The last week of February witnessed a host of significant developments that could shape the final month of the current fiscal 2025-26 (FY26). As the month draws to a close, several high-stakes developments kept the week buzzing for the economy and domestic market. These inlcuded Prime Minister Narendra Modi's Israel visit, India's third quarter growth data, stock market's crash dragged by IT stocks, and a lot more. On the global front, US President Donald Trump made healdines with his longest-ever State of the Union speech and Pakistan reported continued border clashes with its neighbouring country Afghanistan.
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Here's a recap of the week that was:
PM Modi's Israel Visit
PM Modi wrapped up his two-day visit to Israel, which was marked by a welcoming embrace from his counterpart, Benjamin Netanyahu, and strengthening bilateral trade relations betweent the two countries. During the visit, the two leaders lauded their strong friendship, which they said has deepened bilateral ties, and signed agreements on a range of issues, including innovation and agriculture.
India's Q3 GDP Data
India's economy expanded by a robust 7.8% in the October-December quarter of FY26, as per the first set of data released by the government under the revamped framework for calculating national output. The government has shifted the GDP base year to 2022-23 from 2011-12, to account for the changing production and demand patterns within the domestic economy.
IT-Led Market Slump
Domestic equity benchmarks slumped over a broad-based declines led by financials, with indexes posting their third monthly decline, while IT stocks marked their worst month since September 2008 on fears that artificial intelligence could erode their earnings. Nifty IT slumped 19.5% in February, its worst monthly performance since the global financial crisis rocked the world's equity markets.
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Donald Trump's SOTU Speech
In what became the longest-ever address of its kind, Trump provided his update on America as part of his State of the Union address, offering victorious - and sometimes combative - remarks, praising the work of fellow Republicans and outlining his future agenda. Trump said his achievements in office so far meant that he had transformed the US from a nation in crisis into the "hottest" country on Earth.
Jharkhand Plane Crash
All seven people on board a Beechcraft air ambulance were killed on Feb. 23 when it crashed in Jharkhand, including two crew members, a patient and his relatives. The Beechcraft C90 plane operated by Redbird Airways took off from Ranchi but requested a change to its flight path due to weather. The aircraft subsequently lost communication and radar contact.
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