwinds.

Countering this, DIIs injected more than ₹8,000 crore net, with notable activity on February 13 and 16, as per Ventura’s Vineet Bolingkar. By February 20, selective buying lifted Nifty near 25,600, signaling resilience.

Geopolitical trade developments also factored in: The US Supreme Court struck down expansive reciprocal tariffs under IEEPA, limiting impacts to 15% under the US-India interim pact. Indian sectors like apparel, pharmaceuticals, jewelry, and machinery face lingering short-term haze, though it’s milder than feared, leaving room for negotiations. Trump’s hints at alternative tariff routes via other laws amplify uncertainties.

Sensex stabilized above critical supports post a 82,000-82,500 consolidation, eyeing 81,800-82,000 as lower guards and 83,500-84,000 as hurdles. Nifty’s pivot points stand at 25,300 support and 25,700 resistance. Analysts recommend a cautious ‘sell the rally’ approach, monitoring global events and quarterly results closely for directional cues.

According to a report, IDC India’s Associate Vice President, Navkendar Singh, stated that the 25% tariff on Indian exports will undoubtedly impact Apple’s plan to make India a major iPhone export center for the US. Approximately 25% of Apple’s iPhone shipments to the US originate from India, amounting to roughly $600 million annually. However, the new tariff poses a substantial setback for Apple’s export operations.

Apple has been expanding iPhone production in India, primarily through Foxconn, as part of its broader China-plus-one strategy. Half of the iPhones shipped to the US in recent months were manufactured in India. Apple holds a 55% market share in India’s premium smartphone segment.

Apple may choose to absorb the tariff costs or pass the increased prices onto consumers. Apple is already grappling with rising component costs, particularly the expensive new 3nm chips from TSMC. Therefore, they will need to cut costs elsewhere or raise prices, similar to Samsung’s approach with its foldables.

Preliminary data reviewed indicates that Apple exported over $5 billion worth of iPhones from India during the April-June quarter (Q1 FY26), representing approximately 70% of the country’s total smartphone exports. This marks a substantial increase from the approximately $3 billion in exports during the same period last year.