Institutional Footprint Evident in Volume and Value Metrics

Between 16 and 20 February 2026, the market saw no delivery signals indicating only buyers or only sellers, suggesting a balanced interplay between accumulation and distribution. However, the week recorded 96 stocks with high trading volume and 120 stocks with high traded value, signalling robust institutional interest. This dual confirmation of volume and value is a key indicator of strong participation by large investors, who typically trade in sizeable blocks, thereby influencing delivery percentages.

Delivery percentage, the proportion of shares actually delivered to buyers as opposed to intraday trades, serves as a crucial metric for gauging conviction. Patterns such as “only buyers” reflect strong accumulation, while “only sellers” indicate distribution or profit booking. The absence of these extremes this week points to a market where institutional players are active but balanced, neither overwhelmingly bullish nor bearish.

Stocks Leading in Volume and Value Confirm Institutional Interest

Among the 96 stocks with high volume, GMR Airports Ltd led with over 1.16 crore shares traded, followed by Filatex Fashions Ltd with approximately 5.18 crore shares, and GTL Infrastructure Ltd with nearly 1.61 crore shares. These companies span sectors such as transport infrastructure, garments and apparels, and telecom equipment, reflecting diverse institutional focus.

On the value front, 120 stocks recorded significant traded values, with Natco Pharma Ltd topping the list at ₹24,474 crores, closely followed by Torrent Pharmaceuticals Ltd at ₹24,237 crores and Coforge Ltd at ₹15,336 crores. The prominence of pharmaceutical and software sectors in high-value trades underscores ongoing investor interest in these industries amid evolving market dynamics.

Delivery Patterns and Market Sentiment: A Balanced Outlook

The absence of exclusive buyer or seller delivery signals this week suggests a market where accumulation and distribution are in equilibrium. This balanced sentiment may indicate that institutional investors are selectively rotating capital rather than engaging in broad-based buying or selling. Such behaviour often reflects cautious optimism, where investors are positioning for potential sector-specific catalysts while managing risk.

Historically, delivery percentage extremes—strong accumulation or distribution—have correlated with subsequent price momentum. The current neutral delivery pattern, combined with high volume and value, may imply that institutional players are awaiting clearer signals or upcoming events before committing decisively.

Sectoral Drivers Behind Institutional Activity

The sectors attracting the highest institutional volumes and values this week include pharmaceuticals, software, transport infrastructure, and garments. Pharmaceuticals, represented by Natco Pharma Ltd and Torrent Pharmaceuticals Ltd, continue to benefit from robust fundamentals and pipeline developments, driving sustained investor interest.

Meanwhile, the software sector, with Coforge Ltd among the top traded value stocks, reflects ongoing demand for IT services and digital transformation themes. Transport infrastructure stocks like GMR Airports Ltd are likely influenced by macroeconomic factors such as increased travel demand and government infrastructure spending.

Garments and apparels, exemplified by Filatex Fashions Ltd, may be experiencing sector rotation as investors seek value in consumer discretionary segments amid improving consumption trends.

Understanding Delivery Percentage and Institutional Signals

Delivery percentage measures the proportion of shares actually transferred to buyers’ demat accounts relative to total traded volume. A high delivery percentage often signals strong investor conviction, as shares are held beyond intraday speculation. Patterns such as “only buyers” indicate strong accumulation, where investors are acquiring shares with intent to hold, while “only sellers” reflect distribution or profit booking.

This week’s lack of such extreme delivery patterns, despite high volume and value, suggests that institutional investors are engaging in balanced trading activity. This could be due to profit-taking in some stocks offset by fresh accumulation in others, or strategic portfolio rebalancing ahead of upcoming earnings and macroeconomic data releases.

Implications and Forward-Looking Considerations

Looking ahead, the stocks with high delivery volumes and values warrant close monitoring for potential price movements. Institutional activity often precedes significant trends, as large investors’ trades can influence market direction. The balanced delivery sentiment implies that investors are positioning cautiously, possibly awaiting earnings results, policy announcements, or sector-specific developments.

For example, pharmaceutical companies like Natco Pharma Ltd and Torrent Pharmaceuticals Ltd may see volatility around clinical trial updates or regulatory decisions. Similarly, IT services firms such as Coforge Ltd could react to quarterly earnings and global demand trends. Infrastructure stocks like GMR Airports Ltd may be sensitive to government infrastructure spending announcements and travel sector recovery.

Technical analysts should watch for changes in delivery percentage combined with volume spikes as early indicators of accumulation or distribution shifts. A sudden emergence of “only buyers” or “only sellers” patterns in these high-volume stocks could signal the start of new trends.

Investors should also consider the broader market context, where balanced institutional activity may reflect a wait-and-watch stance amid global uncertainties and domestic economic data. This environment favours selective stock picking based on fundamentals and upcoming catalysts rather than broad market bets.

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